TIDMPRM
RNS Number : 8812G
Proteome Sciences PLC
29 July 2021
29 July 2021
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
Proteome Sciences plc
("Proteome Sciences" or the "Company")
Interim results for the six months ended 30 June 2021
Proteome Sciences announces its unaudited interim results for
the six months ended 30 June 2021.
Financial highlights:
-- Proteomics services revenues GBP 0. 68m (H1 2020: GBP0.60m)
-- TMT(R) reagent sales and royalties GBP1.29m (H1 2020: GBP1.27m)
-- Total revenues GBP1.97m (H1 2020: GBP1.90m)
-- Gross profit GBP1.16m (H1 2020: GBP1.07m)
-- Costs GBP2.23m (H1 2020: GBP2.22m)
-- Loss before tax GBP 0. 41m (H1 2020: GBP0.48m)
Commenting on these results, Dr. Mariola Soehngen, Chief
Executive Officer of Proteome Sciences, said:
"We are pleased to report the financial results for H1 2021.
Having started the year with a strong order book we continued to
generate both new and repeat customers during the first 6 months.
As expected, the COVID-19 pandemic still affected many industries
including ours in H1 2021 where a number of orders were not fully
completed and reflected in revenue. With the good progress of
international vaccination rates there is the prospect that the
situation will further improve in H2 2021. We expect to show
meaningful continued growth for the full year 2021 compared to 2020
both regarding our service business and TMT(R) revenues. We are
particularly grateful to our employees who continued to keep the
company fully operational despite these challenging times and under
stringent home office regulations in Germany.
As in 2020, our service business started the year with a strong
order book and large bank of samples, allowing us to be at near
full capacity at the start of the year. We report another strong
first half with revenues up 13% over the same period in 2020,
building on the growth posted in previous years and 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 strong continued growth over
2020.
Despite continued cancellation of all physical conferences and
trade shows, we have continued to have an intensive programme of
customer engagement and the number of quotes and orders for new
business is running at over double the value of the same period in
2020.
The relatively flat level of TMT(R) revenues in the first half
year in comparison to the previous period can be attributed to high
restocking of our customers before the 2020 year-end, as well as
some smaller COVID-related delays in academic research laboratories
opening up and short-term supply-chain difficulties for general
laboratory consumables delaying some research programmes. This was
exacerbated by the strengthening value of sterling during the first
six months. On a Euro basis excluding adverse GBP/Euro currency
movements TMT(R) revenues show a positive increase of 8% for the
first half of 2021 in comparison to the HI 2020. We expect full
year TMT(R) revenues to show reasonable growth over last year as
research activities pick up and supply chains return to
normal."
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 Addlestone, UK, with
laboratory facilities in Frankfurt, Germany.
Chief Executive Officer's Report
As previously outlined in our full year 2020 report we saw our
business performance still influenced by the COVID-19 situation in
the first half of 2021. The international vaccination processes
were slower than expected and infection rates remained high for the
majority of 2021 so far, with all its consequences like strict home
office regulations, more down times in customer laboratories,
delayed and reduced projects etc. Lifting COVID-19 restrictions
might contribute to further infection waves with unclear impact on
our business. As we have already undertaken substantial preparatory
work for projects which will conclude and recognised as revenues
within the second half of 2021, our expectations of exceeding the
full year 2020 results remain strong. The same is true for our TMT
(R) business where our customers should return to normal activity
and business levels. We are preparing for this situation with an
internal build-up of capacity (staff and additional mass
spectrometry based instrumentation).
Services
Recognised revenues from the proteomics services business
increased 13% in the first half to GBP0.68m (2020: GBP0.60m)
reflecting the strong order book and banked samples we had from
2020. We completed 19 projects during the period with another 17
initiated and running into H2. As a short to medium term indicator
of future business, 61 quotes and pricing requests were issued
compared with 40 during the equivalent period last year. In the H1
2021, we booked new orders worth over GBP1.06m, representing a 38%
increase over H1 2020 (GBP0.77m) with a split between US (63%) and
EU (37%) customers. We also maintained a strong level of repeat
orders from existing customers, which accounted for 75% of the
total by value, as we become established as preferred
suppliers.
Overall, these metrics show the benefits of our focus on
improving our sales cycle to speed up project execution and revenue
generation. To this end, and to ensure 2021 services show year on
year sales growth, we are expanding both laboratory personnel
headcount and mass spectrometry capacity in our laboratories in
Frankfurt,
Germany. We expect both staff and equipment to be in place by mid H2.
