LONDON (Alliance News) - Life sciences research tools supplier Abcam PLC said Tuesday it expects 11% growth in revenue in the first half and remains on track to deliver its full-year financial targets.
Abcam said the performance is a result of a "multi-year invest-to-grow strategy".
The biotech company continues to gain a market share in global research, particularly in recombinant antibodies, immunoassays and has expanded into China.
"Global demand is strong for precision life science tools and Abcam has once again gained market share in these growing markets. Our business is on track to achieve double-digit growth for the year," said Chief Executive Officer Alan Hirzel.
Abcam hit its 20% revenue growth target for the first half from recombinant antibodies and exceeded the target for immunoassays revenue growth, achieving 27%.
The company's catalogue revenue increased by over 11%, with custom products & licensing revenue - which represents about 6% of total revenue - increased by about 5%.
Hirzel added: "During the half we have continued to focus on improving our service for customers. We have further developed our product portfolio and we have continued to enhance our organisational capabilities to support our ambition of becoming the most influential company for life scientists, supporting research, diagnostic and therapeutic discovery."
Abcam is set to release its interim results for the six months to the end of December on March 4.
For its 2017 financial year, the company reported pretax profit of GBP69.1 million on revenue of GBP233.2 million.
Shares in Abcam were up 0.1% Tuesday morning at 1,149.00 pence each.