Revenue Performance - Revenue for the 12-month period ended June 30, 2021, was £297.7 million, a 14% increase from £260.0 million in 2020[3]. - H2 constant exchange rate (CER) revenue growth was 29% (23% reported) compared to the prior year, with in-house CER revenue growth of 41% (35% reported) in H2[4]. - Total revenues for the six months ended June 30, 2021 increased by 29% CER (23% reported) to £150.2m, driven by recovery in laboratory activity and demand for in-house products[23]. - For the 12-month period, total revenue grew by 18% CER (14% reported) to £297.7m, with adjusted diluted EPS declining to 13.5p[19][25]. - Catalogue revenue, which comprises around 94% of total revenue, grew 31.2% CER in the six months ended June 30, 2021, with in-house products showing a CER growth of 47.7%[24]. - The Americas contributed £119.8 million in revenue for the twelve months ended June 30, 2021, up from £112.4 million in the prior year, representing a growth of 6.1%[80]. - Catalogue revenue reached £280.3 million for the twelve months ended June 30, 2021, compared to £243.1 million for the year ended June 30, 2020, marking a 15.3% increase[81]. Profitability Metrics - Gross profit margin increased to 71.1% for the 12-month period, up from 69.3% in 2020, with H2 gross margin at 71.4%[4]. - Operating profit for H2 was £10.3 million, with adjusted operating profit increasing by 78% to £19.8 million, resulting in an adjusted operating margin of 13.2%[4]. - Adjusted operating profit rose 78% to £19.8m, while adjusted diluted EPS increased by 33% to 4.8p for the same period[19]. - The adjusted operating profit for the twelve months ended June 30, 2021, was £45.8 million, compared to £44.5 million in the previous year, reflecting a growth of 2.9%[59]. - Operating profit for the twelve months ended June 30, 2021, was £28.2 million, significantly higher than £10.5 million for the year ended June 30, 2020[98]. - Profit attributable to equity shareholders for the twelve months ended June 30, 2021, was £16.2 million, up from £12.5 million in the previous year, representing a 29.6% increase[62]. Cash Flow and Financial Position - Net cash position at the end of the period was £219.9 million, significantly up from £80.9 million in 2020, with a net cash inflow from operating activities of £71.9 million[4]. - The Group achieved a 14.1% increase in cash inflows from operating activities, totaling £71.9m for the 12 months ended June 30, 2021, compared to £63.0m in 2020[37]. - Free Cash Flow for the 12 months ended June 30, 2021 was £16.1m, down from £19.0m in 2020[37]. - Cash and cash equivalents at the end of the period increased to £219.9 million from £187.3 million, reflecting a net increase of £35.0 million[67]. - The Group generated £77.0 million in cash from operations for the twelve months ended June 30, 2021, compared to £65.4 million for the previous year, marking an increase of 17.5%[98]. Strategic Initiatives and Acquisitions - The company announced an agreement to acquire BioVision, Inc. for cash consideration of $340 million, expected to close in October 2021[6]. - The acquisition of BioVision for $340m is expected to enhance the company's strategic execution and focus on in-house innovation[21]. - The Group expects to incur approximately £8m of additional acquisition, integration, and reorganization costs related to the BioVision acquisition by the end of 2021[33]. - The Group entered into a definitive agreement to acquire BioVision, Inc. for cash consideration of $340 million, pending approval[111]. Future Outlook and Growth Targets - Long-term revenue target for the year ending December 31, 2024, is set between £425 million and £500 million[8]. - The company aims to generate revenue between £425 million and £500 million for the year ending December 31, 2024[51]. - The company plans to continue investing in innovation and partnerships to sustain long-term growth despite a moderation in the rate of investment[9]. - The company continues to invest in innovation, acquisitions, and partnerships to sustain growth, with a moderated rate of investment expected moving forward[52]. Taxation and Compliance - The effective tax rate for the six-month period was 41.7%, significantly higher than the 19.8% in H2 2020, primarily due to the restatement of deferred tax balances[35]. - The total income tax charge for the twelve months ended June 30, 2021, was £9.2 million, compared to a credit of £4.1 million for the previous year, indicating a significant shift in tax liability[90]. - The effective tax rate on reported profits for the twelve months ending June 30, 2021, was approximately 36.2%, compared to (48.8%) for the twelve months ending June 30, 2020[91]. Operational Performance - The Group executed over 90 outbound commercial agreements in the period, up from 56 in 2020, including approximately 30 new service and commercial supply agreements[45]. - The Group introduced over 4,000 recombinant antibody-based products in the last 12 months, a 50% increase compared to the previous year[43]. - Non-primary antibody products accounted for approximately 20% of total catalogue revenue, with a 30% CER revenue growth in this segment over the last 12 months[44]. - The in-house product revenue as a percentage of total catalogue revenue increased to 54% in 2021, up from 47% in 2020[49]. Risk Management - The Group's principal risks include competition, acquisitions, and cyber security, which have not changed over the interim period[112][113]. - The Group's hedging arrangements are in place to mitigate currency fluctuation risks[104].

Financial 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 $17.50 per ADS[214]. - The company reported finance costs of £2.8 million in 2020, compared to £0.3 million in 2019, representing a significant increase of 833.3%[332]. - Investments increased by £4.0 million due to revaluation, with an additional £2.2 million invested in a 13% stake in Brickbio, Inc.[357]. Taxation - Total income tax charge for the period was £2.9 million, compared to a credit of £0.1 million in the prior year[207]. - The effective tax rate on reported profits increased to approximately 17.9% from 9.8% in the prior year[208]. - The total income tax credit for the year was £4.1 million, compared to a charge of £11.4 million in the previous year, indicating a turnaround of £15.5 million[335]. - The company recognized a credit of £6.0 million from the 'patent box' benefit, which applies a lower tax rate to profits on patented income[335]. Research and Development - The company reported an increase in research and development costs to £3.2 million from £2.2 million, reflecting a rise of 45.5%[204]. - Research and Development (R&D) expenditure for the year was £24.9 million, an increase of 47.3% compared to £16.9 million in the previous year[321]. Employee and Staff Costs - Total staff costs increased to £90.4 million in 2020, up from £72.8 million in 2019, reflecting a rise of 24.0%[331]. - The average number of employees rose to 1,454 in 2020, compared to 1,155 in 2019, indicating an increase of 25.9%[330]. Acquisitions and Impairments - On 2 August 2021, the company announced a definitive agreement to acquire BioVision, Inc. for cash consideration 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].