11th Feb 2020 10:07
(Alliance News) - Proteome Sciences PLC on Tuesday said it expects an increase in its earnings for 2019 due to stronger-than-expected sales of TMT and TMTpro in its fourth quarter.
The company provides proteomics services, which enable drug development and identification of biomarkers. It said that as a result of an increase in sales in the three months to December, it will be paid a cumulative sales milestone payment of around GBP750,000 by Thermo Fisher Scientific Inc.
The payment will be received in the first quarter of 2020 but will be recognised as part of revenue for 2019, thereby raising the expected 2019 revenue to around GBP4.7 million, up from GBP3.0 million recorded for 2018. After-tax profit is expected to be around GBP200,000, swinging from a loss of GBP1.3 million.
Previous guidance issued by Proteome in January projected revenue of GBP3.8 million and a post-tax loss of GBP500,000.
The stock was trading 1.5% higher at 3.50 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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