Fusion Antibodies sees losses widen throughout 'challenging' first half

Pharmaceutical research outfit Fusion Antibodies saw losses widen sharply throughout the first half of its trading year after revenues more than halved.

Fusion's losses widened roughly 346% to £742,000 as revenues dove 53% to £658,000.

The AIM-listed company attributed the drop-off in revenues, which were substantially below its expectations, to "intense" competition across the antibody engineering market.

Cash and equivalents fell 37% to £2.80m.

Fusion believes modest revenue growth will be achieved in 2018-19 as a result of an increase in orders already in hand, an extensive pipeline of opportunities and a recent improvement in order intake.

Chief executive Paul Kerr, said: "As we have previously announced, the first six months of the current financial year have been challenging due to increasing competition and consequential pricing pressures.

"However, order levels have started to accelerate in October and November and I am cautiously optimistic that we have turned a corner."

As of 1020 GMT, Fusion shares had slipped 2.54% to 59.94p.