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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Cronin | LSE:CRON | London | Ordinary Share | GB00B29YYY86 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.25 | 3.10 | 3.40 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCRON
RNS Number : 4280Q
Cronin Group PLC
12 September 2017
12 September 2017
Cronin Group Plc
("Cronin" or the "Company")
Interim results for the six months ended 30 June 2017
Cronin Group Plc ("the Company") the AIM listed company with a business activity of the digitization of chemical space, announces its unaudited half year results for the period ended 30 June 2017.
Highlights:
-- Material progress in further developing the Company's strategic roadmap to digitize chemistry
-- Loss of GBP0.51 million after tax, reflecting continued research and development expenditure (2016 first half: loss GBP0.31 million)
-- Cash and short term deposits at 30 June 2017 of GBP4.29 million (31 December 2016: GBP4.79 million)
-- Net assets at 30 June 2017 of GBP8.41 million (31 December 2016: GBP8.92 million)
Mark Warne, Chairman, said:
"The coming months will be a hugely exciting and transformational period for the company as it finalizes early beta product development and presents itself appropriately to its customer base, seeking to build credibility, awareness and understanding of its DigitalGlassware(TM) product and long term vision for the digitization of chemistry."
Contacts: Cronin Group Plc www.croningroupplc.com Mark Warne, Executive T: 0141 465 6871 Chairman WH Ireland Limited www.whirelandcb.com Mike Coe / Ed Allsopp T: 0117 945 3470
CHAIRMAN'S STATEMENT
I am pleased to report the Group has made material progress in the half year on technical implementation of our strategic roadmap to digitize chemistry, a key step on the path to the Group's ultimate vision of developing the capability for autonomous digital synthesis.
Digitizing chemistry will make it widely accessible by integrating real world chemistry with cloud computing, enabling new chemical molecules to be produced faster, cheaper and more reproducibly.
Approximately 96% of all products manufactured are touched in some way by chemistry. Innovation to drive down costs and create efficiency in chemical discovery and manufacture is considered a cornerstone for sustainable industry growth and profits. The digitization of chemistry will enable increased access and reproducibility of chemistry, leading to improvements in discovery and manufacturing, and ultimately, the directors believe, the use of Chemputers which are modular chemical robots. Applications will include bespoke chemical discovery, optimization, manufacturing and the ability to use artificial intelligence (AI) to direct molecule design. The Group's initiative in the digitization of chemistry to collect, codify and convey real-time execution, outcome data and associated context will structure humanity's understanding and experience of chemical space, and elements increasingly more common industry initiatives often described as the Internet of Lab Things (IoLT) and Smart Labs.
The Group has strengthened its Executive management during the period with myself taking on the role of Executive Chairman, Michael Bretherton being appointed Finance Director, and Richard Laming previously of Woolfson Microelectonics plc, joining the Executive to work alongside Chief Technology Officer Steve Coles as the organisation grows. The Company now employees a team of 15 personnel including chemistry specialists, software and hardware engineers based at dedicated premises in central Glasgow. The Group continues its research relationship with the team at Glasgow University, which is led by Cronin Group's scientific founder, Professor Lee Cronin.
The Group believes only high fidelity of data will truly enable making better chemical molecules, faster and more effectively. It has been stated that a large gap currently exists in chemical data reporting standards, rendering much of the currently available data unusable by algorithmic analyses. It has been widely reported that researchers think that science faces a reproducibility crisis, with half, not having faith in published literature in their field - with chemists often reporting the most difficulty.
To this end the Group is entering beta development of our DigitalGlassware(TM) platform, comprising an easy to use software interface and a unique, low footprint sensor array, which will allow any individual to access reproducible chemistry, via internet protocols. Data analysis will not just be performed retrospectively, but in real-time and a-priori, delivering back to the users a product which dramatically increases reproducibility. The product will be accessible to a broad community of users, including industrial and academic chemists, students, scientists from non-chemistry disciplines, scientific publishers, funding and professional advocacy bodies.
Financial Review
The Group incurred a loss after tax of GBP0.51 million for the half year ended 30 June 2017 (2016 first half: loss of GBP0.31 million), which mainly reflects our continued research and development expenditure in this period.
Net cash outflows of GBP0.50 million during this first six months reduced cash balances to GBP4.29 million at 30 June 2017 compared with cash balances at 31 December 2016 of GBP4.79 million.
