Proteome Sciences PLC on Tuesday said revenue was up by half, and profit multiplied in 2022.

The London-based drug development services provider reported revenue for 2022 of £7.8 million, up 52% from £5.1 million the year prior.

The company noted that revenue from its TMT and TMTpro reagents sector was £5.0 million, rising 56% from £3.2 million, while it also received a £870,000 milestone payment in December, from its distribution agreement with Thermo Fisher Scientific.

Pretax profit was £1.3 million, multiplying from £118,000 in 2021, while basic earnings per share also multiplied to 0.45 pence per share, from 0.02p each a year ago.

The firm did not declare a dividend for 2022, unchanged from a year ago.

Looking ahead, the company said its strong order book, new projects, high customer interest and its cash position provide a strong starting point for the year.

‘Proteome Sciences is well set to achieve a step-change in growth and gives the board increased confidence that the business can grow revenue and [earnings before interest, tax, depreciation and amortisation] (both adjusted for the milestone received in 2022) in 2023,’ the company said.

Chief Executive Mariola Soehngen said: ‘We have continued to show strong growth of our revenues, both in service sales and the TMT business, despite the backdrop of negative external factors, mainly the Russia-Ukraine war and its global impact on supply chains, energy prices, inflation rates and economic recessions.’

Proteome shares fell 1.1% to 3.56 pence each in London on Tuesday morning.

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