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Abcam plots £500m revenues by 2023-24

Abcam said it is focused on achieving revenues of up to £500million by 2023-24, having announced its results for the year to the end of June 2020.

The Cambridge Biomedical Campus-headquartered company reported flat revenues of £260million, compared to £259.9m the previous year - a performance CEO Alan Hirzel said the company could be proud of in the year of the Covid-19 pandemic.

Abcam Alan Hirzil. (31173866)
Abcam Alan Hirzil. (31173866)

Operating profit was £10.5m - compared to £56.1m in 2018-19 - and adjusted operating profit was £44.5m, compared to £83.6m.

As well as the impact of the pandemic on demand for its life science research tools, the figures also reflected planned investments, the company said.

The board was pleased by in-house catalogue revenue growth of 7.5 per cent on a reported basis (6.2 per cent on a constant currency basis), to £114.4m, up from £106.4m the previous year, which comprised 47.1 per cent of total catalogue revenue.

The company published more than 2,000 new in-house recombinant antibody products, ahead of its target, and launched in-house protein and engineered cell lines ranges.

It also expanded its team, made four acquisitions - including the proteomics and immunology businesses of Expedeon - and executed more than 50 partnership agreements in this area, including with Cancer Research UK.

Abcam's new headquarters on Cambridge Biomedical Campus (30799688)
Abcam's new headquarters on Cambridge Biomedical Campus (30799688)

Mr Hirzel said: “I am proud of our teams and what we have achieved during this unprecedented time. We have retained our focus on our life sciences customers in the most demanding circumstances, enabling them to perform their vital work faster.

“As I look to the future, I remain confident in our evolved strategy and the strong fundamentals that support the potential of our business.

“We are building Abcam to increase its positive impact on science and society and to generate long-term value for all our stakeholders. We have continued to invest heavily in future growth as we execute our strategy to again double the size of the business.”

The board now plans a secondary listing on Nasdaq in the final quarter of 2020 to supplement its existing AIM listing.

In the last three years, the company has halved the time it takes us to get new products into the hands of scientists.

New Abcam buiding Discovery Drive on the CUH Biomedical campus. Picture: Keith Heppell. (31173845)
New Abcam buiding Discovery Drive on the CUH Biomedical campus. Picture: Keith Heppell. (31173845)

It is building a new 100,000 square foot site in Waltham, Massachusetts, and expanding operations in California, Oregon and China.

And it aims to reach £450m-£500m revenue by 2023-4, with an adjusted operating margin of more than 30 per cent and a return on capital employed above 18 per cent..

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