- Pharmaceutical research group Fusion Antibodies warned Monday revenues were expected to be 'materially' below current market expectations amid uncertainty over when a number of potential substantial orders would be closed.

Revenues would nevertheless be but not less than £2.1m, the company said.

The warning came despite an uptick in second-half performance during which order levels picked up significantly.

Revenues in second half of 2019 were expected to exceed all previous six-month periods, the company said.

Total orders received in the second half of 2019 to date exceeded £1.9m, above the £1.2m seen in the first half of the year, and double the £0.8m reported a year earlier.

'Despite the lower than anticipated revenues to date, I am encouraged that since October 2018 we have seen significantly stronger order intake which is likely to lead to record six-month orders and revenues,' said Paul Kerr, CEO of Fusion Antibodies.

'The expansion of our facilities is complete and, together with the expansion of our team, we are now able to meet the increasing demand. I am also excited about the initial interest we are seeing from potential customers in our new RAMPTM technology, which will enable customers to improve the performance of many of their antibody based drugs.

At market close: [LON:FAB] Fusion Antibodies Plc Ord 4p share price was -6p at 31p

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