(Alliance News) - Fusion Antibodies PLC on Wednesday said good annual results were owed to expanding its services, with limited affects on trading from Covid-19.
The antibody services provider posted a pretax loss for the financial year ended March 31 of GBP1.1 million, narrowing from GBP1.5 million a year prior.
Revenue increased 79% to GBP3.9 million from GBP2.2 million year on year.
Most of Fusion Antibodies' growth came from the expansion of its existing services, and most notably from the rational affinity maturation platform, or Ramp, which is the most recent addition to the company's services.
Chief Executive Paul Kerr said: "We have had a strong year with the increased revenue performance in the first and second halves driven by the expansion of our existing services and newly introduced RAMP. The company has also seen strong geographical growth in the 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."
The company pays no dividend.
As for the effects of Covid-19, Fusion Antibodies said it has limited the impact on trading performance, with laboratory work continuing, so that trading in for the current financial year has been in line with expectations so far and the pattern of customer payments is unchanged.
Kerr said: "Working with an international customer base presents opportunities and challenges as governments and companies respond to the immediate crisis and plan for a way forward in new circumstances.
"The board believes the company has the expertise to meet these challenges and capitalise on opportunities, and having raised capital post year end, that it also has the financial resources to face the coming months with confidence."
Fusion Antibodies shares were down 0.5% at 98.00 pence each on Wednesday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Fusion Antibody (FAB)