Fusion Antibodies PLC on Tuesday said its loss narrowed in the first half of its current financial year, as revenue more than doubled.
The Belfast-based contract researcher that provides discovery, design and optimisation services for therapeutic antibodies to the healthcare market said its pretax loss narrowed to £792,000 in the six months that ended September 30, from £1.4 million the year before.
Revenue more than doubled to £1.2 million from £541,000 last year.
Cost of sales increased 41% to £882,000 from £625,000, while administrative expenses reduced 15% to £1.1 million from £1.3 million.
Chief Executive Officer Adrian Kinkaid said: ‘These interim figures bear witness to the significant improvements to the business and the more favourable market conditions we have deservedly enjoyed in the period. The company is now well-positioned, generating the financial evidence of a significant recovery and promising growth in the company’s prospects.
‘Of particular note is the increase in margins complementing the more than doubling of revenues, which is testament to the board’s and the team’s determination to move toward profitability. We remain focused on meeting our stated goal of achieving cash flow break-even without needing to raise additional funds.’
Looking ahead, Fusion Antibodies said: ‘The board is confident that the sector is recovering and the prospects for the company remain very encouraging. Whilst challenges remain for our international customer base, we continue to meet these challenges and capitalise on the opportunities presented.’
Shares in Fusion Antibodies were down 8.7% at 4.20 pence each in London on Tuesday afternoon.
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