Abcam plc(ABCM)2021-09-01 11:26Financial Performance - Revenue for the six months ended December 31, 2020, was £147.5 million, an increase of 6.8% compared to £138.2 million for the same period in 2019[174]. - Gross profit for the same period was £104.6 million, up from £96.3 million, reflecting a gross margin improvement[174]. - Operating profit decreased to £17.9 million from £26.6 million, indicating a decline of 32.8% year-over-year[174]. - Profit for the period was £13.3 million, down from £26.1 million, representing a decrease of 49.1%[174]. - Basic earnings per share for the six months ended December 31, 2020, were 6.1p, compared to 12.7p for the same period in 2019[174]. - Total comprehensive expense of £5.6 million for the period, compared to a comprehensive income of £21.1 million in the prior year[177]. - Total reported revenue for the six months ended 31 December 2020 was £147.5 million, an increase of 6.7% from £138.2 million in the same period of 2019[199]. - Catalogue revenue accounted for £139.0 million, up from £130.6 million year-over-year, representing a growth of 2.6%[200]. - Cash generated from operations for the six months ended 31 December 2020 was £33.7 million, a decrease of 26.5% compared to £45.5 million in the prior year[186]. - Net cash inflow from operating activities was £33.9 million, down from £39.6 million in the previous year, reflecting a decline of 17.9%[186]. - Profit for the period decreased to £13.3 million for the six months ended 31 December 2020, down from £26.1 million in the same period of 2019, representing a decline of 49.1%[203]. - Operating profit was £17.9 million, a decrease of 32.8% compared to £26.6 million for the six months ended 31 December 2019[203]. - Basic earnings per share (EPS) fell to 6.1 pence from 12.7 pence, a decline of 52.0% year-over-year[213]. - Diluted EPS also decreased to 6.0 pence from 12.6 pence, reflecting a similar decline of 52.4%[213]. Assets and Liabilities - Total assets as of December 31, 2020, were £821.3 million, an increase from £622.4 million as of December 31, 2019[181]. - Cash and cash equivalents increased to £211.9 million from £189.9 million year-over-year[181]. - Net current assets improved to £254.2 million from £128.7 million as of December 31, 2019[181]. - Goodwill as of December 31, 2020, was £184.3 million, down from £192.8 million as of June 30, 2020[181]. - The Group's total equity as at 31 December 2020 was £631.3 million, an increase from £502.6 million as at 1 July 2020[183]. - The net assets increased to £631.3 million after restatement, compared to £629.7 million previously reported[235]. - Total inventories increased to £40.7 million from £36.0 million year-over-year, with raw materials rising to £8.0 million[361]. - Provision for slow-moving or defective inventory stands at £12.5 million, up from £11.2 million in 2019[361]. Cash Flow and Investments - The Group's cash and cash equivalents at the end of the period stood at £211.9 million, compared to £189.9 million at the end of December 2019, marking an increase of 11.0%[186]. - The Group's net cash outflow from investing activities was £22.8 million, compared to £18.8 million in the previous year, reflecting an increase of 10.6%[186]. - The company raised £126.5 million from the offering of 10,287,000 American Depositary Shares at a price of 340 million, pending regulatory approval[227]. - The company incurred an impairment charge of £14.9 million related to the acquisition intangible assets, up from £12.8 million in the previous year, marking an increase of 16.4%[326]. - A full impairment of £12.8 million has been made for the AxioMx acquisition due to challenges in realizing commercial returns from the technology[348]. Accounting Policies - Revenue from sales of goods is recognized upon delivery to the customer, representing the significant majority of the Group's revenue[264]. - Custom product and service revenue is recognized upon completion of contract-defined milestones, with each milestone having a defined transaction price[265]. - Lease liabilities are recognized at the present value of lease payments, with the Group's current leases running from 1 to 18 years[270]. - Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, calculated using enacted tax rates[277]. - Goodwill is subject to an annual impairment review and is carried at cost less accumulated impairment losses[281]. - Acquisition intangibles are capitalized at cost and amortized over their estimated useful lives, with principal expected useful lives ranging from 2 to 15 years[282]. - Property, plant, and equipment are stated at cost less accumulated depreciation, with depreciation charged over estimated useful lives of 2 to 10 years[286]. - Financial assets are recognized when the Group becomes a party to the contractual provisions, including cash and cash equivalents, receivables, and investments[290]. - The Group uses forward contracts to manage exposure to fluctuating foreign exchange rates, with gains or losses recognized in the income statement unless designated as hedging instruments[296]. - Share-based payments are measured at fair value at the date of grant and expensed over the vesting period based on estimated share vesting[300]. Miscellaneous - The company reported a write-down of inventories recognized as an expense, included in the cost of sales[361]. - The company recognized a lease liability of £76.2 million upon initial application of IFRS 16[356]. - The company repaid £107.0 million drawn under its Revolving Credit Facility on 23 November 2020[225].