Proteome Sciences trades in line as it consolidates lab facilities

Proteome Sciences provided a trading update for the 12 months to 31 December on Thursday, saying that after a strong first half, progress continued throughout the rest of the year with results in line with expectations.

The AIM-traded firm said buoyed by robust sales of its TMT reagents and the associated royalties, unaudited revenues during the full year increased by 46% to approximately £2.74m, from £1.88m in 2015.

Costs and margins were as expected, and the company recorded a loss after tax of approximately £2.30m compared with £2.72m in 2015.

The board siad it witnessed major moves in foreign exchange since the Brexit vote last June which increased its foreign-denominated revenues as well as the costs associated with its Frankfurt facility, although the net effect on EBITDA was neutral.

“While we are satisfied with progress over the last year, there is much yet to do if we want to realise the full value of our proteomic technologies,” said chief executive Jeremy Haigh.

“The company is in a transition phase as we expand our proteomics services and our customer base to secure larger and more durable contracts.”

Haigh said the decision to consolidate its laboratory facilities in Frankfurt was not easy given its UK heritage, but the board firmly believed it to be in the best interests for the company and its shareholders.

“We look forward to healthy progress during the first half of 2017, to the arrival of our new chief commercial officer, and to providing further updates through the course of the year.”