20th Nov 2020 13:25
(Alliance News) - Belfast-based Fusion Antibodies PLC on Friday reported revenue growth and a narrowed interim loss in a period "dominated" by the Covid-19 pandemic.
Revenue for the six months ended September 30 rose 9% to GBP1.9 million from GBP1.8 million in the same period last year.
The pharmaceutical company - which specialises in discovering, engineering, and supplying pre-clinical antibodies for use in medicine - said the pandemic led to opportunities for the company to provide additional services for customers, which balanced out other delayed or paused projects.
The revenue rise helped Fusion Antibodies's pretax loss for the six-month period narrow to GBP572,000 from GBP621,000. The operating loss also slimmed to GBP563,000 from GBP616,000.
The company's loss narrowed even as research and development spend amounted to GBP271,000, which was an increase of 50% compared with the first half of the 2020 financial year.
Looking ahead, Fusion Antibodies believes that the antibody therapeutic market continues to grow and that it "remains in a strong position to grow and return to profitability in future years". The company said that its current pipeline is in line with board expectations and it is "confident that progress will be made."
Chief Executive Paul Kerr said: "We have remained operational throughout changing levels of government restrictions and have taken the steps to sustain the business in the coming months. I would like to thank our shareholders and staff for all their valued support to enable us to continue to grow in these challenging times."
Shares in Fusion Antibodies were down 11% at 111.00 pence in London on Friday.
By Zoe Wickens; [email protected]
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