Proteome Sciences announces its unaudited interim results for the six months ended 30 June 2018.
Financial highlights:
- TMT® reagent sales and royalties increased 9% to £1.05m (2017: £0.96m)
- Total revenues decreased 3% to £1.32m (2017: £1.36m)
- Gross profit decreased 5% to £0.74m (2017: £0.78m)
- Administrative expenses decreased 18% to £2.02m (2017: £2.45m)
- Loss before tax was £1.41m (2017: £1.80m)
Commenting on these results, Jeremy Haigh, Chief Executive Officer of Proteome Sciences, said: “Performance during the first six months of 2018 was behind expectations, with recognised revenues from our services business still lagging committed work orders as we continue to build our customer base; TMT® revenues were ahead of the equivalent period in 2017. Sixteen service orders with a total value of £0.49m were agreed in this period, more than we secured during the whole of 2017. Costs were reduced as anticipated, with significant savings from the Company consolidating its operations partially offset by investment in the development of our new, higher-plex TMT®tags, the intellectual property (IP) for which formed the basis of an important extension to our exclusive License and Distribution Agreement with Thermo Scientific announced in April 2018.
Interest in our services platform is continuing to grow in both Europe and the US, with a record number of commercial projects initiated in the first half. Our challenge remains converting this into sustained revenues, a process which inevitably takes time. We are, therefore, pleased that Vulpes Investment Management has shown the confidence in our service proposition to provide a loan facility of £1.0m which gives us the additional working capital to enable this growth.
We continue to broaden the range of our proteomic services and are optimistic that these, combined with our commitment to reliability, cost and quality, will allow us to develop our presence in an important and expanding market. As in previous years, we expect a stronger second half with further progress.”
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