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(Alliance News) - Proteome Sciences PLC said Tuesday revenue for 2019 grew on higher sales, leading to expectations of a narrowed loss for the year.
Revenue increased by 24% to GBP3.8 million from GBP3.0 million in 2018, driven by higher sales in the Tandem Mass Tag labelling products, as well as the launch of TMTpro in June.
Proteome said it achieved a record number of Biomarker Services projects, with revenue from the segment rising by 24%,and purchase orders worth GBP700,000 carried over into the first quarter of 2020.
As a result of higher revenue and operating costs dropping by 7% to GBP4.1 million from GBP4.4 million, the company expects its post-tax loss to narrow to GBP500,000 from GBP1.3 million the prior year.
"The company has made substantial progress in 2019 with record numbers of service projects, the launch of 16plex TMTpro and an order book value in excess of GBP700,000 at the start of 2020. We were also able to contain our costs through further restructuring and, in combination with the significant growth in TMT and TMTpro sales combined with improvement in the proteomics services, enabled a further significant reduction in the operating loss," said Interim Chief Executive Ian Pike.
Shares in Proteome Sciences - which is based in London - were up 9.9% at 3.68 pence on Tuesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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