Fusion Antibodies shares fell 3.3% to 84.5p in early morning trading on Tuesday after the group reported a widened pre-tax loss of £1.3 million in FY 2022 compared to £1.2 million the year before.
The firm highlighted a £1.3 million operating loss against £1.2 million and an overall FY loss of £1.2 million compared to £2.9 million, on the back of continued Covid restrictions, which presented challenges to business operations.
However, Fusion Antibodies confirmed a revenue growth to £4.7 million compared to £4.1 million, slightly ahead of management expectations.
Revenue was linked to the expansion of its existing services in discovery, engineering and supply, alongside the recognition of two milestone receipts.
The company noted a gross profit of £2.4 million from £2 million year-on-year.
Fusion Antibodies mentioned a £2 million cash position at year end against £2.7 million in the previous year.
The group said its outlook still appeared uncertain due to the volatile market environment, however Fusion Antibodies added it was confident in meeting the challenges with sufficient expertise and competence.
The firm also highlighted the appointment of Adrian Kinkaid as CEO earlier in August this year.
“We are pleased with our overall performance in the year given the challenges that still exist with Covid-19,” said Fusion Antibodies CEO Simon Douglas.
“Our full year revenues increased, and we have strengthened our Board with the additions of Dr Matthew Barker as a Non-Executive Director and more recently, the appointment of Dr Adrian Kinkaid as our new CEO.”
“We are delighted Adrian has come on board and we look forward to fully integrating him into the business. On behalf of the whole team, I would like to thank our shareholders for their continued support, and we feel positive for the next 12 months.”