We continue to be hampered by the shut-down of global travel,
making it impossible to have face to face meetings with our clients
and prospects. We continue to use a mixture of videoconferencing
and presentations at virtual trade shows to broaden further our
outreach and customer base. Whilst this still works, we hope that a
relaxation of travel restrictions in the second half of 2021 to
both European and US territories will enable a return to both
physical client/prospect related meetings and
exhibitions/conferences. Until that time we will continue with the
more virtual formats we have been using for the past 16 months.
TMT (R)
TMT(R) revenue of GBP1. 29m was comparable to the same period
last year (H1 2020 : GBP1. 27m ), reflecting the effect of strong
restocking of our customers before year end 2020 and consequently
was already considered in 2020 revenues. We are encouraged that the
first half sales are broadly consistent with the same period last
year despite the COVID-19 pandemic and will further pick up in the
second half with the COVID-19 situation further improving and
business normalising .
We have completed synthesis of the final two TMTpro(TM) tags,
taking the set to 18plex. We have launched extended services using
the new 18plex reagents with a positive response from our customers
who can now analyse 100 samples in only 6 experiments. We expect
the introduction of the full 18plex set by Thermo Fisher Scientific
will drive further revenue growth in the second half of the
year.
As more CROs enter the proteomics space, we have joined with our
exclusive licensee, Thermo Fisher Scientific, to provide a simple
licensing process to allow the commercial use of TMT(R) and
TMTpro(TM) in commercial research. We expect new licensees to be
signed during the second half of this year and on an ongoing basis
thereafter, with all licenses generating upfront and royalty
revenues.
.
Outlook
Our outlook for H2 2021 remains positive. After the
restructuring of the company in recent years which was necessary to
focus our business, we have now generated a sound basis for the
further growth. We have identified promising growth areas and will
use these to build additional revenue streams through new services
and products. To support this, we are carefully increasing our
capacity (staff and machines) to meet the increased customer
need.
Our previously announced internal strategic evaluation continues
to make good progress and we will update the market once it has
been finalised.
Proteomics continues to be an attractive investment area,
particularly in the US, and the industry is projected to grow with
a CAGR of 14% (projection up to 2024, source: Markets and
Markets).
Our TMT(R) based biomarker services support our customers to
develop very targeted therapies for patients.
We are now exploring initiatives with potential to increase
value and leverage our position as a global leader in a
high-profile sector, with a focus on the US market.
Dr. Mariola Soehngen
Chief Executive Officer
28 July 2021
Finance Director's Report
Revenues in the first half of 2021 were 4% higher at GBP1.97m
compared to the equivalent period in 2020 (GBP1. 90m ), with stable
TMT(R) and TMTpro(TM) sales accompanied by a strong increase of
proteomic service sales by 13 %. To support our service revenue
figures in the second half of 2021, we will increase our capacity
with additional laboratory personnel. Growth in the H1 of 2021
continued to suffer from our ability to attend trade fairs and
conferences due to the COVID-19 related restrictions.
Costs of sales and administrative expenses increased by 1 % to
GBP2.2 3m (GBP2. 22m ) in line with revenue growth. This was due to
an increase in payroll costs as vacant positions were filled. This
was offset by lower consultancy, patent and travel costs as
budgeted and in comparison to previous years. The costs benefitted
from a slight increase in stock value, due to the production of
TMT(R) and TMTpro(TM) in combination with unchanged TMT (R) sales.
Financing costs for the first half decreased to GBP0. 14m in
comparison with GBP0. 17m in the previous year due to lower
interest rates .
The loss before taxation of GBP0. 41m is slightly below that for
the first half of 2020 (GBP0. 48m ). As at 30 June 2021 the Group
had cash resources of GBP 2.14m (30 June 2020: GBP1.45m ), which is
similar to cash resources at the end of 2020 (GBP 2.21m) .
