ABCAM PLC First Half Trading Update

Cambridge, UK: Abcam plc (“Abcam”, “Company”, “Group”) (AIM: ABC; Nasdaq: ABCM), a global leader in the supply of life science research tools, today provides the following trading update for the six-month period ending 30 June 2022.  The Company will release its full results for the six-month period on 12 September 2022.

The Group expects to report total revenues for the six-month period of approximately £185 million, representing 19% growth (including Biovision) at constant exchange rates (CER)[1] and 23% on a reported basis.

Revenue growth continues to be driven by in-house catalogue sales resulting in gross margin expansion.  As the multi-year period of growth investments begins to moderate, we anticipate delivering operating efficiencies enabling year-over-year adjusted operating profit margin expansion consistent with the Board’s expectations. 

CY2022 GUIDANCE

The Group continues to anticipate total CER revenue growth of approximately 20% (including BioVision) with mid-teens organic CER revenue growth.

SHARE TRADING, LIQUIDITY AND LISTING

Having consulted with shareholders on options to increase share liquidity as announced on 14 March 2022, the Board has decided to pursue a proposal to maintain a sole listing on Nasdaq and therefore to cancel the admission of the Company’s shares to trading on AIM. The Company will continue to consult with shareholders on this proposal in the coming weeks with the intention to put the proposal to shareholder approval at a General Meeting called for that purpose later this year. 

Abcam plc

+44 (0) 1223 696 000

Tommy Thomas, CPA – Vice President, Investor Relations

Numis - Nominated Adviser & Joint Corporate Broker

+ 44 (0) 20 7260 1000

Freddie Barnfield / Duncan Monteith

Morgan Stanley - Joint Corporate Broker

+ 44 (0) 207 425 8000

Tom Perry / Luka Kezic

FTI Consulting

+44 (0) 20 3727 1000

Ben Atwell / Julia Bradshaw

[1] These results include discussion of alternative performance measures which include revenues calculated at Constant Exchange Rates (CER) and adjusted financial measures. CER results are calculated by applying prior period's actual exchange rates to this period's results. Adjusted financial measures are explained in note 2 and reconciled to the most directly comparable measure prepared in accordance with IFRS in note 4 to the interim financial statements.