Outlook
As we move from devising and developing program of work phases on our DigitalGlassware(TM) product, we keenly anticipate beta stage deployment with key innovators and early adopters, in preparation for addressing broader adoption among the target user groups.
The coming months will be a hugely exciting and transformational period for the company as it finalizes early beta product development and presents itself appropriately to its customer base, seeking to build credibility, awareness and understanding of its DigitalGlassware(TM) product and long term vision for the digitization of chemistry.
Mark Warne
Chairman
12 September 2017
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS TO 30 JUNE 2017
Hot Features
Premium
6 months ended 30 June 6 months ended 30 June
2017 2016 Year ended 31 December 2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ----------------------- ----------------------- ----------------------------
Revenue - - -
-------------------------------------- ----------------------- ----------------------- ----------------------------
Research and development costs (502) (277) (640)
Administrative costs (82) (81) (176)
-------------------------------------- ----------------------- ----------------------- ----------------------------
Operating loss (584) (358) (816)
Finance income 11 15 27
-------------------------------------- ----------------------- ----------------------- ----------------------------
Loss before tax (573) (343) (789)
Income tax credit 68 33 75
-------------------------------------- ----------------------- ----------------------- ----------------------------
Loss and total comprehensive loss for
the period (505) (310) (714)
-------------------------------------- ----------------------- ----------------------- ----------------------------
Loss per share attributable to the
equity holders of the Company:
Basic and diluted (pence) (note 4) (0.10) (0.06) (0.14)
-------------------------------------- ----------------------- ----------------------- ----------------------------
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 30 June 2017
Share equity Share premium Merger reserve Retained earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------------------- ------------- -------------- --------------- ------------------ --------
Balance at 31 December 2015 53 3,287 4,880 1,410 9,630
---------------------------------------- ------------- -------------- --------------- ------------------ --------
Total comprehensive loss for the six
months to 30 June 2016 - - - (310) (310)
Balance at 30 June 2016 53 3,287 4,880 1,100 9,320
---------------------------------------- ------------- -------------- --------------- ------------------ --------
Total comprehensive loss for the six
months to 31 December 2015 - - - (404) (404)
Balance at 31 December 2016 53 3,287 4,880 696 8,916
---------------------------------------- ------------- -------------- --------------- ------------------ --------
Total comprehensive loss for the six
months to 30 June 2017 - - - (505) (505)
---------------------------------------- ------------- -------------- --------------- ------------------ -------- Balance at 30 June 2017 53 3,287 4,880 191 8,411 ---------------------------------------- ------------- -------------- --------------- ------------------ --------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017
As at 30 June As at 30 June As at 31 December
2017 2016 2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Intangible assets and goodwill 4,213 4,218 4,216
Investments 3 3 3
Plant and equipment 29 - 15
4,245 4,221 4,234
---------------------------------------------------------- ------------------- ---------------- ------------------
Current assets
Trade and other receivables 66 53 30
Taxation recoverable 68 - -
Cash and cash equivalents 4,285 5,096 4,789
---------------------------------------------------------- ------------------- ---------------- ------------------
4,419 5,149 4,819
---------------------------------------------------------- ------------------- ---------------- ------------------
Liabilities
Current liabilities
Trade and other payables (253) (50) (137)
---------------------------------------------------------- ------------------- ---------------- ------------------
Net current assets 4,166 5,099 4,682
---------------------------------------------------------- ------------------- ---------------- ------------------
Total net assets 8,411 9,320 8,916
---------------------------------------------------------- ------------------- ---------------- ------------------
Equity and liabilities
Shareholders' equity
Called up share capital 53 53 53
Share premium 3,287 3,287 3,287
Merger reserve 4,880 4,880 4,880
Retained earnings 191 1,100 696
---------------------------------------------------------- ------------------- ---------------- ------------------
Total equity attributable to shareholders of the Company 8,411 9,320 8,916
---------------------------------------------------------- ------------------- ---------------- ------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 30 JUNE 2017
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ -------------
Cash flows from operating
activities
Operating loss (584) (358) (816)
Adjustments for:
Depreciation and amortisation
charges 6 3 6
Operating cash outflows
before movement in working
capital (578) (355) (810)
(Increase)/decrease in trade
and other receivables (36) (18) 5
Increase/(decrease) in trade
and other payables 116 (3) 84
------------------------------- ------------ ------------ -------------
Cash used in operations (498) (376) (721)
Interest received 11 15 27
Taxation received - 33 75
------------------------------- ------------ ------------ -------------
Net cash used in operating
activities (487) (328) (619)
------------------------------- ------------ ------------ -------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (17) - (16)
Net cash used in investing
activities (17) - (16)
------------------------------- ------------ ------------ -------------
Net decrease in cash and
cash equivalents (504) (328) (635)
Cash and cash equivalents
at beginning of period 4,789 5,424 5,424
------------------------------- ------------ ------------ -------------
Cash and cash equivalents
at end of period 4,285 5,096 4,789
------------------------------- ------------ ------------ -------------
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHSED 30 JUNE 2017
1) BASIS OF PREPARATION
The condensed interim financial statements of Cronin Group Plc are unaudited condensed consolidated financial statements for the six months ended 30 June 2017. These include unaudited comparatives for the six months ended 30 June 2016 together with audited comparatives for the year ended 31 December 2016.
