Abcam PLC - Cambridge-based life science research software firm - Posts lower profit for six months that ended June 30 as expenses increase. Pretax profit falls 20% to GBP7.4 million from GBP9.2 million a year prior. Revenue climbs 23% to GBP185.2 million from GBP150.2 million. Selling, general and administrative expenses rise by 28% to GBP137.3 million from GBP107.2 million. Research and development costs increase 72% to GBP19.1 million from GBP11.1 million.
Commenting on the future, Chief Executive Officer Alan Hirzel says: "As we move into the next phase of our five-year strategic plan, we are moderating investment levels and working toward higher operating leverage and adjusted operating margin expansion. Looking ahead, we are confident in our growth trajectory and committed to delivering our 2022 guidance and 2024 goals."
Abcam expects revenue to increase by about 20% at constant exchange rates for all of 2022, with organic constant exchange rates growth in the mid-teens range. Further, it anticipates BioVision Inc, which it bought for USD340 million in October 2021, to contribute to a continuing increase in adjusted operating margins. BioVision is a distributor of life science research tools to biopharma, diagnostic and academic customers.
Current stock price: 1,288.20 pence
12-month change: down 12%
By Tom Budszus; tombudszus@alliancenews.com
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