24th Apr 2018 12:11
LONDON (Alliance News) - Life sciences firm Proteome Sciences PLC said Tuesday its annual loss narrowed in 2017 on higher revenue and lower costs, as it looks to focus growth on its biomarker services business.
In 2017, pretax loss narrowed to GBP2.1 million from GBP2.9 million the year prior. This was after revenue rose to GBP3.4 million from GBP2.7 million the year before.
Profit performance also benefited from a fall in administrative costs to GBP4.0 million from GBP4.2 million the year prior.
"2017 was a year of significant change inside the company with the successful implementation of numerous strategic initiatives and steady progress towards our financial goals," Proteome Chief Executive Officer Jeremy Haigh said.
In July, Proteome closed its London laboratory and consolidated all its equipment into its existing Frankfurt facility. It also moved its headquarters to the so-called "knowledge quarter" in London - encompassing King's Cross, Euston Road and Bloomsbury - from its original home of Cobham, Surrey.
"With the benefits of a leaner organisation, a new model for commercial engagement deployed in both our principal operating territories, and the reassurance of robust demand for our TMT reagents, we now have the platform necessary to realise the full value of our proteomic capabilities," Haigh added. "We look forward to strong progress during 2018, particularly growth in our biomarker services business, and to providing further updates during the course of the year."
Shares in Proteome were 3.7% higher at 3.90 pence on Tuesday.
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