ABCAM down as profits drop sharply

Shares in AIM-listed life science research tools firm ABCAM (LON:ABC) fell by 8.73% to 1,150p (as of 15:35 GMT) as half-year profits before tax dropped by 22.8%. Revenues for the six months ended 31st December increased by 10.8%, but investment was ramped up significantly.

CEO Alan Hirzel commented: “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. In the short term, we are doing our best to look after our global team and our customers as we face into Covid-19’s impact on family lives, research activity, and operations. In China, we are starting to see a return to normal operations, and we will work through this situation as we confidently invest in our long term growth and being the most influential company for life science researchers worldwide“.