- Life science research tools supplier Abcam ditched its final dividend after reporting a slump in annual profit on higher costs.

For the 12 months ended 30 June 2020, pre-tax profit fell £8.4m from £56.4m on-year as revenue was flat at £260m.

Profit was hurt by a rise in research and development costs and other expenses including selling, general, and administrative.

The annual dividend was 3.55p, down from 12.13p.

The company maintained its guidance on its investment plans amid ongoing momentum as more laboratories continued to partially or fully reopen.

'Our investment plans remain unchanged as we continue to focus on achieving our 2023/24 financial goals, comprising revenue of £450-500m; an adjusted operating margin of over 30% and a Return on Capital Employed of over 18%,' the company said.

At 8:31am: [LON:ABC] Abcam PLC share price was -10.5p at 1363.5p

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