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Proteome Sciences posts first-half loss as pandemic disrupts laboratory access

By BFN News | 07:56 AM | Monday 10 August, 2020


Biomarker company Proteome Sciences posted a first-half loss after a rise in revenue was offset by increased expenses. Pre-tax losses for the six months through June amounted to £484k, compared to losses of £410k. Revenue rose 9.1% to £1.90m. Chief executive Ian Pike the Covid-19 crisis had caused challenges during the period around laboratory access, having a negative impact on revenue. The rise in revenue was also matched by a disproportionate increase in costs as the company had to bring forward some re-stocking in light of strong sales in the last quarter of 2019. Pike said the company expected full-year revenues to be similar to last year, with 'improved TMT and TMTpro sales in the second half alongside strong demand for proteomic services in the second half as laboratory access for research and development activities is re-starting in many countries'. 'Whilst there remains a degree of risk that a second wave of Covid-19 may yet require reinstatement of movement restrictions, we are well set to meet these challenges and continue to improve our financial performance through the full year,' he added. Story provided by StockMarketWire.com

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