Great RNS - PROFIT and milestone payment11 Feb 2020 08:16
Further Year End Trading Update
Milestone Payment for TMT®/TMTpro™ Sales
The Company is pleased to provide a further trading update for the financial year ended 31 December 2019.
The Company announces that stronger than expected sales of TMT® and TMTpro™ in the fourth quarter of 2019 have been achieved and as a result, pursuant to the exclusive licence and distributor agreement with Thermo Scientific, a cumulative sales milestone payment of approximately £0.75m was triggered in December. This payment is expected to be received by Proteome in the first quarter of 2020, further strengthening the Company's cash position, and will be recognised in the 2019 financial year.
Group unaudited revenues for the full 2019 year are now expected to be approximately £4.7m (2018: £3.0m) representing a year on year growth of 57%. The updated TMT® sales and royalties accounted for approximately £3.7m (2018: £2.2m) of this total, reflecting a 68% year on year growth including the milestone payment of approximately £0.75m and 34% growth of the underlying sales.
As a result, the Company anticipates a profit after tax of approximately £0.2m (2018: loss of £1.3m).
All other figures remain as reported in the Trading Update dated 21 January 2020.
The Directors look forward to updating shareholders further on the Company's performance, and on the outlook for 2020, at the time of the announcement of the audited full year results.