(Alliance News) - ABCAM PLC on Monday reported double-digit revenue growth in the first half of its current financial year, but warned that coronavirus has hurt its performance.
The protein research tools producer reported pretax profit of GBP26.0 million for the six months to the end of 2019, down from GBP33.7 million reported a year ago, despite revenue growing by 11% to GBP138.2 million from GBP124.7 million. On a constant currency basis, revenue increased by 8.3%.
ABCAM maintained its interim dividend at 3.55 pence per share.
Looking ahead, the company said it is "pleased" with the progress made in the first half and remains confident in its future prospects.
However, ABCAM warned that it has seen a reduction in revenue and impact on its supply chain since the coronavirus outbreak began. To date, the estimated revenue impact has been about GBP3 million, the company said, with around 10 days out of work across the supply chain due to site closures.
"Abcam is investing in and advancing across all strategic areas we described earlier this year. Our early progress sets the business on a course to sustain long term revenue growth from market share gain and portfolio expansion," said Chief Executive Alan Hirzel.
ABCAM shares were trading 7.2% lower in London on Monday at 1,169.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
