Abcam Plc. (ABC.L), a supplier of protein research tools, Tuesday said it expects full year adjusted profit before tax to be slightly higher than consensus expectation. The stock jumped over 6 percent.
In a pre-close trading update ahead of its results for the financial year ended June 30, the firm said it has made progress implementing the organic growth strategy outlined in September 2013.
Group revenue growth at underlying constant currency for the year was 8.6 percent and was 4.7 percent on a reported basis.
The underlying constant currency growth from catalogue revenues in the second half of the year was 10.6 percent compared to 9.3 percent in the first half.
The full year underlying catalogue revenue growth on a constant currency basis is expected to be 10 percent and 6 percent on a reported basis.
These results reflect progress with the firm's strategy as well as some strengthening in the macro environment of the regional markets.
The initiative to strengthen position in China with the new Shanghai office delivered over 20 percent year-on-year revenue growth in the fourth quarter.
In the U.S., which is the company's largest market, Abcam is cautiously optimistic that there is more certainty around the level of centrally funded research expenditure. The company has begun to see the combined benefits of its initiatives and organic growth.
ABC.L climbed 6.2 percent and was trading at 381.50 pence.
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