Business
Trading Statement
Trading Statement.
About this update from Fusion Antibodies Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n 6 March 2023\n \n \n \n \n \n \n \n \n Fusion Antibodies plc\n \n \n \n (\"Fusion\" or the \"Company\")\n \n \n \n \n \n \n Trading statement\n \n \n \n \n \n \n \n \n Fusion Antibodies plc (AIM: FAB), a contract research organisation (\"CRO\") providing discovery, design, and optimisation services for therapeutic antibodies to the global healthcare market, provides an update on the Company's R&D programme and unaudited trading for the year ending 31 March 2023 (\"FY 2023\").\n \n \n \n \n \n As announced in its half year report on 5 December 2022, the Company had a commercially challenging first six months of trading due to a combination of factors, including a number of valuable projects being suspended by clients due to delayed investment into those businesses. There continues to be uncertainty over the timing of commencement of several such anticipated orders which is out of our control. Consequently, revenues and earnings for FY 2023 are now expected to be significantly behind current market expectations: the Board anticipates that revenues for FY 2023 will be not less than £2.8M.\n \n \n \n \n \n In line with the Company's previously announced strategic change to focus on larger integrated service contracts, the Company has engaged with several potential clients for the broader service offering, which has been very positively received. In particular, negotiations concerning a significant order for an integrated service contract have progressed but have not materialised in time for the end of this year. While there is the possibility that negotiations could be completed in the near term, the majority of the revenues would be recognisable in the financial year commencing 1 April 2023.\n \n \n \n \n \n Having recently announced the development of its Mammalian Display technology to complement the integrated service offering, the Company is actively engaging with leading Artificial Intelligence and ...