Proteome Sciences losses narrow as revenue rises, costs fall
Source - SMW
Proteome Sciences said it expected its annual losses to narrow as revenue rose and costs fell.
Losses before tax would be around £2.1m, compared to £2.9m in 2016, the company said.
Revenue increased by 18%, while costs fell by 5%.
Cash reserves were approximately £0.8m, despite the delayed payment of a material 2016 R&D tax credit, receipt of which was now expected during the first quarter of 2018.
'While progress was slower than we would have wished during 2017, particularly on the services side of the business where early adoption has been challenging, this is not surprising given the scale of change undertaken by the company in the first half of the year,' chief executive Jeremy Haigh said.
'However, with the benefits of a leaner organisation, a new model for commercial engagement now fully deployed in both our principal operating territories and the reassurance of robust and increasing demand for our TMT reagents, we have the platform necessary to realise the full value of our available proteomic technologies.'
'Following fundamental changes to our services business we are encouraged by stronger performance in the fourth quarter of 2017 and the order book moving into 2018.'
At 8:05am: (LON:PRM) Proteome Sciences PLC share price was -0.01p at 3.25p