Fusion Antibodies announced its unaudited trading update on Friday where the specialists in pre-clinical antibody exploration noted a 14% increase in revenue and a decline in its cash position.
With unaudited sales of £4.8m, indicating a 14% increase over FY2021’s £4.2m, revenue growth was supported in both H1 and H2 of FY2022 as opposed to the same periods in the previous financial year.
Revenues have increased in all geographic regions, and Transient Expression has outperformed all of its service areas.
The company continued to address the challenges posed by the COVID-19 epidemic, which spanned the entire financial period, as well as to trade during periods of national government limitations.
The amount of customer inquiries for all of the firm’s services is still high, and the company reinforced its commercial team in H2 of FY2022 to ensure future success.
The cash balance at the end of the year was £2.0m compared to £2.7m in 2021, which the directors feel is still sufficient to satisfy the company’s present needs.
The Board of Directors also believes that the aforementioned achievements create a solid foundation for sustained financial performance growth.
Simon Douglas, Chairman of Fusion, said, “We are pleased to have achieved revenue growth in line with expectations in what has been another challenging year globally due to the pandemic. I am delighted that the value of our client work is being demonstrated by the successes of our clients in reaching development milestones.”
“All our staff members have worked diligently throughout the year and I would like to thank them all for their valuable contribution. The ongoing recruitment of a new CEO is progressing as planned, and we look forward to a year with more opportunities to visit clients and attend conferences as the restrictions relax. I am confident we will have a good year ahead.”
Fusion Antibodies shares gained 2.3% to 67p as the group announced an increase in revenue to £4.8m.