Abcam sees first-half revenues up 13.5%

AIM-listed bioscience firm Abcam is on track to meet profit forecasts for the full-year after first-half revenues rose by 13.5% in the six months to December 2011.

The protein research tools supplier said that the business is performing well, "driven by our strategy of providing a broadening range of high quality products and support to the global protein research community."

Meanwhile, cost control and positive foreign exchange movements mean that both gross and operating margins have improved. This does not take into account the acquisition costs of Ascent Scientific, purchased for £10m in September, and the amortisation of acquisition-related intangible assets.

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Abcam's online catalogue stood at 81,818 products at the end of the period, an 18.3% increase compared with the end of 2010. Some 477 products from Ascent Scientific were launched on the catalogue last week under the brand name 'Abcam Biochemicals'.

However, analyst Julie Simmonds from brokerage Collins Stewart has said this morning that the "changing product mix and US market conditions will make it increasingly difficult to maintain the current growth rate."

"Though Abcam has again managed to increase its margins this has only allowed it to maintain its profit expectations. This is likely to be seen as disappointing. The current highly rated valuation requires beating not meeting expectations."

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