Fusion Antibodies, a Belfast-based pharmaceutical contract research company, has reported revenue of £4.2m (€5m) for the 12 months to March 31, an increase of 7pc on the prior year.

However, losses at the company increased to £2.9m from £700,000.

Fusion’s investment in research and development increased by 57pc from prior year, according to results from the group.

Richard Jones, CEO of Fusion Antibodies said: “We are pleased with our performance in what has been a challenging year for everyone.”

“We have made significant progress with sustained revenue growth, progress on the R&D pipeline, and continue to expand our range of services.”

The company had cash of £2.7m at year-end.

Founded in 2001 as a spin-out from Queen's University Belfast, Fusion started trading on AIM - a section of the London Stock Exchange for smaller companies - in December 2017.

Invest Northern Ireland owns 4.4pc of the business.

Earlier this year the company appointed Dr Jones as its chief executive.