2023-05-04 17:25:25 ET
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Abcam plc ( NASDAQ: ABCM ) said Thursday it is announcing incremental cost refinement actions that will reduce annualized run rate operating expenses by more than £15 million by 2024.
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The company said it will consolidate elements of its global footprint by leveraging the investment in the expansion of its Waltham, MA site.
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The company also plans on streamlining its business by reducing management structures, including consolidation of sales and marketing functions, and eliminating redundant processes.
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The company said it expects FY2023 adjusted operating profit margins to be between 27% to 28% and revenue guidance of ~£420 million to £440 million, a 15% to 20% growth on constant exchange rate.
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The company reiterated its 2024 revenue of £450 million to £525 million with adjusted operating profit margins of greater than 30%.
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Shares -2.5% at $6.61 after hours.
For further details see:
Abcam to streamline and consolidate operations in bid to cut costs