Proteome Sciences PLC on Monday said it has experienced strong growth in both its services and TMT business, with a strong forward order book secured.

Proteome shares were up 23% at 4.60 pence per share on Monday morning in London.

The London-based drug development services provider said revenue is estimated to have increased by 53% to £7.8 million in 2022 from £5.1 million in 2021.

The company said revenue from services was about £2.7 million, up 42% from £1.9 million, while sales and royalties from its TMT and TMT pro reagents are estimated to be up 56% to £5.0 million from £3.2 million, including a sales milestone payment of £870,000 from Proteome’s licence with Thermo Fisher Scientific Inc.

TMT refers to tandem mass tag, a type of reagent used to monitor proteins and peptides.

Proteome said it expects operating costs to rise to £5.9 million in 2022 from £4.7 million the year before, due to investment in staffing, equipment and price increases.

Earnings before interest, tax, depreciation and amortisation is estimated to be about £2.0 million, multiplying from £600,000.

Proteome added that it expects further growth in 2023, with more than £1.1 million in purchase orders having been carried forward into the new year.

Chief Executive Officer Mariola Soehngen said: ‘As the provisional 2022 results show, both our services business and TMT/TMTpro revenues are growing year on year, supporting our strategy to grow and expand the business.

‘The improved cash position at the end of 2022 provides a good starting point for the new year and when combined with the investment we have made and a significant order book being carried forward, our business is strongly positioned for 2023.’

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