(Alliance News) - Fusion Antibodies PLC on Tuesday said it achieved full-year revenue ahead of expectations, due to its transient expression service.
In the year ended March 31, the Belfast-based antibody developer reported that its pretax loss remained largely flat at GBP1.3 million.
Administrative expenses increased 8.6% to GBP3.8 million from GBP3.5 million.
Meanwhile, it reported revenue of GBP4.8 million, up 14% from GBP4.2 million.
The company reported that revenue was slightly above market expectations. It attributed the growth to a good performance from its transient expression service, significantly outperforming the previous year.
Fusion Antibodies said that post year end trading has been in line with expectations.
Looking ahead, the company noted uncertainty due to current global macro conditions.
"Challenges remain for much of our international customer base, but the board believe the company has the expertise to meet these challenges and capitalise on opportunities as we have done over the past year," it said.
Shares were down 3.4% at 84.55 pence each on Tuesday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Fusion Antibody (FAB)