Gulf starts at Sheikh Adi-2 25/05/2012
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Abcam diversifies as interims advance
Online antibody distributor Abcam (ABC) is buying protein specialist Ascent Scientific after lifting annual pre-tax profits 25 per cent to £32.1 million. The Cambridge-based company, which increased turnover 17.1 per cent to £83.3 million in the year to June, is paying £10 million in cash and shares for Ascent, which generated annual turnover of £1.4 million supplying biochemicals enabling researchers to modulate the function of proteins.
Jonathan Milner, chief executive officer of AIM-quoted Abcam, says he is 'over the moon' about the Ascent deal, which will add Ascent's reagent range to the protein research tools which Abcam already supplies to the scientific community. He says this is part of the company's strategy of expanding into 'adjacent' areas, at a time when government cutbacks and fears of cutbacks have been making universities and other scientific customers in the USA and UK hesitant about their commitments.
According to Milner, Abcam, which upped earnings 23 per cent to 12.98p a share and proposes to hoist the full-year dividend 31 per cent to 5.25p a share, would like to spend some of its £55.6 million year-end cash pile on expanding further into immuno assays, measuring the interaction of molecular proteins, which he describes as 'the fastest growing part of our catalogue'. He argues the company, which paid £3.7 million in cash and shares for US protein research and detection tool maker MitoSciences in May, now faces a 'fragmented market' in the light of the feared cuts, with some areas still suffering and others, such as China and Germany, 'fine', while the USA 'has been recovering.'
Analysts at broker Peel Hunt expect Abcam, which has recruited Immunodiagnostic Systems chairman Tony Martin as a non-executive director, will increase pre-tax profits another 13.7 per cent to £36.5 million in the current year, with earnings ahead nearly 28 per cent to 14.6p a share and £42.6 million pre-tax with earnings of 16.8p a share on the cards for 2012-13. Growth Company Investor highlighted the shares at 330p last year and suggested partial profit taking at 413.75p two months ago.
Now 348p, down 2.75p this morning, they yield 1.5 per cent and value the company at £633.3 million, where they offer medium to long-term potential.
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