Year End Trading Update

January 23, 2019

The Company today provides a trading update for the financial year ending 31 December 2018. 

Unaudited revenues for the full year decreased by 11% to approximately £3.0m (2017: £3.4m). TMT® sales and royalties accounted for approximately £2.1m, reflecting a greater than 10% growth in that underlying business, while revenues from proteomics services were below expectations as a result of a weak first half of the year.  Costs of £4.4m were 12% lower than the previous year (2017: £5.0m) reflecting the ongoing impact of consolidation and restructuring performed in 2017/2018.  The Company anticipates a significantly reduced loss after tax of approximately £1.4m (2017: £2.5m) for the year.

Jeremy Haigh, Chief Executive of Proteome Sciences, commented:  “As predicted, the fourth quarter of 2018 was the strongest for our proteomics services business, during which we recognised about 40% of our annual service revenues and generated work orders to the value of £0.25m.

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