Abcam revenues continue to grow

Abcam expects revenue growth of 10.0% on a constant currency basis and 30.4% on a reported basis for the six months to the end of December.

And the group says it remains on track to deliver against its revenue expectations for the full year.

An update says: "Catalogue revenue grew by 10.7% in the first half of the year. Growth from primary antibodies continues to outpace market growth rates, largely driven by RabMAb product revenue, which grew by 26.6% (ahead of our full year 2016/17 guidance of 18-22%).

"Non-primary antibody product revenues grew by 15.7%, which is lower than our full year guidance of 20-25% due to one-time large volume orders that have not been repeated in this half year.

"Our business in China continues to deliver and we expect revenue growth of 29.4%, well ahead of the market growth rate in the territory.

"Custom products and licensing revenue, which represented 6.7% of the total for the period, increased by 0.5%. As anticipated, revenues from these activities were affected by changes in historic licensing and supply agreements.

"Investments in R&D, organisation, systems, and facilities all continue according to plan and underlying gross margins remain in line with expectations."

Chief executive Alan Hirzel said: "We have maintained revenue momentum delivering more than twice market revenue growth in the period. Our award winning website, unique products and fast service enable Abcam to better serve researchers to achieve their mission faster. Overall, we continue to make good progress against our strategic and investment objectives and continue to see growth opportunities for Abcam."

The Company will report its interim results for the six-month period ended 31 December on 6 March.