Extract from Trading Update16 Jan 2013 10:25
On 5 December 2012 it was announced that a trading loss of approximately £1.1m was expected for the financial year to 31 December 2012. Revenues for the month of December were significantly less than anticipated on 5 December and as such the trading loss for the year will be materially higher than £1.1m.
Revenues for the full financial year were approximately £4.9m (2011: £8.5m), with £2.8m generated in the second half of the year (H1 2012: £2.1m).
The Directors believe that the fall in revenues and increased trading loss is principally a result of delays to a number of new large potential territories from which initial d2w® additive sales were expected. As such, they regard this as a matter of timing as initial shipments for these new territories are now expected during the first quarter of 2013.
Following the statement in December, the Group has received initial orders from three of the new territories with positive indications of interest for future sales, albeit the timing is not yet confirmed.
Additionally there was a delay in shipments to some existing territories around the year end period.
The Group continues to work hard to establish its global distribution network and leverage changes to legislation in favour of controlled-life plastic technology.