Northern Ireland contract research company Fusion Antibodies recorded a 19 per cent fall in full year revenues to £2.2 million on the back of a weak first half to its financial year.
Competitive pressures in the market and the impact on management of the company’s admission to London’s AIM market caused a “significant downturn” in revenues in the first half of the financial year.
However, the company reported a sharp turnaround in the business with the second half of the year, with Fusion reporting its highest six-month revenues to date.
The trials group recorded a £1.5 million loss before tax and had a net cash position of £2 million in the 12 month period to March 31st.
"We have had a strong improvement during the second half of the year which has been due to a significant increase in orders and revenues," said Fusion chief executive Paul Kerr.
He said this had been down to the company addressing external competitive pressures that had been evident during the previous 12 months. It also expanded its business development and marketing operations.
Established in 2001 as a spin-out from Queen’s University, Fusion is a Belfast-based contract research organisation providing a range of antibody engineering services for the development of antibodies for both therapeutic drug and diagnostic applications.
The company has also expanded its laboratory and office space to allow for future growth in headcount.
North America became Fusion's largest market during the period, growing by 23 per cent, while the UK, Europe and the rest of the world saw reduced revenues for the group.
“We are excited about the next 12 months and are grateful to our shareholders for their continued support,” said Mr Kerr, noting that the company has seen good initial interest in one of its new technologies.
