Abzena sees FY revenues in line with expectations

Abzena sees full-year group revenues in line with its expectations, saying first-half momentum and strong demand for services has continued.

The life-sciences group said revenues generated by the UK businesses had remained strong, offsetting the lower than expected growth of the revenue from the US businesses.

"The Group has worked on re-positioning and enhancing these US businesses for further growth, which in turn has led to increased costs ahead of further growth in revenues," it said.

"Due to the strong US dollar, when translated into sterling, these US costs and therefore group costs overall, are ahead of the Board's original expectations."

Abzena said the aim of the US investment was to create a stronger, long-term offering for its customers.

Cash at the end of the financial year is expected to be in line with the Board's expectations, with revenue also seen in line.

At 11:35 GMT, shares in AIM-quoted Abzena were down 3.16% to 38.25p each.