TIDMPRM
RNS Number : 8551U
Proteome Sciences PLC
04 August 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
4 August 2022
Proteome Sciences plc
("Proteome Sciences" or the "Company")
Interim results for the six months ended 30 June 2022
Proteome Sciences announces its unaudited interim results for
the six months ended 30 June 2022.
Financial highlights:
-- Proteomics services revenues GBP0.85m (H1 2021: GBP0.68m)
-- TMT(R) reagent sales and royalties GBP2.39m (H1 2021: GBP1.29m)
-- Total revenues GBP3.24m (H1 2021: GBP1.97m)
-- Gross profit GBP1.80m (H1 2021: GBP1.16m)
-- Costs GBP2.98m (H1 2021: GBP2.23m)
-- Profit before tax GBP0.07m (H1 2021: loss before tax of GBP0.41m)
-- Adjusted EBITDA** GBP0.64m (H1 2021: loss of GBP0.11m)
Commenting on these results, Dr. Mariola Soehngen, Chief
Executive Officer of Proteome Sciences, said:
"We have seen further positive momentum in sales of our services
and TMT(R) reagents during the first half of 2022 as we continue to
implement our strategy of organic growth.
TMT(R) sales were GBP1.45m in H1 2022 vs GBP0.67m in H1 2021, an
increase of 116%. Royalties increased from GBP0.61m to GBP0.94m
(54%).
Our revenues from TMT(R) and TMTpro(TM) reagents remain the most
significant source of income and are close to double the same
period last year as the research world globally starts to re-engage
fully after the COVID pandemic. Whilst we expect the rate of growth
to slow marginally in the second half, we expect a substantial
improvement for the full year.
The market response to TMTpro(TM) 18plex reagents has been very
positive as new automation platforms enabling higher throughput
labelling have been introduced to the market. We still see
challenges from label-free methods and continue to look to further
extend the value of TMT(TM) reagents across newly emerging sectors
such as single cell and low content proteomics, as well as
leveraging our chemical expertise in the tagging space to other
opportunities.
Our service business started 2022 with a strong order book and
large bank of samples, allowing us to be at near full capacity
since the start of the year. We report another strong first half
with revenues up 25% over the same period in 2021, building on the
growth posted in previous years. Revenue from key longer term
projects begun in H1 will be recognised in the second half of the
year. We have seen a continued high volume of client orders through
this period and remain confident that full year service revenue
will show continued growth over 2021.
During this period we have also been working on the introduction
of Single Cell Proteomics (SCP) as a new service, which will be
known as SysQuant(R) SCP, and evaluating new classes of reagents
for mass spectrometry. To this end we have added the cellenONE
platform in July 2022 which enables us to scale up the SysQuant(R)
SCP service as we grow the market. Our demonstrated expertise in
TMT (R) reagents and services clearly differentiates us from other
players in the delivery of this complex SysQuant(R) SCP service.
Further investments in our resources i.e. staff and instruments
have been necessary to maintain the high level of operational and
scientific support our customers receive.
Conferences and trade shows have restarted in a new combination
of both physical and virtual attendance. We have an intensive
programme of customer engagement largely centred around these
events. In early Q2 we launched a new corporate image largely based
on our new web site appearance."
**Adjusted EBITDA (a non-GAAP company specific measure which is
considered to be a key performance indicator of the Group's
financial performance).
For further information:
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 (AIM Nominated Adviser & Broker)
John Depasquale / Jeremy Porter (Corporate Tel: +44 (0) 20 3328 5656
Finance)
Tony Quirke (Sales)
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 Cobham, UK, with laboratory
facilities in Frankfurt, Germany.
Chief Executive Officer's Report
Services
Recognised revenues from the proteomics services business
increased 25% in the first half to GBP0.85m (2021: GBP0.68m)
reflecting the strong order book and banked samples we carried
forward from 2021. We invoiced our first project that involved data
generated from the Meso Scale Discovery platform that we acquired
last year.
