Fusion Antibodies revenues rise 14% despite Covid challenges

Belfast-based biotech company Fusion Antibodies said revenues rose 14 per cent last year, despite ongoing challenges presented by the Covid-19 pandemic.

The company, which specialises in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, said revenue was £4.8 million (€5.6 million) for the year to March 31st, up from £4.2 million a year earlier. Revenue growth was achieved in both halves of the year, across all geographic areas of the business.

Cash position at the end of March was £2 million, which the directors said was sufficient to meet the company’s current requirements.

The second half of the year also saw the company strengthen its commercial team.

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"We are pleased to have achieved revenue growth in line with expectations in what has been another challenging year globally due to the pandemic," said Fusion chairman Simon Douglas. "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."