Proteome Sciences results disappoint markets

The price of shares in AIM-listed biological services firm Proteome Sciences (LON:PRM) dropped by 22.49% to 3.64p (as of 14:30 BST) after pre-tax losses for the half year ended 30th June widened by 18%. Total revenues were up by 9% as increased services revenues outweighed declines in royalties and reagent sales.

Interim CEO Dr. Ian Pike commented: “We reported our first post-tax profit last year and saw this as the basis for further growth towards sustainable profitability. The first six months of 2020 have been extraordinary as the world confronts the ongoing COVID-19 pandemic and I am profoundly grateful to our dedicated staff and extended customer base for their unstinting support during these challenging times. Challenges during the period around laboratory access due to the COVID-19 lockdown had some negative impact on TMT revenues, which declined marginally compared to the strong performance in H1 2019 prior to the launch of TMTpro™. However, we expect sales to show good growth in the second half and for the full year“.