Global life science research influencer Abcam plc is committing further significant investment in growing the business internationally from its Cambridge base.

CEO Alan Hirzel also reveals that the company is starting to see a return to normal working in Coronavirus-hit China – a massive market for the UK standard bearer.

As part of its five-year growth strategy Abcam is reviewing its capital allocation priorities, including the dividend, in view of the significant investment opportunities available and intends to consult with shareholders accordingly.

The heavy investment in technology and acquisitions in recent times is reflected in the interim results for the six months to December 31.

Total revenue on a reported basis was 10.8 per cent ahead to £138.2 million but profit before tax was 22.8 per cent lower at £26m. Abcam initiated investment across all areas of its growth blueprint and Hirzel said the business remained confident in the long term outlook.

Abcam reports taking a c.£3m revenue hit to date due to Covid-19, predominantly originating from the early spread of the virus in China but says operations there began reopening on February14 and that the supply chain had been largely unaffected to date. While broader China activity was returning, albeit still below full levels prior to outbreak, the full financial impact on the business remains uncertain given the evolving global situation. 

Abcam says it is closely monitoring developments and will provide further updates as appropriate.

Hirzel said: “Abcam is investing in and advancing across all strategic areas we described earlier this year. Our early progress sets the business on a course to sustain long term revenue growth from market share gain and portfolio expansion.

“In the short term, we are doing our best to look after our global team and our customers as we face into Covid-19’s impact on family lives, research activity, and operations. In China, we are starting to see a return to normal operations, and we will work through this situation as we confidently invest in our long term growth and being the most influential company for life science researchers worldwide.”