Abcam reports continued strong growth in 1H results; demand strong; market applauds
Abcam plc (ABC.L), which sells antibodies online, reported sales increased 38.3% to £15.3m while underlying pre-tax profits increased 19% to £3.0m in the six months to the end of December 2007.
The Cambridge-based firm said its product range expanded by 44% to 40,800 through organic growth and new licensing deals.
CEO Jonathan Milner (pictured) said: "This has been an important half year for Abcam. At this time last year we reported sales growth of 33.7%; achieving 38.3% growth this half year clearly demonstrates the potential of the business and how we are continuing our commitment to profitable growth and the delivery of healthy returns for our shareholders.
“Demand for research antibodies continues to grow in all our markets as does our market penetration. Through our partnerships with trusted suppliers and increasing in-house production capacity we have been able to grow our catalogue significantly during the first half of the year, whilst continuing to offer the highest quality products."
The stock market has warmed to Abcam. Its share price has risen steadily since a low in October last year. At 351p, it is now trading close to its 12 month high of 367p, well above the low of 286p, no mean feat in the current market. It is now valued at around £123m, placing it among the top ten of listed companies in Silicon Fen.
11 March 2008
