Proteome Sciences maintains strong order book

Proteome Sciences said in an update on Monday that it had maintained a strong order book after recording a small profit in 2021.

The AIM-traded firm, which was holding its annual general meeting, said its adjusted EBITDA for the year ended 31 December was £1.35m, up from £0.72m year-on-year.

Chairman Christopher Pearce said the company was able to gain a record number of contracts, including a substantial order of more than £1m.

“Also, our TMT revenues remained strong underlining the USP we have in the proteomics field with these reagents,” Pearce said.

“Based on the strategic process we ran in 2021 we decided to add a high value, high demand service to our portfolio -single cell proteomics - and to increase our unique selling point of proprietary tags by developing new, innovative reagents.”

Pearce said the company’s progress over the last three years had created an “excellent platform” for its further development.

“The strong order book, cash position and strategic plan provide a basis to grow all aspects of our business in 2022.

“We started strategic investments in staff and instruments in 2021 and continue to do so in 2022.

“The board has an increased confidence of profits growth in 2022.”

At 1125 BST, shares in Proteome Sciences were down 9.51% at 3.71p.

Reporting by Josh White at Sharecast.com.