In H1 2022, we booked new orders worth over GBP1.21m,
representing a 14% increase over H1 2021 (GBP1.06m) with a split
between US (64%) and European (36%) customers. We also maintained a
strong level of repeat orders from existing customers, which
accounted for 45% of the total by value, as we become established
as preferred suppliers.
Revenue prospects for H2 look strong as we continue to have a
healthy order book and pipeline of projects to deliver by the year
end.
As we moved into 2022 global travel has resumed, making it
possible again to have face to face meetings with our clients and
prospects. We continue to use a mixture of videoconferencing and
presentations and attend (both in person and virtually) trade shows
to broaden further our outreach and customer base. We use these
outreach opportunities to maintain contact with our current
customers, establish new accounts and look for new business
opportunities in markets that we plan to enter in the coming
months, for example single cell proteomics.
TMT (R)
Revenues from sales of TMT(R) and TMTpro(TM) reagents and
royalties were GBP2.39m (2021: GBP1.29m) driven by significant
increases in global research and development activities as we begin
to live with COVID. The launch of TMTpro(TM) 18plex reagents and
new formulations through our Licensee Thermo Scientific have been
very well received in the market and we expect strong sales to
continue through the rest of the year, although growth rates are
expected to slow in the fourth quarter. We have ample stocks of all
reagents to meet demand over the next 18 - 24 months and will be
making a new batch of TMTpro(TM) during the second half of this
year, ensuring supplies beyond 36 months.
Historically, many groups have held back from using isobaric
tagging due to perceived challenges of sample preparation. Whilst
these concerns are not well founded, the recent introduction of
automated sample preparation systems from Preomics, Thermo
Scientific and Cellenion are supporting greater uptake of TMT(R)
and particularly TMTpro(TM). We expect this trend will continue as
users start to see the benefits of high precision in biomarker
discovery experiments, compared with label free methods.
The strong response to 18plex TMTpro(TM) has been accompanied
with market demand for even higher plexing rates and we have
initiated research into new tag designs that will potentially
address this demand, in the longer term. Our TMTpro(TM) reagents
are covered by patents in Europe, the USA and other major
territories until the mid-2030's and we remain active alongside our
licensee Thermo Scientific in protecting our markets as we also
look to generate new intellectual property.
Outlook
Revenue for the H2 looks strong as we continue to have a healthy
order book for our services backed up by a pipeline of projects for
delivery in the next period together with the introduction of a new
SysQuant(R) SCP service. We expect strong sales of TMTpro(TM)
18plex reagents in the coming months fuelled by the introduction of
various automation systems with perhaps a reduction in the rate of
growth in Q4 2022 as we continue to develop new reagents for
multiplexed mass spectrometry.
We remain confident that full year revenues from our services
and TMT(R) will continue to show good growth over 2021.
Dr. Mariola Soehngen
Chief Executive Officer
4 August 2022
Finance Director's Report
Revenues in the first half of 2022 were 64% higher at GBP3.24m
compared to the equivalent period in 2021 (GBP1.97m), TMT(R) and
TMTpro(TM) sales increased to GBP1.45m (30 June 2021: GBP0.67m).
Proteomics service sales increased to GBP0.85m (30 June 2021:
GBP0.68m). We expect high demand for the service business extending
into the H2 half of 2022.
Costs of sales and administrative expenses increased by 33% to
GBP2.98m (30 June 2021: GBP2.23m). This was as a result of
investment in instruments and increased orders resulting in
additional personnel and material costs. So far very prominent cost
drivers like electricity costs remained largely stable but we
expect price increases in the upcoming 6 months in line with almost
all our material costs. Financing costs for the first half
increased to GBP0.19m in comparison with GBP0.14m in the previous
period due to increases of interest rates by the Bank of
England.
The profit before taxation amounted to GBP0.07m (30 June 2021: a
loss of GBP0.41m), which represents a significant positive increase
by almost GBP0.50m. Similarly EBITDA increased to GBP0.53m (2021:
loss GBP0.18m) and adjusted EBITDA** increased to GBP0.64m (2021:
loss GBP0.11m). This is primarily attributable to increased sales
and royalties of TMT(R) and TMTpro(TM) reagents, which we
anticipate remaining at a high level for the rest of the year. As
at 30 June 2022 the Group had cash resources of GBP3.20m (30 June
2021: GBP2.14m).
