22nd Oct 2019 14:31
(Alliance News) - Fusion Antibodies PLC said Tuesday it saw an increase in orders and revenue in the first half of financial 2020 compared to the second half of financial 2019.
In the six months to September 30, the company expects to record revenue of GBP1.7 million compared to GBP700,000 the year before and higher than the GBP1.5 million reported in the second half of last year.
Fusion Antibodies said the first half was its "strongest" six months period to date. The company also noted its trading for the year ending March 2020 has been in line with market expectations.
"This continued improvement includes the first commercial revenues from Rational Affinity Maturation Platform, augmented by the expansion of the laboratory capacity and increased business development and marketing efforts as previously announced," the company said.
Chief Executive Paul Kerr added: "We continued to see good revenue growth during this first six months and have had a strong improvement in the previous six months. We are continuing the rollout of RAMP, which has been well received, and are on track to deliver our Mammalian Antibody Library in 2020 as planned.
"We remain confident of an encouraging second half and that the company will achieve significant revenue growth for the full year. I would like to thank our shareholders for their valued support and I look forward to updating the market further when we announce our interim results later in the year."
Fusion Antibodies said: "The company is able to fulfil the majority of orders received with a short turnaround which reduces the visibility of future earnings. However, the directors continue to be confident that growth in order levels for existing and new services will continue."
Shares in Fusion Antibodies were untraded in London on Tuesday but last closed at 65.00 pence each.
By Paul McGowan; [email protected]
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