Abcam plc(ABCM)2022-03-13 16:00Revenue Performance - Revenue for the 12 months ended 31 December 2021 was £315.4 million, a 22% increase at constant exchange rates compared to £269.3 million in the previous year[2]. - Revenue for CY2021 was £315.4m, representing a 22% CER growth compared to CY2020 (£269.3m), with a £2.6m contribution from BioVision[46]. - Total reported revenue for the 18 months ended 31 December 2021 was £462.9 million, a significant increase from £269.3 million for the 12 months ended 30 June 2020[59]. - Revenue for the 18 months ended December 31, 2021, was £462.9 million, compared to £260.0 million for the year ended June 30, 2020, representing a 78% increase[95]. - The Americas contributed £163.7 million to revenue, representing a 26% increase, while China saw a 34% growth, accounting for 19.4% of total revenue[67]. Profitability Metrics - Adjusted gross profit margin improved to 72.2%, up from 70.0% in the previous year, benefiting from higher margin in-house products[3]. - Adjusted operating profit reached £60.4 million, with an adjusted operating margin of 19.2%, compared to 18.8% in the previous year[3]. - Operating profit for CY2021 increased to £7.1 million, while adjusted operating profit rose to £60.4 million, yielding an adjusted operating profit margin of 19.2%[70]. - Operating profit increased to £95.5 million, significantly up from £54.0 million in the previous year, marking a 77% increase[95]. - The reported gross margin for the 18 months ended 31 December 2021 was 71.1%, with an adjusted gross margin of 72.2%, up from 70.0% in CY2020[69]. Cash Flow and Financial Position - Net cash inflow from operating activities increased to £62.9 million, up from £58.9 million in the previous year[3]. - The company ended CY2021 with a small net debt position of £24.1 million, a significant improvement from a net cash position of £80.9 million in CY2020[51]. - Cash generated from operations for the 18-month period ended 31 December 2021 was £105.3 million, an increase of 61% compared to £65.4 million for the year ended 30 June 2020[104]. - Free cash flow for the period was £12.6 million, down from £19.0 million in the previous year, indicating a decrease of 34%[104]. - Total cash and cash equivalents at the end of the period for the 18 months ended 31 December 2021 were £95.1 million, down from £187.3 million at the beginning of the period[104]. Acquisitions and Strategic Initiatives - The acquisition of BioVision was completed for a cash consideration of 349.9 million (£253.8 million) on October 26, 2021[144]. - The acquisition is expected to enhance Abcam's strategic position in the biochemical and cellular assay market, focusing on oncology and neuroscience[145]. - Goodwill recognized from the acquisition amounted to £177.0 million, reflecting the expertise of the workforce and potential new technologies[149]. Future Outlook - For CY2022, the company expects total revenue growth of approximately 20% at constant exchange rates, including contributions from BioVision[5]. - Long-term revenue target for CY2024 has been increased to a range of £450 million to £525 million, adjusted for BioVision[6]. - The company aims for double-digit revenue growth and improved profit margins as it refines its operations in 2022[39]. - The adjusted gross margin is expected to improve in CY2022 due to higher margin in-house products and the full-year effect of the BioVision transaction[57]. - The company aims to achieve an operating margin of over 30% by CY2024 as it realizes the value of its investments[52]. Customer Satisfaction - The company reported a positive customer transactional Net Promoter Score of +56 in CY2021, indicating high customer satisfaction[4]. - Customer transactional net promoter score (tNPS) was +56 in CY2021, indicating strong customer feedback and satisfaction[18].