Preliminary Results – Strong revenue performance enabling investment for future growth

September 2016

Abcam plc (“Abcam” or “the Company”, AIM: ABC), a global leader in the supply of life science research tools, is pleased to announce its preliminary results for the year ended 30 June 2016.

FINANCIAL HIGHLIGHTS

  • Catalogue revenue increased by 17.4% on a reported basis to £159.0m (FY 2015: £135.4m). On a constant exchange rate (CER)* basis the increase was 14.4%
  • Total revenue increased on a reported basis by 19.2% to £171.7m (FY 2015: £144.0m). On a CER basis the increase was 15.9%
  • Slight reduction in gross margin at 70.2% due to exchange rates (FY 2015: 70.5%)
  • Reported EBITDA margin was 33.6% (FY 2015: 37.3%. Adjusted EBITDA margin** was 34.9% (FY 2015: 37.6%), the movement in which reflects the expected operational investment in Firefly and AxioMx and the impact of foreign exchange rate movements
  • Reported diluted earnings per share (EPS) was 18.53 pence (FY 2015: 18.57 pence), reflecting previously announced investment in systems and processes and acquisition and integration costs. Adjusted EPS** increased by 13.1% to 22.35 pence (FY 2015: 19.76 pence)
  • Closing cash and term deposits were £70.7m (30 June 2015: £58.7m)
  • Proposed full year dividend increased by 8.5% to 8.91 pence per share (FY 2015: 8.21 pence)

OPERATIONAL HIGHLIGHTS

  • RabMAb® primary antibody and non-primary antibody revenues grew on a CER basis by 29.5% and 30.3% respectively, demonstrating progress in executing our strategy, delivering at the top end of our key performance indicator (KPI) targets
  • Acquisition of AxioMx completed and integration of its technology platform progressing well
  • Introduced direct service in Singapore to provide technical support and customer services, expanding the Group’s presence in the Asia Pacific region
  • Signed a licence and supply agreement with Horizon Discovery Group plc for knockout cell lines, raising antibody validation standards to improve quality for researchers
  • Expanded existing facility in Boston, USA, with new laboratory space and relocated and integrated the Firefly team
  • Relocated the Hangzhou team to a new production facility to increase handling capacity
    • Our step change investment in systems and processes to scale the business for future sustained growth is underway

Commenting on the preliminary results, Alan Hirzel, Abcam’s Chief Executive Officer, said:

“We continue to move toward our ambition of becoming the most influential life sciences company for researchers worldwide.  It has been a significant year for Abcam where we have delivered two times or better market growth in every geography and product category in which we operate. We see further opportunities for growth and we are investing in the long term future of the Company.”

* CER calculated assuming that exchange rates for the currencies in which the Group trades had remained unchanged from FY 2015

** Excluding acquisition costs, acquisition integration costs, the initial incremental costs associated with the investment in systems and processes and prior year R&D tax credits. In the case of diluted earnings per share also excluding acquisition related amortisation, the expense related to the unwinding of the discount applied on deferred consideration for AxioMx and the associated tax effects of adjusting items. See the section below headed Our Financials for more detail.

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About Abcam

Abcam is a producer and marketer of high quality protein research tools. These tools enable life scientists to analyse components of living cells at the molecular level which is essential in a wide range of fields including drug discovery, diagnostics, and basic research.

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Abcam Products

As an innovator in reagents and tools, Abcam offers highly validated binders and assays to address important targets in critical biological pathways.

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Investor Information

Abcam is listed on the AIM market of the London Stock Exchange under the ticker ABC, and our investors' centre includes a range of information on our company, including our news, financial reports and investor contacts

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We provide updates on our commercial and financial progress through regular press releases which can be accessed through the Company's media centre.

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