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(Alliance News) - Proteome Sciences PLC on Tuesday reported a sharply narrowed loss for 2019, as revenue grew substantially on the achievement of higher sales.
For the year, the protein biomarker research company posted a pretax loss of GBP36,000 compared to GBP1.7 million the year before, as administrative expenses fell to GBP2.7 million from GBP3.3 million.
Revenue however, increased by 53% to GBP4.7 million from GBP3.0 million the prior year, as year-on-year sales and royalties attributable to tandem mass tag sales grew by 68% to GBP3.7 million from GBP2.2 million.
Meanwhile, proteomics services revenue rose by 24% to around GBP930,000 from GBP750,000.
Looking ahead, Proetome Services said it is operating as usual despite the Covid-19 pandemic, with new orders from clients received and a strong cash position.
The company expects to sustain and further improve its financial performance in 2020.
"The launch of 16plex TMTpro in the summer was well received and is expected to contribute significantly in 2020. Our strategy of more direct customer engagement in the US market resulted in significant increases in quotes issued and orders received, particularly in the fourth quarter," said Interim Chief Executive Officer Ian Pike.
"With high levels of work carried over from 2019 we have made a good start to 2020, though significant uncertainty may result because of the impact of the coronavirus pandemic. Currently there are no issues with supply chains, or our staffing levels and the majority of samples required for ongoing projects have already been received in Frankfurt," Pike added.
Shares in Proteome Sciences were down 5.2% at 4.06 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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