The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all the disclosures in IAS 34 'Interim Financial Reporting', and should be read in conjunction with the Group's annual financial statements as at 31 December 2016. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS.
The financial information for the year ended 31 December 2016 does not constitute statutory financial statements within the meaning of section 435 of the Companies Act 2006. A copy of the audited financial statements for that year has been delivered to the Registrar of Companies. The Auditors' opinion on those financial statements was unqualified, did not draw attention to any matters by way of an emphasis of matter paragraph, and it contained no statement under section 498(2) or section 498(3) of the Companies Act 2006.
The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2016. As at 1 January 2017 there are no new standards or interpretations that resulted in any impact on the accounting policies, financial position or performance of the Group. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Going concern
Information on the business environment, financial position and the factors underpinning the Group's future prospects and portfolio are included in the Chairman's Statement. The Directors confirm that they are satisfied that the Group has adequate resources to continue in business for the medium term based on the current liquid resources available. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
2) SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted are consistent with those followed in the preparation of the consolidated annual financial statements of Cronin Group Plc for the year ended 31 December 2016.
3) SEGMENTAL REPORTING
The Board is of the opinion that the business operates only one reportable operating segment, being that of the digitization of chemical space and of innovative chemical discovery.
No operating segments have been aggregated to form the above reportable operating segment. Individual projects do not meet the definition of segments, and as such the revenues and costs of individual projects are not formally separated. In addition, due to the research and development nature of the business, many projects are transitory, depending on success, and thus no meaningful data can be provided through such analysis.
4) LOSS PER SHARE (BASIC AND DILUTED)
Basic earnings or loss per share is calculated by dividing the gain or loss attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the period.
For diluted earnings or loss per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.
6 months ended 30 June 6 months ended 30 June
2017 2016 Year ended 31 December 2016
(Unaudited) (Unaudited) (Audited)
---------------------------- --------------------------- --------------------------- ----------------------------
Total operations
Loss attributable to equity
holders of the Group
(GBP'000) (505) (310) (714)
Weighted average number of
shares in issue ('000) 525,740 525,740 525,740
---------------------------- --------------------------- --------------------------- ----------------------------
Basic and diluted loss per
share (pence) (0.10) (0.06) (0.14)
---------------------------- --------------------------- --------------------------- ----------------------------
The Group had no dilutive potential ordinary shares in issue during the six months to 30 June 2017 and consequently there was also no dilutive impact for this period.
5) RELATED PARTY TRANSACTIONS
During the six months ended 30 June 2017, Cronin 3D has paid GBP2,541 to IP Support Services Limited, which is part of the IP Group and a significant shareholder, in respect of the provision of administrative services, with no amounts outstanding at the end of the period (30 June 2016: GBP3,324 and nil outstanding).
The Group has taken advantage of the exemptions contained within IAS 24 - 'Related Party Disclosures' from the requirement to disclose transactions between Group companies as these have been eliminated on consolidation.
In addition, during the period the Company paid remuneration to the Directors' in accordance with their service contracts and letters of appointment.
6) HALF YEAR FINANCIAL REPORT
A copy of this half year report, as well as the prior year annual statutory accounts, is available on the Company's website at www.croningroupplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKDDQABKDPCD
(END) Dow Jones Newswires
September 12, 2017 02:00 ET (06:00 GMT)
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