Proteome Sciences revenue, earnings dip in firist half

Proteome Sciences released its unaudited financial results for the first six months of the year on Friday, reporting an increase in its proteomics services revenues to £1.01m, from £0.85m a year earlier.

The AIM-traded firm said its TMT reagent sales and royalties saw a slight decline, however, to £2.2m for the six months ended 30 June, from £2.39m in the first half of 2022.

Proteome said total revenues for the period reached £3.21m, a marginal decrease from the £3.24m in the same period in 2022.

Gross profit also showed a slight dip, to £1.77m from £1.8m year-on-year.

While the company saw growth in revenues from its proteomics services, the total cost of sale and administrative costs rose substantially.

Those costs increased to £3.37m in the first half, from £2.98m during the same period the prior year.

Additionally, adjusted EBITDA decreased to £0.27m from £0.64m.

“Our revenues from TMT and TMTpro reagents continue to be the most significant source of income,” said chief executive officer Dr Mariola Soehngen.

“Our service business started 2023 with a strong order book and large bank of samples - we report another strong first half with service revenues up 19% over the same period in 2022, despite the macroeconomic challenges which have hit the markets in general and our industry.

“We remain confident to deliver further growth in the second half of the year in our service business.”

Dr Soehngen noted that in May, due to its strong cash position, the company repaid in full the outstanding loan and associated interest totalling £0.82m to Vulpes Investment Management.

“We continue to make strategic investments in new equipment, new technology and additional staff - both in Europe and the US subsidiary - and we are confident that these should be well reflected in the future growth of our business.”

At 0814 BST, shares in Proteome Sciences were down 13.24% at 7.38p.

Reporting by Josh White for Sharecast.com.