The sh
are price of Abcam (LSE: ABC) — a leading supplier of protein research tools to life scientists — is currently up 5%, following release of the company’s preliminary results for the year to 30 June 2014.
Abcam has reported catalogue revenue of £118m, up 10% on a constant currency basis (6% reported) from 2013. Total revenue grew 8.6% on a constant currency basis (4.7% reported), to £128m. Adjusted operating profit remained essentially flat at £46.6m (£46.5m in 2013), due, Abcam says, to increased investment across the business
Adjusted diluted earnings per share (EPS) grew 2.8%, to 18.06p, with reported EPS up 4.2%, to 17.02p. The company is recommending a dividend of 7.75p per share, an increase of 10.1% on last year.
Abcam also reported that it has opened a new office in Shanghai, which will provide it with greater access to Chinese markets.
CEO Jonathan Milner commented:
“Over the last year, Abcam has continued to deliver strong results. Investment in our organic growth strategy is beginning to come through, and we are pleased to report increased revenue, profit and dividend. The growth from our catalogue products of 10.0%, above the growth of the wider market is particularly pleasing, and demonstrates that consumers continue to recognise the quality of our products. The 2014/15 financial year has started well and we are optimistic that our continued investments in new products and capabilities, coupled with increased geographic penetration, will continue to drive sales.“
Abcam also announced today that Alan Hirzel is to succeed Jonathan Milner as CEO with immediate effect. Dr Milner — who founded the company in 1998 and remains its largest shareholder — is to become Deputy Chairman. Alan Hirzel steps up to the CEO position from his role as Chief Marketing Officer.
Despite this morning’s rise, Abcam’s share price is down almost 9% on this time last year, during with time the AIM 100 has lost 5%.
