Abcam plc

CIK:0001492074|SEC Filings

Consolidated income statements - GBP (£) £ in Millions	6 Months Ended	12 Months Ended
Consolidated income statements - GBP (£) £ in Millions	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Profit or loss [abstract]
Revenue	£ 147.5	£ 361.7	£ 315.4	£ 260.0
Cost of sales	(42.9)	(91.2)	(90.8)	(79.8)
Gross profit	104.6	270.5	224.6	180.2
Selling, general and administrative expenses	(73.6)	(224.5)	(189.7)	(131.5)
Research and development expenses	(13.7)	(56.1)	(27.8)	(38.3)
Operating (loss) / profit	17.3	(10.1)	7.1	10.4
Finance income	0.2	0.4	0.3	0.7
Finance costs	(1.9)	(5.9)	(2.7)	(2.8)
(Loss) / profit before tax	15.6	(15.6)	4.7	8.3
Tax credit / (charge)	(2.8)	7.1	(0.3)	4.2
(Loss) / profit for the year / period attributable to equity shareholders of the parent	£ 12.8	£ (8.5)	£ 4.4	£ 12.5
Earnings per share
Basic	£ 0.058	£ (0.037)	£ 0.019	£ 0.06
Diluted	£ 0.058	£ (0.037)	£ 0.019	£ 0.06

Consolidated cash flow statements - GBP (£)
£ in Millions

6 Months Ended

12 Months Ended

Dec. 31, 2020

Dec. 31, 2022

Dec. 31, 2021

Jun. 30, 2020

Statement of cash flows [abstract]

Cash generated from operations

£ 33.1

£ 36.0

£ 72.2

£ 65.4

Net income taxes (paid) / received

0.2

(7.3)

(9.3)

(2.4)

Net cash inflow from operating activities

33.3

28.7

62.9

63.0

Investing activities

Investment income

0.2

0.4

0.3

0.7

Purchase of property, plant and equipment

(11.5)

(16.8)

(34.5)

(12.7)

Purchase of intangible assets

(13.0)

(24.5)

(25.3)

(23.0)

Transfer of cash from / (to) escrow in respect of future capital expenditure

0.4

0.3

0.0

(0.6)

Purchase of investments

0.0

(0.1)

(2.2)

Reimbursement of leasehold improvement costs

1.7

0.0

13.2

0.0

Net cash inflow / (outflow) arising from acquisitions

0.0

16.2

(245.1)

(110.3)

Net cash outflow from investing activities

(22.2)

(24.4)

(291.5)

(148.1)

Financing activities

Dividends paid

0.0

(25.0)

Principal element of lease obligations

(3.8)

(11.3)

(8.8)

(6.8)

Interest element of lease obligations

(0.5)

(2.1)

(1.5)

(0.9)

Interest paid

(0.6)

(3.0)

(0.7)

(0.8)

Proceeds on issue of shares, net of issue costs

127.0

1.1

3.2

111.2

Facility arrangement fees

0.0

(0.8)

0.0

Utilisation of revolving credit facility

0.0

120.0

127.0

Repayment of revolving credit facility

(107.0)

0.0

(20.0)

Purchase of own shares

(0.1)

(0.2)

0.0

(0.1)

Net cash (outflow) / inflow from financing activities

15.0

(15.5)

111.4

184.6

Net (decrease) / increase cash and cash equivalents

26.1

(11.2)

(117.2)

99.5

Cash and cash equivalents at beginning of the year / period

187.3

^[1]

95.1

^[1],[2]

211.9

^[1]

87.1

Effect of foreign exchange rates on cash and cash equivalents

(1.5)

5.1

0.4

0.7

Cash and cash equivalents at end of the year / period

^[1]

£ 211.9

£ 89.0

£ 95.1

^[2]

£ 187.3

[1]	Within cash and cash equivalents at 31 December 2022 is £nil (31 December 2021: £nil, 31 December 2020: £1.3m; 30 June 2020: £0.9m) of cash relating to employee contributions to the Group’s share scheme ‘AbShare’, which is reserved for the purpose of purchasing shares upon vesting.
[2]	See note 29 for details related to the measurement period adjustment to the accounting for the acquisition of BioVision.

Consolidated balance sheets - GBP (£)
£ in Millions

Dec. 31, 2022

Dec. 31, 2021

^[1]

Non-current assets

Goodwill

£ 398.3

£ 363.5

Intangible assets

227.9

234.2

Property, plant and equipment

80.5

73.5

Right-of-use assets

79.2

88.2

Investments

3.2

3.5

Deferred tax asset

12.1

13.2

Total non-current assets

801.2

776.1

Current assets

Inventories

68.0

58.2

Trade and other receivables

84.0

60.5

^[2]

Current tax receivable

13.9

10.5

Derivative financial instruments

0.5

Cash and cash equivalents

^[3]

89.0

95.1

Total current assets

255.4

224.8

Total assets

1,056.6

1,000.9

Current liabilities

Trade and other payables

(67.8)

(69.0)

Derivative financial instruments

(0.8)

(0.2)

Lease liabilities

(8.5)

(9.2)

Borrowings

(119.6)

(119.2)

Current tax liabilities

(5.1)

(4.4)

Total current liabilities

(201.8)

(202.0)

Net current assets

53.6

22.8

Non-current liabilities

Deferred tax liability

(32.1)

(41.5)

Lease liabilities

(95.8)

(101.3)

Total non-current liabilities

(127.9)

(142.8)

Total liabilities

(329.7)

(344.8)

Net assets

726.9

656.1

Equity

Share capital

0.5

Share premium account

269.4

268.3

Merger reserve

68.6

Own shares

(1.9)

(2.2)

Translation reserve

89.7

31.1

Hedging reserve

(0.1)

0.2

Retained earnings

300.7

289.6

Total equity attributable to the equity shareholders of the parent

£ 726.9

£ 656.1

[1]	See note 29 for details related to the measurement period adjustment to the accounting for the acquisition of BioVision.
[2]	This relates to a measurement period adjustment to the consideration for the acquisition of BioVision, whereby this was reduced by $18.0m (£13.3m) but the cash was not received until the year ended 31 December 2022 (refer to note 29 for further details).
[3]	Within cash and cash equivalents at 31 December 2022 is £nil (31 December 2021: £nil, 31 December 2020: £1.3m; 30 June 2020: £0.9m) of cash relating to employee contributions to the Group’s share scheme ‘AbShare’, which is reserved for the purpose of purchasing shares upon vesting.