13th Apr 2016 09:42
LONDON (Alliance News) - Cronin Group PLC Wednesday reported a widened loss for 2015, as the company undertook a strategic re-alignment and restructuring.
During the course of 2015 the company, previously known as Oxford Advanced Surfaces Group PLC before becoming Oxaco PLC, acquired Cronin 3D Ltd and de-merged from Oxford Advanced Surfaces Ltd. It then changed its name once again to Cronin Group PLC and raised GBP3.3 million in September to support its working capital needs following the Cronin 3D acquisition.
Cronin is now focused on its Chemputer product, a digital synthesis engine intended to "open up chemistry to a wide user-base via digitization."
The company reported a pretax loss of GBP1.2 million for 2015, widened from GBP990,000 a year before, as a result of a higher loss from discontinued operations.
The first functioning Chemputer systems are expected in 2016, Cronin said.
"Following the strategic re-alignment in 2015, the group's ongoing business activity is that of the digitisation of chemical space coupled with innovative chemical drug discovery. The board remains committed to delivering additional value for shareholders," said Chairman James Ede-Golightly in a statement.
Shares in Cronin were untraded Wednesday morning. They last traded at 1.55 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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