Abcam, the Cambridge based online antibody supplier, announced that the final results to June 2011 showed sales of £83.3 million (2010: £71.1 million), pre-tax profit of £32.1 million (2010: £25.8 million), EPS of 12.98p (2010: 10.5p) and DPS of 5.25p (2010: 4.0p).
The company reported that like-for-like sales grew 16.9%. In line with the strategy to become a broadly based global life science tools company, delivering sustainable value creation for researchers, sales of non-primary antibody products grew by over 50% to represent 8.5% of total sales. Gross margin was 67.3% (2010: 66.7%);
In order to ensure that stock is available for immediate shipment, a project is under way (due for completion during 2011/12) to increase stock levels of most own produced antibodies, with the aim of holding sufficient levels to meet at least two years' worth of sales. This project will also improve production efficiencies.
Year end net cash was £55.6 million. In order to counter the potential impact of government expenditure cuts on research budgets, focus continues on geographic expansion in markets where funding is increasing, such as China, and on selling a greater breadth of products required by customers to carry out protein research.
The ABC share price has increased by 6% over the past year.
Abcam Plc is graded B by LCF Research. To learn more, follow the link.
