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1.70 0.00 (0.00%)

Bid:

1.70

Ask:

2.16

Spread: 0.46 (27.059%)

Market Cap: £5.96m

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Proteome Shares Drop On Half-Year Performance Behind Expectations

Tue, 24th Jul 2018 10:45

LONDON (Alliance News) - Shares in Proteome Sciences PLC tumbled on Tuesday as the company reported half-year performance "behind expectations".

Shares were trading down 11% at 2.95 pence each.

The company posted revenue for the six months to the end of June down 3% to GBP1.3 million from GBP1.4 million a year ago.

"Performance during the first six months of 2018 was behind expectations, with recognised revenues from our services business still lagging committed work orders as we continue to build our customer base," Chief Executive Officer Jeremy Haigh said.

Despite the dip in revenue, the company's pretax loss narrowed to GBP1.4 million compared to GBP1.8 million year-on-year, as it reduced its operating loss to GBP1.3 million.

Proteome said it agreed 16 work orders in the period, which is higher than the total amount secured during the whole of last year.

The company added that it expects its performance in the second half of the year to be "stronger".