Abcam (LON:ABC) , the Cambridge based bioscience company that markets antibodies via its own online catalogue announced outstanding preliminary results for the year ended 30 June 2010.Revenue increased 25.2% to £71.1m, pre-tax profits 58.4% to £25.8m and earnings per share by 54.5% to 53.82p justifying the punchy price earnings multiple of c31x consensus estimates for the year to June 2010. The all important product range grew 20.2% to 63,010 antibodies and related products with new offices opened in Hong Kong and San Francisco to improve service levels in regional marketsWith cash generated from operations £24.9m the Group had a whopping £40.2m of net cash and short-term deposits at 30 June 2010 (2009: £25.5m) with some probably starting to question their intentions for this growing cash pile. The final dividend increased 14.61p per share is hardly going to make much of an impression in this!This business has so far proved the ideal foil to the recession with increasing levels of research resulting in increased demand for their antibodies. However, the Chairman sounded a note of caution due to the pressure on governments, especially in the West, to reduce their deficits and the potential for reductions in research funding which may impact the business. A 1 for 5 share split is also being proposed with a view to helping liquidity (share price is currently 1643p). Even the ticker is ahead of the rest!
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