Business
Trading Update & Notice of Results
Trading Update & Notice of Results.
About this update from Proteome Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 3837W Proteome Sciences PLC 09 February 2017 \n\n \n \nProteome Sciences plc\n(the \"Company\" or the \"Group\")\n \nTrading Update and Notice of Results\nTrading Update\nThe Company is pleased to provide a trading update for the 12 months ending 31 December 2016. \nAfter a strong first half, progress continued throughout the rest of the year with results in line with expectations. Buoyed by robust sales of our TMT® reagents and the associated royalties, unaudited revenues during the full year increased by 46% to approximately £2.74m (2015: £1.88m). Costs and margins were as expected and the Company recorded a loss after tax of approximately £2.30m compared with £2.72m in 2015.\nWe have witnessed major moves in foreign exchange since the Brexit vote last June which increased our foreign denominated revenues as well as the costs associated with our Frankfurt facility. The net effect on EBITDA was neutral.\nConsolidation of Laboratory facilities\nFollowing the successful £3.3m placing last October the Company has put itself on a stronger financial footing, as we expand our commercial proteomics services and continue to identify efficiencies in resource allocation. In support of this we will be consolidating all our laboratory capabilities at our existing facility in Frankfurt during the first half of 2017. Managing a single, fully functional laboratory operating to GCLP standards will enable much better utilisation of our resources and avoid the cost and disruption associated with establishing a new laboratory in the UK. We are, of course, extremely grateful to our staff at Kings College in London for their work on behalf of the Company over many years and offer them our very best wishes.\nIn addition, it is our intention to move the Company headquarters from Cobham to a serviced office in the centre of London and we hope to have completed this relocation by the end of June. The full reorganisation of our UK facilities should result in material cost savings from 2018 onwards.\nChief Commercial Officer Appointment\nGiven the critical importance of commercialising our proteomic services to the future success of Proteome Sciences, we are also delighted to announce the appointment of Richard Dennis as the Company's first Chief Commercial Officer. With a ve...