Fusion Antibodies (AIM:FAB), the AIM-listed pre-clinical antibody discovery, engineering and supply specialist, reported audited revenue of £2.1m for the year ended 31 March, up from £1.97m the previous year.
Gross margin more than doubled to 53%, from 22% in the prior year, while the operating loss narrowed to £1.13m from a restated £1.63m despite higher research and development spending.
Underlying service revenue fell 5% to £1.86m, though second-half revenue climbed 21% versus the first half to reach £1.02m. Other operating revenue of £872k, principally from the Future Medicines Institute grant programme, helped offset the softer service line. Cash stood at £1.04m at the year-end, up from £0.36m a year earlier, following a placing that raised approximately £1.4m before expenses in January.
"I am particularly encouraged by the improvement in our service revenues during the second half and the increasing engagement we are seeing from larger organisations, which supports our strategy of building a broader and more resilient customer base," said chief executive Adrian Kinkaid.
The OptiMAL antibody library platform launched commercially in December following continued validation work with the U.S. National Cancer Institute. Since the year-end, Fusion has secured patent grants for the technology in Japan and Canada, with acceptance in Australia, and continued its grant-funded DR5 therapeutic antibody programme with Queen's University Belfast.
News Intelligence what this means for the company
Fusion Antibodies swung to a narrower operating loss of £1.13m (from £1.63m) on flat-to-modest revenue growth of 7% to £2.1m, but the real driver was gross margin more than doubling to 53% from 22%—a shift powered by the December commercial launch of OptiMAL and grant revenue of £872k. Cash more than trebled to £1.04m following a £1.4m placing in January, and second-half service revenue accelerated 21% versus the first half, signalling traction with larger customers despite underlying service revenue falling 5% year-on-year.
The margin expansion and cash raise materially extend runway, but the company remains pre-revenue on its core OptiMAL platform (launched only in December) and dependent on grant funding (£872k of £2.1m total revenue). Underlying service revenue contraction and a £1.13m operating loss mean profitability hinges entirely on OptiMAL commercialisation gaining traction—a binary outcome still in early innings.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
