(Alliance News) - Proteome Sciences PLC on Friday reported higher costs in the first half of 2023 despite revenue remaining virtually flat, causing a swing to a loss.
The London-based protein-focused drug development services provider said pretax loss in the first half of 2023 was GBP547,000, swung from a profit of GBP75,000 a year prior. Revenue remained largely flat at GBP3.2 million.
Administrative expenses increased 26% to GBP1.9 million from GBP1.5 million. Finance costs doubled to GBP384,000 from GBP192,000.
Looking ahead, Chief Executive Officer Mariola Soehngen said: "The board is confident of maintaining the good performance into the second half of the year. Tandem Mass Tags revenues remain strong and we have good dynamic in the order generation of our service business. The launch of SysQuant SCP and the setting up of our US lab are important investments and we expect these to provide a good basis for further growth of the business."
SysQuant SCP provides a comprehensive analysis of protein activity across regulatory and signalling pathways. Tandem Mass Tags or TMT allow tighter control on analytical variability and rapid development of mass spectrometry assays for biomarker validation.
Proteome Sciences shares fell 18% to 7.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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