25th Feb 2019 11:56
LONDON (Alliance News) - Fusion Antibodies PLC on Monday warned that annual revenue will be "materially below current market expectations" due to the uncertain timing of closure of several orders.
Fusion Antibodies shares were trading down 19% at 30.00 pence each on Monday.
Fusion's financial year runs to March 31. The firm is a contract research organisation which provides engineering services for the development of antibodies.
The company said that despite being below market views, revenue will not be less than GBP2.1 million. A year ago, Fusion posted annual revenue of GBP2.7 million.
"After a challenging first six months and disappointing revenues in the first half, order levels picked up significantly from October 2018 onwards such that revenues in the second half are expected to exceed all previous six-month periods," the company said.
Total orders to date amount to over GBP1.9 million, compared to GBP800,000 in the second half period a year ago.
However, more than GBP1.1 million of those orders will not be recognised until the next financial year, Fusion explained.
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