Abcam backs FY 23 revenue view, sees FY24 revenue up 11.3%-13.4% vs. 2019

Based on current trading, Abcam is providing the following guidance for FY2024. Reported revenue of approximately GBP 475 million to GBP 525 million1, representing 11.3% to 13.4% CER revenue CAGR2 and 10.0% to 12.1% organic revenue CAGR3 from FY2019. Including the ongoing cost refinement actions announced last month, 2024 adjusted operating profit margins are expected to be between 32% to 36%, and adjusted EBITDA margins are expected to be between 42% and 46%. Reported Return on Capital Employed of 14% to 18% is expected. Return on Capital Employed, excluding the impact of BioVision in FY2024, would be 15% to 19%, with incremental value being delivered over the coming years. The Company reiterates its FY2023 guidance of reported revenue of approximately GBP 420 million to GBP 440 million, representing 15% to 20% constant exchange rate revenue growth and expected adjusted operating profit margin of between 27% to 28%, with expected adjusted EBITDA margins of 36.5% to 37%