StockMarketWire.com - Antibody developer Fusion Antibodies posted a full-year loss after a rise in sales was more than offset by company expenses.

Pre-tax losses for the year through March amounted to £1.07m, compared to a loss of £1.50m on-year.

Revenue rose 79% to £3.9m, buoyed by sales of the company's rational affinity maturation platform (RAMP).

'We have had a strong year with the increased revenue performance in the first half and second half driven by the expansion of our existing services and newly introduced RAMP,' chief executive Paul Kerr said.

'The company has also seen strong geographical growth in the 2020 financial year with the appointment of two new distributors in Asia as well carrying out a RAMP project for a large indigenous company in China.'

'While Covid-19 has brought a lot of uncertainty for the 2021 financial year, trading so far has been in line with expectations and the £3.0m fundraise in April has allowed Fusion to expand the existing proof-of-concept work on the Mammalian Antibody Library to include Covid-19 as a new target.'

'We are positive about the next 12 months and are grateful to our shareholders for their continued support.'


At 9:11am: [LON:FAB] Fusion Antibodies Plc Ord 4p share price was -6p at 92.5p



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