Shares in Proteome Sciences PLC (AIM:PRM) spiked 23% after it said revenues last year grew by more than half, while its cash position improved markedly too.
In a trading update, the group, a specialist provider of contract proteomics services used in drug discovery, said turnover for the 12 months ended 31 December 2022 increased 53% to around £7.8mln.
This was driven by strong growth in its services and TMT businesses. Services revenues are expected to rise about 42% to £2.7mln and sales, royalties and milestones attributable to TMT/TMTpro reagents to increase by 56% to around £5mln.
The group said expects to report an estimated EBITDA of around £2mln, while its cash position as of the year-end was £4mln, up from £2.4mln.
At 8.50 am, the shares were changing hands for 4.63p, up 0.88p.