Revenues rise, losses widen for Fusion Antibodies

Contract preclinical antibody research provider Fusion Antibodies reported revenues of £2.4m in its first half on Monday, including a one-off milestone of £0.15m, which was up from £1.9m year-on-year.

The AIM-traded firm said underlying growth in revenues over the first half of the 2021 financial year came in at 20%.

Its loss for the period widened to £0.6m from £0.5m, while its cash position at period end on 30 September was £2m, compared to £2.7m at the end of March.

On the operational front, Fusion noted a “major” new ‘RAMP’ platform contract win in the period, with a minimum contract value of $1.83m over the next two years.

It also entered a collaboration with Eurofins Discovery to supply antibody development services, with the board adding that research and development projects were progressing “well” alongside its ongoing investment.

“We are delighted to report a strong all-round performance for the first half of the year with good revenue growth, major new contracts, collaboration agreements and increased investment into our research programmes,” said chief executive officer Richard Jones.

“Throughout the period there have been continued challenges associated with the global pandemic and I would like to thank our staff for continuing to meet and overcome these as they arise, in support of the company and colleagues.”

At 1113 GMT, shares in Fusion Antibodies were up 0.83% at 121p.