By Benjamin Chiou
Date: Friday 01 Dec 2023
LONDON (ShareCast) - (Sharecast News) - Proteome Sciences, the AIM-listed protein sequencing contract research organisation, has warned it will swing to a net loss this year with full-year sales lower than expected.
The company said it expects 2023 revenues to be lower than the £7.8m generated last year as a result of delays to projects, many of which have been postponed to 2024.
"The healthcare industry has faced a very challenging market environment this year, especially in the second half of the year," the company said in a statement.
"In addition to other topical macro-economic headwinds, the company has seen that the biopharma clients have been restrictive on R&D outsourcing expenditure through contract research organisations."
Reduced revenues and costs associated with opening its US laboratory - which should be operational in the coming weeks - means the company will post a net loss for the full year. In 2022, it made a gross profit of £4.8m and earnings before interest, tax, depreciation and amortisation of £2.2m.
The share price was volatile after the announcement, initially slumping to a low of 4.73p, from yesterday's close of 5.26p, before rising 1.7% to 5.35p in afternoon trade.
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Currency | UK Pounds |
Share Price | 3.90p |
Change Today | -0.100p |
% Change | -2.50 % |
52 Week High | 8.50 |
52 Week Low | 2.97 |
Volume | 26,387 |
Shares Issued | 295.18m |
Market Cap | £11.51m |
RiskGrade | 353 |
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No dividends found |
Time | Volume / Share Price |
15:51 | 23,305 @ 4.25p |
14:53 | 82 @ 3.44p |
13:30 | 3,000 @ 4.25p |
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