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(Alliance News) - Proteome Sciences PLC on Tuesday said revenue was up by half, and profit multiplied in 2022.
The London-based drug development services provider reported revenue for 2022 of GBP7.8 million, up 52% from GBP5.1 million the year prior.
The company noted that revenue from its TMT and TMTpro reagents sector was GBP5.0 million, rising 56% from GBP3.2 million, while it also received a GBP870,000 milestone payment in December, from its distribution agreement with Thermo Fisher Scientific.
Pretax profit was GBP1.3 million, multiplying from GBP118,000 in 2021, while basic earnings per share also multiplied to 0.45 pence per share, from 0.02p each a year ago.
The firm did not declare a dividend for 2022, unchanged from a year ago.
Looking ahead, the company said its strong order book, new projects, high customer interest and its cash position provide a strong starting point for the year.
"Proteome Sciences is well set to achieve a step-change in growth and gives the board increased confidence that the business can grow revenue and [earnings before interest, tax, depreciation and amortisation] (both adjusted for the milestone received in 2022) in 2023," the company said.
Chief Executive Mariola Soehngen said: "We have continued to show strong growth of our revenues, both in service sales and the TMT business, despite the backdrop of negative external factors, mainly the Russia-Ukraine war and its global impact on supply chains, energy prices, inflation rates and economic recessions."
Proteome shares fell 1.1% to 3.56 pence each in London on Tuesday morning.
By Harvey Dorset, Alliance News reporter
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