Abcam Announces New CEO and Board Changes

Abcam plc, a leading supplier of life science research tools, has appointed Alan Hirzel as Chief Executive Officer with immediate effect to lead the company through its next stage of growth. He succeeds long-serving Chief Executive and co-Founder Jonathan Milner, who became Deputy Chairman and remains the company’s largest shareholder. Jonathan will use his extensive industry experience and network of contacts to identify partnership and acquisition opportunities for the company. 

A Board member since January, Alan brings a combination of a strong scientific background, global business and leadership experience, as well as consumer knowledge to his new role. He spent the last year as Chief Marketing Officer with responsibility for the company's branding, product portfolio and online consumer offering. In this role he worked closely with Jonathan to develop Abcam’s strategic vision and the company is already seeing results; achieving internal milestones and delivering incremental revenue growth. Abcam believes that this strategy will provide a solid platform for growth in the mid- to long-term.

Peter Keen, a Board member since 2005, will not be seeking re-election, in line with corporate governance best practice for independent directors. Abcam is grateful for the significant contribution Peter has made during that time.  Louise Patten will assume the Senior Independent Director role following the AGM in November.

Strong financial results for the year ended 30 June 2014 were reported, with £128.0m revenue, which after adjustments for the year was £128.0m which after adjustments represented underlying growth from catalogue sales of 10% (6.0% as reported) and growth of total revenue on the same basis of 8.6% (4.7% as reported).  After increased investment in the business adjusted profit before tax was £46.8m, which is marginally higher than last year (£46.6m). Net cash inflow from operating activities before tax was strong at £51.2m.