Abcam reported total revenue growth of 9.8% on a reported basis to £112.5m and 11.2% on a constant currency basis for the six-month period ended 31 December 2017, compared to revenue of £102.5m in the first half of 2017.

Full year constant currency revenue growth guidance was increased to about 11%, including the impact of the Spring Bioscience licence agreement signed in January 2018

Catalogue revenue grew 10.0% on a reported basis and 11.5% on a constant currency basis to £105.2m versus £95.6m in first half of 2017.

Recombinant antibody revenues grew by 21.1% to £22.4m on a reported basis and by 22.8% on a constant currency basis

Immunoassay product revenues grew by 20.7% to £7.0m on a reported basis and by 23.4% on a constant currency basis.

Reported gross margin were broadly in line with last year at 69.8% versus 69.7% in the first half of 2017.

Profit before tax (PBT) on a reported basis was £32.8m and £39.3m on an adjusted basis, versus £25.1m and £32.1m, respectively, in the first half of 2017.

Interim dividend increased by 21.1% to 3.42p compared with 2.825p in the first of 2017.

Alan Hirzel, Abcam's Chief Executive Officer, said: 'It has been another good half for Abcam, delivering double digit revenue growth whilst meeting all of our financial and strategic targets.'

'Our cash generation and balance sheet strength underpin continued investment into our teams, our systems and our facilities to enable us to grow. We remain on track to meet our strategic goals for the year and we have increased our revenue guidance for the full year. This momentum positions us well to deliver on our long-term goals, which we anticipate will continue to drive sustainable value for our shareholders.'

At 8:31am: (LON:ABC) Abcam PLC share price was -35p at 1191p