Abcam reports revenue growth in spite of restrictions facing half the world’s laboratories
Abcam recorded encouraging revenue growth in the six months to the end of 2020, although normal demand has yet to return with the pandemic restricting researcher access to an estimated half of the labs worldwide.
The Cambridge-based life science research tools specialist achieved £15.5million operating profit in the period, compared with £26.6million in the same spell the previous year (adjusted profit was £23.6m compared to £33.4m).
This gave it a margin of 16 per cent, compared to 24.2 per cent the previous year, reflecting planned investments as well as the Covid-19 impact.
Revenue growth was 8.3 per cent at constant exchange rates (6.7 per cent on a reported basis).
CEO Alan Hirzel said: “We delivered over eight per cent revenue growth at constant exchange rates in the first half year as we started to see more activity in our customers’ labs. Whilst we haven’t yet observed a return to normal demand, we are encouraged by the 25 per cent growth in our in-house products and the long-term outlook for Abcam.
“We remain confident in our growth strategy and are committed to investing in innovation and building an increasingly strong and sustainable global business.”
The company, which raised £126.5m through a secondary US listing on Nasdaq last year, intends to change its fiscal year to the calendar year in future.
Sign up for our weekly newsletter and stay up to date with Cambridge life sciences