'We have seen improving momentum supported by a stronger order book and pipeline': Northern Ireland biotech firm reports £2.13million revenue as margins more than double
Belfast’s Fusion Antibodies posts a 9% increase in revenue and significant margin improvement, backed by platform development and new partnerships
Belfast biotech Fusion Antibodies is set to report increased full-year revenue and improved margins and said it is positioning for growth through platform development and strategic partnerships.
The listed contract research organisation said it had delivered a "mixed but improving performance" for the financial period to 31 March 2026.
In a year-end trading statement, unaudited revenues rose by 9% to £2.13m while gross margin rose from 22% to 50%.
The results were said to reflect a "continuing but slow recovery" in market conditions alongside the "inherent variability of project-based revenues".
Gross margins were strengthened during the period as a result of an improvement in underlying margins together with an IP sale announced in March.
During the period, the company said it had also made important strategic progress in diversifying its customer base, with increasing engagement from larger companies alongside its traditional early-stage biotechnology clients.
The customer base transition is intended to improve revenue visibility and reduce exposure to funding volatility which is typically associated with smaller biotech markets.
Adrian Kinkaid, chief executive officer of Fusion Antibodies, said: "FY2026 has been a year of continued progress and development as we consolidate and build on the recovery achieved in the prior financial year. While revenues in the first half reflected ongoing market challenges, we have seen improving momentum supported by a stronger order book and pipeline.
"We are particularly encouraged by our success in securing projects with global pharmaceutical companies, which validates our strategy to broaden our customer base and improve revenue quality.
"This is further evidenced by the £250,000 IP agreement with Finn Therapeutics, under which we transferred ownership of a novel antibody asset while retaining an ongoing collaborative relationship to support its continued humanisation and development.
"This agreement demonstrates our ability to monetise background IP alongside continued project engagement. The demonstration of accelerated cell line development and the advancement of OptiMAL, including the granting of our US patent and continued positive validation work, represent significant steps forward in unlocking the long-term value of our complementary and synergistic platform technologies.
"With advances in our technologies and offerings and continued support from grant funding, we believe the Company is well positioned for further progress in FY2027 and beyond."