Six months Six months
ended ended
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Continuing operations
Revenue 3,243 1,969
Gross Profit 1,802 1,158
Administrative Expenses * (1,535) (1,422)
Operating Profit 267 (264)
------------------------------------ -------- --------
Depreciation 259 78
------------------------------------ -------- --------
EBITDA 526 (186)
------------------------------------ -------- --------
Non-cash item: share based payment
expenses 118 75
Adjusted EBITDA ** 644 (111)
* Administrative expenses include depreciation
**Adjusted EBITDA (a non-GAAP company specific measure which is
considered to be a key performance indicator of the Group's
financial performance).
Stefan Fuhrmann
Finance Director
4 August 2022
Consolidated income statement
For the six months ended 30 June 2022
Six months Six months
ended ended
30 June 30 June
2022 2021
(unaudited) (unaudited)
Note GBP'000 GBP'000
Continuing operations
Revenue
Licences, sales & services 3,243 1,969
Cost of sales (1,441) (811)
------------------------------- -------- --------
Gross profit 1,802 1,158
Administrative expenses (1,535) (1,422)
Operating profit / loss 267 (264)
Finance costs (192) (144)
------------------------------- -------- --------
Profit / loss before taxation 75 (408)
Tax (12) (17)
------------------------------- -------- --------
Profit / loss for the period 63 (425)
------------------------------- -------- --------
Profit / loss per share 2
Basic 0.02p (0.14p)
Diluted 0.02p (0,14p)
------------------------------- -------- --------
Consolidated statement of comprehensive income
For the six months ended 30 June 2022
Six months Six months
ended ended
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Profit/(loss) for the period 63 (425)
Other comprehensive income for the period
Exchange differences on translation of foreign
operations 50 15
------------------------------------------------- ----- --------
Total comprehensive Income/(expense) for
the period 113 (410)
------------------------------------------------- ----- --------
Consolidated balance sheet
As at 30 June 2022
30 June 31 December
2022 2021
(unaudited) (audited)
GBP'000 GBP'000
Non-current assets
Goodwill 4,218 4,218
Property, plant and
equipment 261 219
Right-of-use asset 834 1,050
----------------------------------- --------------- ------- ------------- -------------
5,313 5,487
----------------------------------- --------------- ------- ------------- -------------
Current assets
Inventories 1,038 1,088
Trade and other receivables 864 604
Contract assets 552 479
Cash and cash equivalents 3,199 2,387
----------------------------------- --------------- ------- ------------- -------------
5,653 4,558
----------------------------------- --------------- ------- ------------- -------------
Total assets 10,966 10,045
----------------------------------- --------------- ------- ------------- -------------
Current liabilities
Trade and other payables (626) (599)
Contract liabilities (676) (35)
Borrowings (10,997) (10,825)
Lease Liabilities (206) (260)
----------------------------------- --------------- ------- ------------- -------------
(12,505) (11,719)
----------------------------------- --------------- ------- ------------- -------------
Net current liabilities (6,852) (7,161)
----------------------------------- --------------- ------- ------------- -------------
Non-current liabilities
Lease liabilities (479) (602)
Pension Provisions (526) (499)
----------------------------------- --------------- ------- ------------- -------------
Total non-current
liabilities (1,005) (1,101)
----------------------------------- --------------- ------- ------------- -------------
Total liabilities (13,510) (12,820)
----------------------------------- --------------- ------- ------------- -------------
Net liabilities (2,544) (2,775)
----------------------------------- --------------- ------- ------------- -------------
Equity
Share capital 2,952 2,952
Share premium account 51,466 51,466
Share-based payment
reserve 4,311 4,193
Merger reserve 10,755 10,755
Translation and others
reserve (78) (128)
Retained loss (71,950) (72,013)
----------------------------------- --------------- ------- ------------- -------------
Total shareholders
deficit (2,544) (2,775)
----------------------------------- --------------- ------- ------------- -------------
Consolidated cash flow statement
For the six months to 30 June 2022
Six months Six months
ended ended
30 June 30 June
2022 2021
(unaudited) (unaudited)
GBP'000 GBP'000
Profit after tax 63 (425)
Adjustments for:
Net finance costs 192 144
Depreciation of property, plant and equipment 259 78
and right of use assets
Tax charge /(credit) 12 17
Share-based payment expense 118 75
