- Life science research tools supplier Abcam reported a fall in annual profit after taking a £12.8m hit from costs associated with the transition of operations to its cloud-based ERP system.

For the 12 months ended 30 June 2019, reported pre-tax profit declined to £56.4m from £69.1m a year earlier and total revenue was up 11.4%.

The company detailed a new five-year plan targeting revenue of £450 to £500m in 2023 and 2024, with adjusted operating profit margin expected to reach the low-30s in percentage terms.

The company proposed a final dividend of 8.58p, unchanged on last year, taking the proposed total annual dividend to 12.13p per share, an increase of 1.1%.

Trading performance for year to date was in line with the company's expectations, with total revenue for the year expected to be in the range of £288 to £294m, equivalent to constant currency revenue growth of 9% to 11%.

The company also estimated that adjusted operating profit would in the range of 25% to 28%, and total capital expenditure in the region of £30m of 50m.

At 8:38am: [LON:ABC] Abcam PLC share price was -116p at 1124p

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