Last checked at 
LONDON (Alliance News) - Fusion Antibodies PLC on Thursday said it has delivered strong annual revenue growth in a year in which it joined the London Stock Exchange's AIM market.
The firm listed in December, raising GBP5.5 million in its initial public offering.
Fusion has posted revenue of GBP2.7 million for the 12 months to March 31, 41% higher, with adjusted earnings before interest, taxes, depreciation and amortisation in line at GBP132,018 from GBP288,473 a year prior.
Fusion's pretax loss for the year was GBP711,362 versus GBP125,915 profit, mainly due to higher costs related to its IPO. Excluding one-off items, pretax profit was GBP51,574 compared to GBP254,868.
On Monday, the company had warned trading had been slower than expected due to competition and price pressure.
The main driver of revenue growth was from antibody humanisation fees. Fusion provides services such as antibody identification and discovery, lead optimisation using antibodies, and manufacturing services.
Looking ahead, the company said the second half slowdown in sales has continued into its new financial year, and as a result Fusion expects "modest" revenue growth for its year ending March 2019.
Shares were 3.9% higher Thursday at a price of 81 pence each.
