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Cambridge, England-based sciences research tool supplier Abcam
ABC,
+2.98%
ABCM,
+3.84%
said it’s going to delist from the London Stock Exchange’s AIM exchange, favoring a U.S. listing instead.
In an announcement of its half year results on Tuesday, Abcam said it will arrange an extraordinary general meeting before the end of the year to approve the cancellation of its listing on the alternative investment market.
The delisting will mean the company will solely be listed on the Nasdaq, which it says will increase share liquidity.
In line with the announcement, Abcam also declared a 20% increase in revenue for the six months to June 30 to £185.2 million, driven by demand for its in-house products and the inclusion of BioVision products – stemming from Abcam’s $340 million takeover of BioVision last year.
Adjusted operating profit hit £42.6 million, a 60% rise from the same period last year, which reported an adjusted operating profit of £26.5 million.
Alan Hirzel, Abcam’s chief executive officer, said he is confident in the firm’s growth trajectory, drive by the increase in in-house innovation.
“As we move into the next phase of our five-year strategic plan, we are moderating investment levels and working toward higher operating leverage and adjusted operating margin expansion,” he added.
“Looking ahead, we are confident in our growth trajectory and committed to delivering our CY2022 guidance and CY2024 goals.”
Shares in Abcam were up 3.9% on Tuesday morning at 1,361.00 pence.
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