2nd Apr 2019 11:20
LONDON (Alliance News) - Proteome Sciences PLC on Tuesday reported a narrowed annual loss, lagging behind the company's expectations.
Proteome Sciences shares were trading down 18% at 2.65 pence each.
For 2018, the protein biomarker research company posted a pretax loss of GBP1.7 million compared to a loss of GBP2.1 million a year prior. This, however, was behind the company's expectations of a GBP1.4 million pretax loss, according to guidance issued in January.
The reduction in loss was due to a fall in annual costs, with administrative expenses dropping to GBP3.2 million from GBP4.0 million.
Revenue lowered to GBP3.0 million from GBP3.4 million, in line with previous expectations. This was due to lower-than-expected first-half growth in Proteomics services unit. TMT product sales recorded growth in the period to GBP2.1 million from GBP1.9 million.
Looking ahead, Chief Executive Officer Jeremy Haigh said: "After the efforts made last year, I am pleased to report that 2019 has started positively with an improving services business and continuing growth from TMT.
"We look forward to translating such progress into shareholder value, and to providing further updates, during the year."
The company will hold its annual general meeting on April 30.
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