I attended the Annual General Meeting of Abcam yesterday (3/11/2014) at their offices in Cambridge. Abcam primarily sells antibodies via the internet to research scientists worldwide. They are one of the more successful AIM companies, with consistent profitability, good growth and good cash flow. But the pace of growth has been slowing of late and last year was somewhat disappointing. This may be due to pressure on Government spending, which finances most scientific research, in the USA and other countries. The adverse dollar/pound exchange for the last financial year when most sales are in dollars also impacted the results although they do hedge against currency to some extent. This means the share price is not on as high a p/e as it was a few years back. There are two
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