6th Nov 2018 09:46
LONDON (Alliance News) - Proteome Sciences PLC said Tuesday it expects an operating loss "similar to 2017" in 2018, as the firm's overall performance remains behind plan.
Proteome shares were trading down 8.2% at 3.45 pence each.
In 2017, the drug development company reported an operating loss of GBP1.8 million and a pretax loss of GBP2.1 million on revenue of GBP3.4 million.
Proteome added that its full-year service revenue is "likely be in line with the previous year", reflecting the time taken to execute orders.
However, the company reported "stronger" recognised revenue from services during the third quarter, with "early evidence of a characteristically stronger fourth quarter" suggesting that the value of committed work orders in 2018 should more than double 2017.
Chief Executive Officer Jeremy Haigh said: "The slower than anticipated adoption of our services platform, in terms of annually recognised revenues, is clearly disappointing but we are encouraged by the number and diversity of the new projects we have won, and by the strength of our order book which has the more than doubled this year."
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