Fusion Antibodies sees 'favourable trends' continue in H2
By Iain Gilbert
Date: Wednesday 29 Jan 2020
(Sharecast News) - Pre-clinical therapeutic drug and diagnostics firm Fusion Antibodies said on Wednesday that trading in the third quarter of the financial year had continued the "favourable trends" experienced in the first half.
Fusion said strong revenue performance was being seen across the company's three service strands - discovery, engineering and supply.
As a result, the AIM-listed group now expects revenues for the year ended 31 March to be "significantly ahead" of current market expectations, and materially ahead of the previous year's figure of £2.2m.
The revenue growth was said to be largely a result of an increase in sales of existing services, as the contribution from newer high-margin services had yet to be fully achieved to the extent previously anticipated.
In line with the first half of the trading year, gross profit margin remained ahead year-on-year but Fusion noted that gross profit margins for the full year were set to be "marginally below" current expectations due to the lower than expected uptick in high-margin services.
"The continued improvement in revenue performance means that development in these areas can be continued, and in some cases increased, whilst maintaining EBITDA and a cash position broadly in line with current market expectations for the full year," said Fusion.
As of 1300 GMT, Fusion shares were up 2.17% at 94p.
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