Fusion Antibodies flags full year revenues behind expectations

Trading in second half of year underperformed first half due to IPO process

Fusion Antibodies said the outlook for the next trading year is a positive one. Photograph: iStock

Fusion Antibodies said the outlook for the next trading year is a positive one. Photograph: iStock

 

Belfast pharmaceutical company Fusion Antibodies said it expects revenues for the trading year ended March 31st 2018 to grow at least 40 per cent on the previous year.

While the company said full year revenues are behind expectations, that will have “minimal impact on adjusted EBITDA” (earnings before interest, taxes, depreciation and amortisation).

Trading in the second half of the year underperformed the previous six months as a result of the initial public offering (IPO) process, “which required significant management time and focus”. Fusion began trading on the junior market of the London Stock Exchange in December and raised £5.5 million (€6.17 million).

After the IPO, the company was able to “reinvigorate its sales and marketing efforts”, and the directors outlook for the next trading year is a positive one in line with expectations.

In a trading update to the stock market on Monday, Fusion updated shareholders on its laboratory and office expansion. The company had anticipated the expansion would cost £2.6 million and would be operational by the end of 2018.

Following revisions to the designs, the additional laboratory capacity is expected to be usable by the end of summer 2018, and is expected to cost “materially less” than initially anticipated.

Established in 2001 as a spin out from Queen’s University Belfast, 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.

Since 2012, the company has successfully sequenced over 250 antibodies and successfully completed over 100 humanisation projects for its international, blue-chip client base, which includes eight of the top 10 global pharmaceutical companies by revenue.