Acquisitions boost Abcam full-year profit
Sept 10 (Reuters) - British biotechnology company Abcam Plc reported a 19.4 percent rise in profit, helped by the first full-year contribution of its acquisition of smaller peers Epitomics and Ascent Scientific.
The Cambridge, UK-based company, which produces and distributes antibodies and test kits for research, said it expected market conditions to remain challenging, especially in the Unites States, where the latest wave of budget cuts, or "sequestration" came into effect on March 1.
Adjusted profit before tax rose to 46.6 million pounds ($73.26 million) for the year ended June 30 from 39 million pounds a year earlier. ()
Revenue rose 24.9 percent to 122.2 million pounds million pounds.
Abcam shares closed at 470.5 pence on Monday on the London Stock Exchange.