Fusion Antibodies revenues soar in strong second half
Fusion Antibodies
3.75p
16:55 24/04/24
Pharmaceutical research outfit Fusion Antibodies reported a strong second half on Wednesday, driven by a significant increase in orders.
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Fusion saw business pick up in the last six months of its trading year, following a disappointing first half, as revenues more than doubled to £1.5m.
The AIM-listed group said the improvement was a result of a number of factors, including addressing the external competitive pressures seen towards the end of the second half of its previous trading year and expanding and improving the quality of its business development and marketing function.
Cash and equivalents tumbled 55% to £2m.
Despite the poor results back in the first half, Fusion Antibodies was confident that recent order levels could be maintained into the new financial year and would be bolstered by its new facilities.
Looking forward, Fusion Antibodies also forecast "significant revenue growth" in the current financial year.
As of 1045 BST, Fusion shares had dipped 1.58% to 28.05p.