Abcam posts 33% profit growth but misses targets
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Life sciences research tool supplier ABCAM (LON:ABC) watched its shares sink by 12.80% to 1294p as it missed forecasts despite pre-tax profits climbing 33% to £69.1 million. Revenues climbed by 7.4% to £233.1 million, driven by recombinant antibodies and immunoassay products.
Management said that the long term market outlook was positive, with good momentum across business sectors, and they believe that constant currency revenue growth for the current financial year will be in the region of 11%.
CEO Alan Hirzel commented: “It has been a good year for Abcam, delivering double-digit revenue growth on a constant currency basis and meeting all of our strategic targets. Our customer focused strategy is delivering results, whilst our strong cash generation and balance sheet strength underpin the continued investments we are making into our teams, systems and facilities to sustain our double-digit growth rates and help life scientists around the world to discover more, faster.”
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