29th Jan 2020 13:35
(Alliance News) - Fusion Antibodies PLC on Wednesday said it expects revenue for its financial year to be significantly ahead of market expectations due to favourable trading trends.
The pharmaceutical company - which specialises in discovering, engineering, and supplying pre-clinical antibodies for use in medicine - said that it expects revenue for its financial year ending March 31 to be materially ahead of the GBP2.2 million recorded for the comparative period the year prior.
The stock was up 3.3% at 95.00 pence each on Wednesday afternoon in London.
Fusion's improved performance across the discovery, engineering and supply service strands was attributed to an increase in sales of existing services.
The company however noted that gross profit margin would be marginally below expectations, but ahead of the previous year, as the contribution from newer high-margin services had not been fully achieved to the extent previously anticipated.
"The company continues to invest for growth with the continuing development of new services including the Mammalian Antibody Library, and sales and marketing of existing services including the new Rational Affinity Maturation Platform service," Fusion said.
"The improvement in revenue performance means that development in these areas can be continued, and in some cases increased, whilst maintaining earning before interest, tax, depreciation and amortization, and a cash position broadly in line with current market expectations for the full year," it added.
By Ife Taiwo; [email protected]
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