Shares of Abcam (ABC.L), a supplier of life science research tools, slumped early on Monday after the group set out plans for a program of internally funded investments to further grow the business while disclosing the departure of its chief financial offer.
The Cambridge, UK-based company, which ended the fifth and final year of its ‘invest-to-grow’ strategy in fiscal 2019, said in a statement that Gavin Wood has served notice of his intention to step down from the board over the next year in order “to continue his career closer to his family home.”
“The search for his successor will commence immediately and Gavin is committed to delivering an orderly transition over the coming months,” the statement noted.
“The group [has] made significant strategic, operational and financial improvements to sustain double-digit growth throughout the period,” the company said in a full-year trading statement.
The firm, which expects to report an increase in total revenue to 259.9 million pounds during the 12 months that ended June 30 from 233.2 million pounds a year ago because of a surge in catalog sales, is currently reviewing its plans for the next five years to 2023/24 and will provide details alongside its full-year results on September 9.
While Abcam said it expected gross margin for fiscal 2019 to be ahead of last year, it noted that the adjusted earnings before interest, tax, depreciation, and amortization margin would be “in line with the board’s expectations.”
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