Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Abcam grows despite US slowdown
Online antibody distributor Abcam (ABC) says full-year profits will be 'slightly ahead' of market expectations before takeover costs. Followers had expected the Cambrige-based company, a world leader in supplying protein research and detection tools to academic and commercial concerns, to make around £31.4 million pre-tax in the year to last month, against £25.8 million the previous year, on turnover up 18 per cent to £84 million.
In a pre-close trading update, AIM-quoted Abcam, which does most of its business outside the UK and recently paid £3.7 million in shares and cash for US specialist protein research tool supplier Mito Sciences, says it extended its geographic coverage in 2010-11 and increased the number and range of products in its catalogue, particularly non-antibody products. Steered by chief executive officer Jonathan Milner, the company, which upped first-half pre-tax profits 35 per cent to £15.2 million on sales ahead 24 per cent to £39.4 million, indicates that US sales growth slowed in the second half year because of researchers' uncertainty over American health spending, though it cites 'some recovery in recent months'.
Highlighted by Growth Company Investor at 330p last September, Abcam shares later hit 460p and now trade at 413.75p, down 6.75p today, valuing the company at £751 million. Partial profit taking might be prudent, but it is worth holding on to a chunk for further potential growth and to take advantage of the company's declared policy of paying out 40 per cent of annual profits.
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