Fusion Antibodies, the U.K. biotechnology company, has announced a widened pretax loss for the first half of the year. This loss can be attributed to higher research and development, investment, and recruiting costs, as well as lower revenue. The company also expressed concerns regarding the timing of future contracts.
- The pretax loss for the six months ended March 31 was £2.86 million, compared to a loss of £1.3 million during the same period last year.
- Revenue declined from £4.8 million to £2.9 million due to delayed contracts.
- The adjusted loss before interest, taxes, depreciation, and amortization, which is a key metric for the company, amounted to £2.5 million, compared to a loss of £600,000 previously.
Outlook and Expectations Fusion Antibodies' Chairman, Simon Douglas, acknowledged the uncertainty surrounding future contract wins due to reduced investment in the broader biotech sector. However, he expressed optimism about an incremental recovery in trading over the short-to-medium-term. This improvement is expected to encompass existing services as well as new services that will be introduced.
The company's shares were down 9.3% at 6.13 pence as of 0833 GMT.
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