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Abzena sees earnings in line with forecasts

The life sciences group said manufacturing revenues had grown 60%, with chemistry up by 15%
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Abzena said it expects its current-year performance to be second-half weighted

Abzena plc (AIM:ABZA) said its expects turnover for 12 months to the end of March to be in the order of £22mln, up 18% on the year before, with underlying earnings (EBITDA) in line with expectations.

The life sciences group said manufacturing revenues had grown 60%, with chemistry up by 15%. As previously reported, the drag on performance was the biology operation. However the current year should see this situation reversed.

WATCH: Abzena Plc starting to see the benefits of its capital investment programme

There was a marked split between halves, with sales up 49% in the second six months compared with the first. Abzena said it had been encouraged by the second-half performance.

It is targeting top-line growth in 2019 at a “slightly higher rate” than 2018, with the performance expected to be second-half weighted.

As at the year-end the company had cash of £6.8mln.

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