Fusion Antibodies reports strong full-year revenue growth

Preclinical antibody discovery and supply company Fusion Antibodies reported 14% growth in revenue in a trading update on Friday, to £4.8m.

The AIM-traded firm said its cash position at the end of its financial year on 31 March totalled £2.0m, meanwhile, down from £2.7m a year earlier.

It said it achieved revenue growth in both the first and second half of the year, and across all geographical regions, with transient expression delivering the highest performance of all its service areas.

The company said it met the challenges presented by the Covid-19 pandemic, which affected the whole financial period, and to trade throughout the periods of national governmental restrictions.

Fusion said the number of customer enquiries being received for all of its services remained “strong”, and in the second half its strengthened its commercial team with a view to future success.

The board said it believed the £2m cash balance was “sufficient” for meeting the company's current requirements, while the 2022 results provided a “good platform” for continued growth in financial performance.

“We are pleased to have achieved revenue growth in line with expectations in what has been another challenging year globally due to the pandemic,” said chairman Simon Douglas.

“I am delighted that the value of our client work is being demonstrated by the successes of our clients in reaching development milestones.

“The ongoing recruitment of a new CEO is progressing as planned, and we look forward to a year with more opportunities to visit clients and attend conferences as the restrictions relax.”

At 1230 BST, shares in Fusion Antibodies were up 1.53% at 66.5p.

Reporting by Josh White at Sharecast.com.