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(Alliance News) - Protein biomarker research firm Proteome Sciences PLC on Monday posted an interim revenue rise but a widened loss due to a "disproportionate" cost increase.
Shares in the company were 17% lower at 3.90 pence each in London on Monday morning.
In the six months to June 30, revenue climbed 9.1% annually to GBP1.9 million from GBP1.7 million.
Proteome posted a pretax loss of GBP484,000, stretched from GBP410,000 a year earlier.
Administrative expenses were 14% higher year-on-year at GBP1.4 million, Proteome noted.
The company explained: "The increase in revenues was matched by a disproportionate increase in costs as we had to bring forward some TMTpro re-stocking in light of strong sales in the last quarter of 2019. Costs otherwise remained flat and the net impact is a similar loss before tax with the equivalent period last year.
By Eric Cunha; ericcunha@alliancenews.com
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