Proteome Sciences surges after forecasting more-than-double FY22 profit
20/02/2023 09:05
** Shares of Proteome Sciences PRM.L , specialist provider
of contract proteomics services, up 28% at 4.8p - among top pct
gainers across London stocks
** PRM expects full-year core profit for the fiscal year
ended Dec 2022 to more than double, aided by strong growth in
its services business and TMT revenue, despite macroeconomic
challenges in its international business
** PRM's human scanning products are called tandem mass tags
(TMT)
** Sees core profit of about 2 mln pounds ($2.41 million) vs
600,000 pounds it saw a year ago
** Expects revenue to increase 53% to about 7.8 mln pounds
** Services revenue is expected to increase 42% to about 2.7
mln pounds, while sales, royalties and milestones attributable
to TMT and TMT pro reagents to rise by 56% to about 5 mln pounds
** Operating costs to increase about 25% in 2022 due to
increased investment in staffing, equipment and general price
increases
** Stock up ~31% YTD
($1 = 0.8298 pounds)
(Reporting by Radhika Anilkumar in Bengaluru)
((Radhika.Anilkumar@thomsonreuters.com))