Gulf starts at Sheikh Adi-2 25/05/2012
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New products help Abcam grow
Online antibody distributor Abcam (ABC) has lifted first half pre-tax profits 35.4 per cent to £15.2 million on sales up 23.67 per cent to £39.4 million. The Cambridge-based company, which produces and distributes research-grade antibodies from its own online catalogue to academic and commercial concerns around the world, increased earnings 30 per cent to 6.01p a share in the six months to December and ended the period with cash up by £14 million to £47 million.
Chief executive officer Jonathan Milner says Abcam, which expanded its catalogue nearly 20 per cent in the first half and derives 93 percent of its sales abroad, performed strongly in the USA, its biggest single market, and in newer markets, notably fast-growing China, already 5 per cent of group turnover. New products, particularly proteins and other non-primary antibodies, have been well received and now account for 20 per cent of units sold.
Research and development pay for themselves in this fast moving business, argues Milner, who suggests Abcam is a market leader with an estimated 15 to 20 per cent global market share. He maintains research antibodies are not a commoditised market, which helps the company's competitive position.
Abcam, which wrote off £300,000 in the first six months on studying a potential takeover which did not materialise, remains acquisitive in an 'opportunistic' way, according to Milner. He is optimistic about the current outlook, with the US Administration pushing up the American health budget and China still 'booming'.
The company is increasing the interim dividend 33.8 per cent to 1.45p a share and plans to make a full-year payout of 40 per cent of net profits for the year to June. Abcam shares, last highlighted by Growth Company Investor at 330p in September, have now reached 388.75p; up from a12 month low of 216p.
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