Clarendon Portfolio company Fusion Antibodies a clinical research firm has reported a strong revenue performance during the third quarter.
In a trading update on Wednesday, the publicly listed company said it expects revenues for the year ending March 31 2020 to be significantly ahead of current market expectations, and above the previous year (£2.2 million).
The company said the revenue growth is largely a result of an increase in sales of existing services. But it said the contribution from newer high margin services has yet to be fully achieved to the extent previously anticipated.
Accordingly, the Fusion said it expects gross profit margin for the current financial year to be marginally below current market expectations but ahead of that achieved last year.