----------------------------------------------- -------- --------
Operating cash outflows before movements
in working capital 644 (111)
Decrease/(increase) in inventories 50 (31)
(Increase)/decrease in receivables (333) 266
Increase/(decrease in payables 668 (120)
(Decrease)/increase in provisions 27 (5)
----------------------------------------------- -------- --------
Cash generated from / (used in) operations 1,056 (1)
Tax paid (12) (17)
----------------------------------------------- -------- --------
Net cash Inflow/(outflow from operating
activities 1,044 (18)
----------------------------------------------- -------- --------
Cash flows from investing activities
Purchases of property, plant and equipment (84) (8)
Net cash outflow from investing activities (84) (8)
----------------------------------------------- -------- --------
Financing activities
Lease payments (198) (83)
----------------------------------------------- -------- --------
Net cash outflow from financing activities (198) (83)
----------------------------------------------- -------- --------
Net Increase/(decrease) in cash and
cash equivalents 762 (109)
Cash and cash equivalents at beginning
of period 2,387 2,210
Effect of foreign exchange rate changes 50 43
----------------------------------------------- -------- --------
Cash and cash equivalents at end of
period 3,199 2,144
----------------------------------------------- -------- --------
Notes
For the six months to 30 June 2022
1 Basis of preparation and accounting policies
These interim consolidated financial statements have been
prepared using accounting policies based on UK adopted
International Accounting Standards and Interpretations in
conformity with the requirements of the Companies Act 2006. They do
not include all disclosures that would otherwise be required in a
complete set of financial statements and should be read in
conjunction with the 31 December 2021 Annual Report. The financial
information for the half years ended 30 June 2022 and 30 June 2021
does not constitute statutory accounts within the meaning of
Section 434 (3) of the Companies Act 2006 and both periods are
unaudited.
The annual financial statements of Proteome Sciences plc ('the
Group') are prepared in accordance with UK adopted International
Accounting Standards and Interpretations in conformity with the
requirements of the Companies Act 2006. The comparative financial
information included within this report does not constitute the
full statutory Annual Report for that period. The statutory Annual
Report and Financial Statements for 2021 have been filed with the
Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Financial Statements for the year ended 31
December 2021 was unqualified.
The directors have concluded that the Group has adequate
resources to continue operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the half-yearly consolidated financial statements.
Proteome Sciences plc has applied the same accounting policies
and methods of computation in its interim consolidated financial
statements as in its 2021 annual financial statements.
There have been no new standards adopted since the presentation
of the financial statements for 2021.
The Board of Directors approved this interim report on 4 August
2022.
2. Profit/(loss) per share from continuing operations
Six months Six months
ended ended
30 June 30 June
2022 2021
(unaudited) (unaudited)
Profit/(loss) per share
Profit/loss for the purpose
of basic profit/loss per share
being net profit/loss attributable
to equity holders of the parent
(GBP'000) 63 (425)
------------------------------------------- ------------ --- --- ------------
Number of shares
Weighted average number of
ordinary shares for the purpose
of basic loss per share 295,182,056 295,182,056
-------------------------------------------- ------------ --- ----------------
Weighted average number of
ordinary shares for the purpose
of diluted loss per share 306,020,097 295,182,056
-------------------------------------------- ------------ --- ----------------
3. Cautionary statement
This document contains certain forward-looking statements
relating to Proteome Sciences plc ('the Group'). The Group
considers any statements that are not historical facts as
"forward-looking statements". They relate to events and trends that
are subject to risk and uncertainty that may cause actual results
and the financial performance of the Group to differ materially
from those contained in any forward-looking statement. These
statements are made by the directors in good faith based on
information available to them and such statements should be treated
with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such
forward-looking information.
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