Shares in Fusion Antibodies PLC (AIM:FAB) fell 13% to 11.55p after the company reported a drop in half-year revenue, despite improved margins and a more positive outlook for the second half.
For the six months to 30 September 2025, the pre-clinical antibody specialist posted unaudited revenue of approximately £838,000, down from £1.2 million in the same period last year.
However, this marked an improvement on the £755,000 recorded in the second half of FY25. Gross margin rose to 30%, up from 22%, reflecting operational efficiencies and a stronger mix of project work.
Chairman Simon Douglas said the company expects a better performance in the second half of the financial year, supported by a stronger order book, an encouraging sales pipeline, and improved market sentiment.
Fusion also highlighted recent contract wins, including humanisation projects with divisions of major pharmaceutical firms and a cell line development deal with a US biotech. Its OptiMAL® platform has secured a US patent and continues to be used in collaboration with the National Cancer Institute.
Cash stood at £251,000 at the end of September, in line with management expectations. The company reiterated that it has a runway into the financial year 2027 and remains on track with plans to launch OptiMAL commercially in December.