Abcam FY profit surges

Date: Tuesday 07 Sep 2010

Catalogue-based antibodies distributor Abcam said full year profit bounced 58% as demand for its products increased.

The supplier of antibodies said pre-tax profits increased to £25.8m for the year ended 30 June 2010 from £16.3m the year before. Revenue increased by 25.2% to £71.1m.

Commenting on current trading, chairman Mike Redmond said, "The new financial year has started well with sales in line with management's expectations. However we still remain cautious due to the pressure on governments, especially in the West, to reduce their deficits and the potential for reductions in research funding which may impact our business."

Abcam's product range increased 20.2% to 63,010 antibodies and related products and new offices opened in Hong Kong and San Francisco.

A final dividend of 14.61p has been recommended, up 55.4% from last time.

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