Fusion Antibodies shares down on H1 trading update

Fusion Antibodies shares (LON: FAB) plunged 16% on Friday morning’s opening after releasing a trading update for the six months ended 30 September 2020.

In the period, revenue increased by 9% from £1.75m to £1.90m. The specialists in pre-clinical antibody discovery said that trading for the period had been in line with the expectations.

Losses for the period remained the same as the year previously at £0.47m.

The board is not recommending the payment of a dividend in relation to the first half of the current financial year.

Commenting on the interim results, Paul Kerr, chief executive of Fusion Antibodies, said: “I’m pleased to report that our revenues have grown despite the fact that the period has been dominated by the COVID-19 pandemic. We have expanded our R&D programme to include a COVID-19 target along with our oncology targets, with the goal of using our Mammalian Antibody Library, which will be branded as “OptiMAL(TM)”, to produce neutralising antibodies against the virus, and have raised capital for that purpose.

“We have remained operational throughout changing levels of government restrictions and have taken the steps to sustain the business in the coming months. I would like to thank our shareholders and staff for all their valued support to enable us to continue to grow in these challenging times.”

Fusion Antibodies shares (LON: FAB) are trading -8.80% at 114,00 (0958GMT).

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.