Cambridge research tools specialist Abcam has launched an aggressive strategy that could almost double revenues by 2024.
The bold new roadmap follows an outstanding year to end-June when Abcam hiked revenues 11.4 per cent to £259.9 million.
That meant revenue had doubled in the last five years – but the long term plan incorporates investment to achieve revenue of £450m-£500m by FY 24.
Abcam reported pre-tax profit of £56.4m and hoisted the dividend 1.1 per cent to 12.13p in the last year. The announcement sparked a surge of profit taking by shareholders keen to fill their boots.
And there’s a lot more to come, CEO Alan Hirzel, announced: “Our dedication to customer needs, team performance and our long-term investment perspective has helped Abcam to achieve sustained growth and expand its reach and influence over the last five years.
“Today we are in a better position than ever before to pursue opportunities to continue to invest in, build and grow a successful global company.
“We are reassured that there is more to do and excited about the future prospects for our industry and our business. We are eager to enter a new phase of growth in the coming five years to extend further our impact on research discovery and clinical applications to improve patient lives.”
Short term, trading performance for the new financial year is in line with the board’s expectations with targeted total revenue of £288-294m, equivalent to constant currency revenue growth of 9-11 per cent.
Abcam is committed to a game-changing IT transformation which would cost £30m to £50m.
That, in turn, informs the new five-year plan targeting revenue of £450-500m in 2023/24, with an accelerating growth rate expected over the life of the plan.
The blueprint encompasses a series of further strategic operational and capital investments to remove constraints to growth and realise market opportunities.