(Alliance News) - Proteome Sciences PLC on Friday said its 2020 profit after tax will be "materially higher" than previously guided because of an increase in royalties.
Shares were up 24% to 4.70 pence in London.
The extra profit is primarily because of higher-than-expected royalty receipts from Thermo Fisher Scientific Inc in the fourth quarter. In January, research services provider Proteome said it expected to report around GBP30,000 profit after tax, down from GBP149,000 in 2019. Revenue was expected to be unchanged at GBP4.6 million.
Proteome recorded a pretax loss in 2019 of GBP36,000 but benefited from a GBP185,000 tax credit that year.
London-based Proteome is due to release its 2020 results on April 1.
By Ivan Edwards; ivanedwards@alliancenews.com
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Proteome (PRM)