Proteome Sciences PLC – Interim Results

Proteome Sciences PLC – Interim Results

Proteome Sciences announces its unaudited interim results for the six months ended 30 June 2019.

Financial highlights:

  • Proteomics services revenues increased 30% to £0.35m (2018: £0.27m)
  • TMT® reagent sales and royalties increased 30% to £1.37m (2018: £1.05m)
  • Total revenues increased 32% to £1.74m (2018: £1.32m)
  • Gross profit increased 30% to £0.96m (2018: £0.74m)
  • Administrative expenses decreased 40% to £1.21m (2018: £2.02m)
  • Loss before tax was £0.41m (2018: £1.41m)

Commenting on these results, Jeremy Haigh, Chief Executive Officer of Proteome Sciences, said:

“Performance during the first six months of 2019 was very encouraging, building on the momentum developed in the second half of 2018.   Recognised revenues from our services platform were significantly ahead of the equivalent period in 2018 and, most importantly, we issued a record number of quotes for new business in the second quarter, a fundamental lead indicator of future customer engagement.  TMT® revenues also grew strongly in the period, bolstered by initial sales of our new TMTpro™ 16-plex isobaric mass tags which enable increased multiplexing and are now available as a standard option across our upgraded services portfolio.  Administrative costs continue to reduce, and cash reserves are stronger; as a consequence, the Company is beginning to demonstrate a much-anticipated level of fiscal stability and growth which should enable some near-term investment that will be vital if we are to remain competitive in such a rapidly developing market.

We are confident that our commercial strategy is starting to gain traction after a slow start early in 2018 and, with the promise of a stronger second half which has been characteristic of previous years, we expect to report further progress.”

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