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.
Financial Performance
- 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.
Our Latest News
The Potential Danger Looming Over the S&P 500 Rally
Goldman Sachs warns of potential risks to the S&P 500 rally as trend-following funds may shed $200 billion in exposure, driving a market downturn. Investment ba...
DWF Group Reports Decline in Pretax Profit in Fiscal 2023
DWF Group announces a decrease in pretax profit for fiscal 2023, influenced by rising costs and the proposed takeover offer by Inflexion. Revenue sees growth of...
Karora Resources on Track to Meet Production Target
Karora Resources is making progress in reaching its full-year production target, with an increase in gold output and plans for future growth in nickel productio...