Fusion Antibodies plc AIM:FAB
- Incorporated
- United Kingdom
- Chief executive
- Adrian Kinkaid
- Employees
- 27
- Reports in
- GBP
- Companies House
- NI039740
Read straight from the annual reports
11.3p at close on 5 Oct 2026 · 11 reported years, 2016–2026
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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One-off sale of intellectual property to Finn Therapeutics
GBP 250,000 of FY26 revenue came from a one-time IP sale to an existing customer, recognised at a point in time. Management says the company has not made similar sales in recent years.
page 65Underlying service revenue
Underlying service revenue was about GBP 1.86m, down 5% from GBP 1.96m in FY25. H2 FY26 service revenue was GBP 1.02m, up 21% on H1 at GBP 0.84m.
page 6Improved gross margin on service work
Gross profit rose to GBP 1,231,000 (FY25 GBP 430,000), and the chairman cites a 58% margin on underlying services versus 22% in FY25. Management attributes this to a better mix of higher-margin work and cost control on client projects.
page 6Grant and RDEC income in other operating income
Other operating income was GBP 872,000 (FY25 restated GBP 151,000), comprising FMI grant GBP 288,000, DR5 Innovate UK grant GBP 352,000 and RDEC GBP 232,000. These are grants and tax credits, not product margin.
page 66The board is confident in the diversified pipeline and NCI-validated OptiMAL technology, but acknowledges that difficult market conditions can slow growth and adoption of new approaches. The chairman states that the market conditions are adversely impacting Fusion's performance in H1 of FY27.
page 9On 20 June 2026 the company granted 2,910,000 share options under the EMI and Unapproved schemes to executive directors and employees, at an exercise price of 10.30p, vesting over three years.
page 79No dividends were paid in FY26 or FY25. The directors do not recommend a final dividend. No formal dividend policy is stated.
page 40Auditor: Price Bailey LLP, appointed after Kreston Reeves LLP resigned due to a conflict of interest arising from the merger of its parent with AAB. The audit opinion is QUALIFIED because the company's inventories of GBP 362,000 could not be verified, so the auditor could not determine whether adjustments to inventories and cost of sales were required. The auditor also reports a MATERIAL UNCERTAINTY over going concern: the company is dependent on raising additional funds to maintain liquidity and advance internal R&D. There are no current funding agreements in place. Key audit matter: revenue recognition, including accrued and deferred income. Materiality is GBP 56,000. The directors' base case forecasts that additional funding is expected to be required during the assessment period.
page 46- Commercial success of services, including OptiMAL, is uncertain and depends on market demand and competition. Drug development is risky, and client access to capital may be eroded by macroeconomic events.p.24
- Dependence on third parties, including partnerships and collaborations, for delivery and revenue. Client projects depend on timely materials and payment within agreed limits.p.24
- Reliance on senior management and key personnel, with difficulty in replacing staff on acceptable terms.p.25
- Product liability, regulatory intervention, adverse publicity and business interruption.p.25
Read from C000509-AR-2026-ch.
10 annual reports read, FY2017 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2027Next report expected 10 Sept 2027