Fusion Antibodies 'on track and on plan' following positive Q1 performance

4th Jul 2024 09:50

(Sharecast News) - Antibody discovery specialist Fusion Antibodies said on Thursday that it was both "on track and on plan" following "positive momentum" throughout Q1.

Fusion Antibodies said unaudited revenues hit roughly £522,000 in Q1, more than doubling last year's £241,000 performance, driven by a "consistent and strong" sales pipeline.

The AIM-listed group noted that its order book sat at £700,000 as of 30 June, including a number of multi-stage projects, of which revenue for all was expected to be recognised in the current financial year.

Fusion believes that its commercial and diversification strategies, as well as a generally improving economic climate and client sentiment, provide continuing confidence for growth throughout the remainder of FY25.

Chief executive Adrian Kinkaid said: "We are on track and on plan. It is particularly encouraging to see the continuing improvement in revenue recognition rates which are supported by further new orders and work in progress. This validates our strategy and puts us on track to meet our plans to ensure that Fusion is not only sustainable but becomes the thriving business which it deserves to be."

As of 1330 BST, Fusion Antibodies shares were up 10% at 3.30p.

Reporting by Iain Gilbert at Sharecast.com