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BioVision acquisition helps lift Abcam in 2021

By Josh White

Date: Thursday 27 Jan 2022

BioVision acquisition helps lift Abcam in 2021

(Sharecast News) - Life science supplier Abcam said in a trading update on Thursday that it expected total revenues of around £315m for 2021, representing growth of more than 22% at constant exchange rates, and 17% on a reported basis.
The AIM-traded firm said that included a contribution of about £2.5m of incremental revenue from BioVision, following the acquisition's completion on 27 October.

It said revenue growth for the 12 months ended 31 December was driven by demand for its proprietary products, with in-house catalogue sales up 37% at constant currency on an organic basis, or 43% including BioVision, together with a continued recovery in global lab activity.

While risks related to the pandemic remained, Abcam said its data indicated that, while not yet returning to pre-pandemic levels, overall lab activity continued to increase through 2021.

The group said it continued to build capabilities, invest in innovation and implement its multi-year growth strategy throughout the period.

Overall, it said it was expecting adjusted operating profits in line with its expectations for the year, adding that it remained on track to achieve its financial goals for the five-year plan through 2024.

"2021 was a year of significant innovation and growth in proteomic tools and discovery - I thank our customers for trusting Abcam as their preferred partner and our global colleagues for their unwavering dedication to customer needs and aspirations," said chief executive officer Alan Hirzel.

"Together, we are building a durable enterprise that is making a difference in the pace and social impact of discovery.

"I am confident in our progress toward our 2024 business goals and I look forward to providing the full update in March."

Abcam said that, following the change in its financial year end to December, full results for the 18 months to 31 December would be released on 14 March.

In order to aid comparison, pro forma information for the 12 month periods ended 31 December in 2021 and 2020 would also be provided.

At 1547 GMT, shares in Abcam were up 1.57% at 1,293p.

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