Abcam predicts double-digit growth as revenues rise across the board
Life science research tools supplier Abcam on Thursday forecasted double-digit growth in its full-year results due to income growth in all of its product categories.
The AIM-traded company said it expects revenue growth for the year ended 30 June to be 10.7%, with a reported gross margin expected to be roughly in line with the previous year at 70.1%.
Alan Hirzel, chief executive of Abcam said: "I am pleased that we have once again delivered against our ambitious financial targets in the year, driven by our continued customer focus, innovation across our product portfolio, and the ongoing strengthening of our organisational capabilities."
Abcam’s catalogue revenue increased by over 10% across the year, with continued growth that outpaced estimated underlying market growth rates.
Furthermore, custom products and licencing revenue, which represents over 7% of Abcam’s total revenue over the year, grew by approximately 17.5%
"We remain market leaders in our field and are committed to investing in our business to sustain our growth whilst allowing us to do more for customers, creating long-term value for all our stakeholders. We look forward to talking more about these initiatives alongside our full year results in September," said Hirzel.
As of 1213 BST, Abcam’s shares were down 4.89% at 1,322.00p.