TIDMPRM

RNS Number : 5341A

Proteome Sciences PLC

03 February 2022

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.

3 February 2022

Proteome Sciences plc

("Proteome Sciences", the "Company" or "Group")

Year End Trading Update

Proteome Sciences today provides an unaudited trading update for the financial year ended 31 December 2021.

The Company is pleased to report that it has continued to show strong growth in its services business with TMT(R) revenues holding firm, despite the continued impact of the Covid-19 pandemic on international business. The Company expects to report a c7% increase in Group revenues to cGBP5.1m (2020: GBP4.75m) for the full year, with services expected to increase c32% to cGBP1.9m (2020: GBP1.44m) and sales and royalties attributable to TMT(R) and TMTpro(TM) reagents to be cGBP3.2m (2020: GBP3.27m).

The Company anticipates an estimated trading profit of between GBP0.6m and GBP0.8m (2020: GBP0.50m) (excluding interest, currency and share based payments effects) which shows a positive development of the operational business. Investment in staff and facilities in line with our renewed strategy will give rise to a marginal increase in operational costs versus the prior year. Overall, the Company expects an estimated result before tax close to break-even (2020: GBP0.24m profit) and a similar result after tax (2020: GBP0.29m profit after tax) for the year.

Cash reserves at the year-end increased to GBP2.4m (2020: GBP2.21m).

The Board looks forward to providing shareholders with a full update of the Company's performance and outlook for 2022 with the publication of the audited full year results.

Dr. Mariola Soehngen, Chief Executive of Proteome Sciences, commented:

"As the estimated 2021 results show, our services business is growing year on year and supports our renewed strategy to grow and expand this business. We have identified further high need new services to add to our offering and these will be established inhouse and rolled out during 2022. This will enable further internationalisation and expansion of the business into lucrative areas. We carry forward a strong order book into 2022. Bolstered by the continued growth of revenues our business is well set for further growth."

For further information please contact:

 
 Proteome Sciences plc 
 Dr. Mariola Soehngen, Chief Executive      Tel: +44 (0)20 7043 2116 
  Officer 
  Dr. Ian Pike, Chief Scientific Officer 
 Richard Dennis, Chief Commercial Officer 
 
 Allenby Capital Limited (Nominated Adviser & Broker) 
 John Depasquale / Jeremy Porter            Tel: +44 (0) 20 3328 5656

About Proteome Sciences plc. ( www.proteomics.com )

Proteome Sciences plc is a specialist provider of contract proteomics services to enable drug discovery, development and biomarker identification, and employs proprietary workflows for the optimum analysis of tissues, cells and body fluids. SysQuant(R) and TMT(R)MS2 are unbiased methods for identifying and contextualising new targets and defining mechanisms of biological activity, while analysis using Super-Depletion and TMTcalibrator(TM) provides access to over 8,500 circulating plasma proteins for the discovery of disease-related biomarkers. Targeted assay development using mass spectrometry delivers high sensitivity, interference-free biomarker analyses in situations where standard ELISA assays are not available.

The Company has its headquarters in London, UK, with laboratory facilities in Frankfurt, Germany.

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