Fusion Antibodies recovers from disappointing first six months of the financial year
Pharmaceutical research firm Fusion Antibodies - one of Northern Ireland's most recent publicly listed companies - has reported revenue growth to £1.5m in the second half of the year.
The Belfast-based firm, which floated on the Alternative Investment Market during 2017, said revenues for the full year ending March 31 were expected to be £2.2m.
The company, headed by chief executive Paul Kerr, yesterday released its yearly trading update.
Fusion Antibodies said revenues and orders picked up significantly from October 2018 onwards, following a disappointing first six months of the 2019 financial year.
Total orders for the second half of the 2019 financial year were £2.1m. The company said revenues for the period are expected to be £1.5m, returning to the levels seen in the second half of the 2018 financial year (£1.3m), but significantly ahead of the £700,000 recorded in first half of 2019.
Fusion said the improvement in the second six months had been achieved by a mix of factors including addressing the external competitive pressures seen towards the end of the second half of 2018 and in the first six months of the 2019 financial year.