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(Alliance News) - Proteome Sciences PLC on Monday said it has experienced strong growth in both its services and TMT business, with a strong forward order book secured.
Proteome shares were up 23% at 4.60 pence per share on Monday morning in London.
The London-based drug development services provider said revenue is estimated to have increased by 53% to GBP7.8 million in 2022 from GBP5.1 million in 2021.
The company said revenue from services was about GBP2.7 million, up 42% from GBP1.9 million, while sales and royalties from its TMT and TMT pro reagents are estimated to be up 56% to GBP5.0 million from GBP3.2 million, including a sales milestone payment of GBP870,000 from Proteome's licence with Thermo Fisher Scientific Inc.
TMT refers to tandem mass tag, a type of reagent used to monitor proteins and peptides.
Proteome said it expects operating costs to rise to GBP5.9 million in 2022 from GBP4.7 million the year before, due to investment in staffing, equipment and price increases.
Earnings before interest, tax, depreciation and amortisation is estimated to be about GBP2.0 million, multiplying from GBP600,000.
Proteome added that it expects further growth in 2023, with more than GBP1.1 million in purchase orders having been carried forward into the new year.
Chief Executive Officer Mariola Soehngen said: "As the provisional 2022 results show, both our services business and TMT/TMTpro revenues are growing year on year, supporting our strategy to grow and expand the business.
"The improved cash position at the end of 2022 provides a good starting point for the new year and when combined with the investment we have made and a significant order book being carried forward, our business is strongly positioned for 2023."
By Harvey Dorset, Alliance News reporter
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