Less Ads, More Data, More Tools Register for FREE

Cronin Group Sees Widened Loss For 2015 As It Re-Aligns Business

Wed, 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; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2016 Alliance News Limited. All Rights Reserved.

Related Shares

More News
17 May 2018 13:58

Cronin Group, Xafinity Complete Name Changes On Thursday

LONDON (Alliance News) - Cronin Group PLC and Xafinity PLC both completed name changes on Thursday, with the two now trading as DeepMatter Group PLC a...

16 May 2018 11:57

Cronin Gets Approval For DeepMatter Name Change From Thursday

LONDON (Alliance News) - Cronin Group PLC said Wednesday shareholders had voted in favour of its name change to DeepMatter Group PLC from Thursday.The...

24 Apr 2018 17:34

DIRECTOR DEALINGS: Cronin Group Director Buys Shares

LONDON (Alliance News) - Cronin Group PLC, a AIM listed company focusing on digitizing chemistry, said Tuesday that Non-Executive Director Laurence Ed...

15 Sep 2016 08:34

Cronin Group's H1 losses narrows as it aims to digitise chemistry

(ShareCast News) - Chemical drug discovery company Cronin Group's half year losses narrowed as it aims to digitise chemistry for manufacturing and alg...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.