Northern Ireland contract research company Fusion Antibodies posted a positive trading update on Wednesday, forecasting full year revenues to come in "materially ahead" of last year.
The company, listed on London’s AIM exchange, said trading in its financial third quarter continued the favourable trends seen in the first half of the year. As a result, it said revenues for the full year, which is to end on March 31st, will be “significantly ahead of current market expectations, and materially ahead of the previous year”.
Revenue growth in the trials group is a result of increased sales, Fusion said, while the contribution from newer, high margin services has “yet to be fully achieved to the extent previously anticipated”.
Established in 2001 as a spin-out from Queen’s University, Fusion is a Belfast-based contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications.
It last year recorded a 19 per cent fall in full year revenues to £2.2 million (€2.6 million) and posted a £1.5 million (€1.7million) loss before tax. Its net cash position at March 31st last year stood at £2 million (€2.3 million). Fusion said that improvements in its revenue performance will help it maintain its cash position “broadly in line” with current market expectations.
