LONDON (Alliance News) - Abcam PLC said Friday that it believed it would meet its strategic objectives for the year as it continued to make progress on its growth initiatives.
Revenues from catalogue sales in the US continued to grow in line with expectations, Abcam said, despite the disruption caused to the market by the protracted US federal government shut down. The company cautioned that ongoing US budget negotiations could hurt the business if they were to cause further disruption later in the year.
The biotechnology company revised down its expectations for its customer-service business in the US, but said that this would not materially damage its profitability due to its small size.
Abcam warned that it expects market conditions to remain challenging, but that it believed it is positioned to deliver growth.
Shares in Abcam were trading down 1.7% at 475.00 pence Friday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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