4th Jun 2015 08:39
LONDON (Alliance News) - Oxford Advanced Surfaces Group PLC Thursday posted a narrowed pretax loss for 2014, as it underwent the process of splitting out its operating business into a separate company.
It posted a pretax loss of GBP1.0 million for 2014, narrowed from a pretax loss of GBP1.9 million in 2013, on revenue of GBP86,000 compared to GBP3,000 the year before, as a result of lower administrative, research and development costs.
Towards the end of 2014, the company decided to split off its operating business, Oxford Advanced Surfaces Ltd, into a separate company following a strategic review. It decided that the operating business' long-term potential would be best realised as a private company.
In September 2014 Oxford Advanced reduced its interest in the operating company to 77.54%. It said that it is evaluating new investment opportunities, and will make further announcement as its investment strategy progresses.
Oxford Advanced Surfaces Ltd secured two commercial supply partners during 2014, one in industrial coatings and the second in motorsport. Since the period end, it has secured two further customers, in construction and in composite materials development, has a further 20 live evaluations and is following up on over 55 leads.
Shares in Oxford Advanced Surfaces Group are untraded Thursday. They last closed at 2.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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