Business
Trading Update
Trading Update.
About this update from Fusion Antibodies Plc
[{"type":"text","content":"\n \nRNS Number : 4068W Fusion Antibodies PLC 17 April 2019 \n\n \nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain.\n \nFusion Antibodies plc \n(\"Fusion\" or the \"Company\")\n \nYear-end trading update\n \nFusion Antibodies plc (AIM: FAB), a pharmaceutical contract research organisation specialising in antibody engineering services, provides a business and unaudited trading update for year ended 31 March 2019 (\"FY 2019\"), confirming the improvement in second half performance announced on 25 February 2019.\n \nOperational highlights\n· Significant increase in orders and revenues in H2 FY 2019\n· Capacity expansion completed on time and within budget\n· Rational Affinity Maturation Platform (\"RAMP™\") introduced in December 2018\n· Mammalian antibody library on track for delivery in FY 2020\n \nFinancial highlights (subject to audit)\n· Strong improvement in H2 revenues to £1.5 million (H1 FY 2019: £0.7 million, H2 FY 2018: £1.3 million)\n· Revenues for the year ended 31 March 2019 expected to be £2.2 million (2018: £2.7 million)\n· Cash position at the year-end was £2.0 million (31 March 2018: £4.5 million)\n \nBusiness update\nRevenues and orders picked up significantly from October 2018 onwards, following a disappointing first six months of FY 2019. Total orders for H2 FY 2019 were £2.1 million and revenues are expected to be £1.5 million for the period returning to the levels seen in H2 FY 2018 (H2 FY 2018: £1.3 million) and significantly ahead of the £0.7 million recorded in H1 FY 2019. Revenue run-rate for H2 FY 2019 has continued into Q1 FY 2020.\n \nThis improvement in the second six months has been achieved by a mix of factors including addressing the external competitive pressures seen towards the end of H2 FY 2018 and in H1 FY 2019 and expanding and improving the quality of the Company's business development and marketing ...