Stefan Fuhrmann
Finance Director
28 July 2021
Consolidated income statement
For the six months ended 30 June 2021
Six months Six months
ended ended
30 June 30 June
2021 2020
(unaudited) (unaudited)
Note GBP'000 GBP'000
Continuing operations
Revenue
Licences, sales & services 1,960 1,872
Grant services 9 27
-------- --------
Revenue- Total 1,969 1,899
Cost of sales (811) (833)
-------- --------
Gross profit 1,158 1,066
Administrative expenses (1,422) (1,382)
Operating loss (264) (316)
Finance costs (144) (168)
-------- --------
Loss before taxation (408) (484)
Tax (17) (30)
-------- --------
Loss for the period (425) (514)
-------- --------
Loss per share
Basic and diluted 2 (0.14p) (0.17p)
-------- --------
Consolidated statement of comprehensive income
For the six months ended 30 June 2021
Six months Six months
ended ended
30 June 30 June
2021 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Loss for the period (425) (514)
-------- --------
Other comprehensive income for the period
Exchange differences on translation of foreign
operations 15 42
-------- --------
Total comprehensive expense for the period (410) (472)
======== ========
Consolidated balance sheet
As at 30 June 2021
30 June 31 December
2021 2020
(unaudited) (audited)
GBP'000 GBP'000
Non-current assets
Goodwill 4,218 4,218
Property, plant and
equipment 53 58
Right-of-use asset 392 484
4,663 4,760
------------- ------------
Current assets
Inventories 908 878
Trade and other receivables 683 788
Contract assets 296 457
Cash and cash equivalents 2,144 2,210
------------- ------------
4,031 4,333
------------- ------------
Total assets 8,694 9,093
------------- ------------
Current liabilities
Trade and other payables (668) (768)
Contract liabilities (141) (153)
Borrowings (10,684) (10,547)
Lease Liabilities (408) (491)
(11,901) (11,959)
------------- ------------
Net current liabilities (7,870) (7,626)
------------- ------------
Non-current liabilities
Pension Provisions (487) (492)
------------- ------------
(487) (492)
------------- ------------
Total liabilities (12,388) (12,451)
------------- ------------
Net liabilities (3,694) (3,358)
------------- ------------
Equity
Share capital 2,952 2,952
Share premium account 51,466 51,466
Share-based payment
reserve 3,698 3,623
Merger reserve 10,755 10,755
Translation reserve (76) (91)
Retained loss (72,489) (72,063)
------------- ------------
Total shareholders
deficit (3,694) (3,358)
============= ============
Consolidated cash flow statement
For the six months to 30 June 2021
Six months Six months
ended ended
30 June 30 June
2021 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Loss before tax (408) (484)
Adjustments for:
Net finance costs 144 168
Depreciation of property, plant and equipment
and right of use assets 78 82
Share-based payment expense 75 5
----------------------------------------------- -------- --------
Operating cash outflows before movements
in working capital (111) (229)
Increase in inventories (31) (86)
Decrease in receivables 266 1,016
Decrease in payables (120) (36)
(Decrease)/increase in provisions (5) 46
----------------------------------------------- -------- --------
Cash generated from / (used in) operations (1) 711
Tax (paid (17) (30)
----------------------------------------------- -------- --------
Net cash (outflow) / inflow /from operating
activities (18) 681
----------------------------------------------- -------- --------
Cash flows from investing activities
Purchases of property, plant and equipment (8) (6)
Net cash outflow from investing activities (8) (6)
----------------------------------------------- -------- --------
Financing activities
Lease payments (83) (60)
----------------------------------------------- -------- --------
Net cash outflow from financing activities (83) (60)
----------------------------------------------- -------- --------
Net (decrease) / increase / in cash and
cash equivalents (109) 615
Cash and cash equivalents at beginning
of period 2,210 799
Effect of foreign exchange rate changes 43 37
----------------------------------------------- -------- --------
Cash and cash equivalents at end of period 2,144 1,451
----------------------------------------------- -------- --------
Notes
For the six months to 30 June 2021
1 Basis of preparation and accounting policies
These interim consolidated financial statements have been
prepared using accounting policies based on 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 2020 Annual Report. The financial information for the half
years ended 30 June 2021 and 30 June 2020 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 International Accounting
Standards and Interpretations in conformity with the requirements
of the Companies Act 2006. The comparative financial information
for the year ended 31 December 2020 included within this report
does not constitute the full statutory Annual Report for that
period. The statutory Annual Report and Financial Statements for
2020 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 2020 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 2020 annual financial statements.
There have been no new standards adopted since the presentation
of the financial statements 2020.
The Board of Directors approved this interim report on 28 July
2021.
2. Loss per share from continuing operations
Six months Six months
ended ended
30 June 30 June
2021 2020
(unaudited) (unaudited)
Loss per share
Loss for the purpose of basic
loss per share being net loss
attributable to equity holders
of the parent (GBP'000) (431) (514)
-------------- ------------------
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 295,182,056 295,182,056
============== ==================
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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