Fusion Antibodies says significant revenue growth achievable

Belfast-headquartered pharmaceutical contract research company Fusion Antibodies believes “significant revenue growth is achievable” in the current financial year, its chief executive Dr Paul Kerr said.

But Dr Kerr has also warned in the Aim-listed company’s latest annual report that a no-deal Brexit could negatively affect the group, particularly in relation to the free movement of goods.

“There may also be increased costs to the company of complying with any changes in the regulatory requirements of the biotechnology and pharmaceutical industries which could have an impact on the financial prospects of the company,” Dr Kerr said. Fusion Antibodies has, like many businesses, increased its “inventory of consumables” to prepare for “any supply chain disruption” as a result of Brexit.

In the 2019 annual report Dr Kerr said 30 per cent of the company’s revenues last year came from exports to European Union countries, with some 91 per cent of its revenues generally coming from outside the UK. The company is developing new export markets to “mitigate the risks of overexposure to any one geographical market”.

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Fusion Antibodies began life as a spin out from Queen’s University, Belfast. It is one only four Northern Ireland companies listed on Aim.

Last month, the company posted an overall loss of £1.3 million for the 12 months to March 2019 – its first full-year as a listed company.

Dr Kerr blamed the losses on a weak first half but said the Belfast business had seen a “full recovery of revenues” in the second half of the year.

The 2019 annual report shows that total remuneration for the Belfast company’s key senior management increased from £363,399 in 2018 to £442,185 in 2019.

The highest-paid director was Dr Richard Buick, the company’s chief technical officer, who received a package totalling £116,856, while Dr Kerr received total remuneration of £102,379 for the year ended March 2019 and James Fair, the company’s chief financial officer and company secretary, received a total package of £92,260.