Proteome Sciences PLC on Thursday said it swung to an interim profit in the first half of 2022 on the strength of its TMT reagents.

TMT reagents, also known as tandem mass tag reagents, are designed to enable identification and quantitation of proteins in different samples.

The drug development services provider swung to a pretax profit of £75,000 in the six months ended June 30 from a loss of £408,000 the previous year.

Revenue surged 65% to £3.2 million from £2 million the previous year. Chief Executive Mariola Soehngen said revenue from its TMT and TMTpro reagents remain the company’s ‘most significant’ source of income and were ‘close to double’ the same period last year.

‘Whilst we expect the rate of growth to slow marginally in the second half, we expect a substantial improvement for the full year,’ he continued.

Looking forward, Proteome said its revenue prospects for the second half look strong as it continues to have a healthy order book and a pipeline of projects to deliver by the end of the year.

In particular, it expects strong sales of TMTpro 18plex reagents in the coming months.

Shares in Proteome Sciences were up 10% at 4.27 pence on Thursday in London.

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