17th Apr 2019 11:49
LONDON (Alliance News) - Fusion Antibodies PLC on Wednesday reported an improved performance in the second half of its recently ended financial year after "disappointing" first half.
The pharmaceutical company noted that revenue and orders picked up significantly from October 2018 onwards, following a "disappointing" first six months of its financial 2019.
Total orders for the second financial half were GBP2.1 million and revenue is expected to be GBP1.5 million, up from GBP1.3 million delivered a year prior.
The improvement has been achieved by addressing the external competitive pressures, and expanding and improving the quality of the company's business development and marketing function, it said.
In the first financial half, the company generated revenue of GBP700,000, taking the total revenue for its full financial year, that ended on March 31, to GBP2.2 million. In financial 2018, Fusion reported revenue of GBP2.7 million.
Looking ahead, Fusion said revenue run-rate for the second half has continued into the first quarter of its financial 2020.
The company also highlighted that its facilities capacity expansion project was completed in autumn 2018, six months earlier than planned and costing materially less than initially anticipated.
The RAMP platform was initially showcased as a service in December 2018 and is already generating considerable interest from customers with revenue expected later in 2019.
"The directors are confident that recent order levels from the existing core service offerings can be maintained in financial 2020 and will be augmented by new orders for the RAMP service such that significant revenue growth is achievable in the current financial year," the company said in the statement Wednesday.
Fusion shares were trading 1.6% lower on Wednesday at 28.05 pence each.
Related Shares:
Fusion Antibodies