Preliminary announcement of audited results for the year ended 31 December 2016

28 March 2017

Cronin Group Plc announces its audited financial results for the year ended 31 December 2016.

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Highlights:

  • The Group has grown to six full time employees and moved into dedicated premises.
  • Steve Coles joined the Company as CTO to lead the hardware and software development teams which are being significantly enlarged in 2017.
  • The Company’s first DigitalGlassware® products are expected to be trialled during 2017.
  • Loss of £0.71 million after tax (2015: loss £1.16 million inclusive of discontinued operations).
  • Cash and short term deposits at 31 December 2016 of £4.79 million (2015: £5.42 million).
  • Net assets at 31 December 2016 of £8.92 million (2015: £9.63 million).

James Ede-Golightly, Chairman, said:
“During the past twelve months the Group has made significant progress in following its roadmap to the digitization of chemistry and the Group’s ultimate vision of developing the capability for autonomous universal digital synthesis.
  
Testing, collaboration partnerships and further releases of the DigitalGlassware® product platform are expected during 2017 as the product platform is developed in advance of the first commercial launch which is anticipated in 2018.”

A full copy of the Company's 2016 Annual Report is now available on the Company's website at www.croningroupplc.com under the Investor Relations/Annual & Interim Reports section and will shortly be posted to shareholders. This contains on page 38, a Notice of the Annual General Meeting, to be held in the Spitfire room at the offices of Cronin at Merlin House, Mossland Road, Hillington Park, Glasgow G52 4XZ on 19 May 2017 at 11.00 am.

The Board of Directors approved this preliminary announcement on 27 March 2017. Whilst the financial information included in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") as endorsed by the European Union, this announcement does not itself contain sufficient information to comply with all the disclosure requirements of IFRS and does not constitute statutory accounts of the Company for the years ended 31 December 2016 or 31 December 2015.

The financial information has been extracted from the statutory accounts of the Company for the years ended 31 December 2016 and 31 December 2015. The auditor, Nexia Smith & Williamson, has reported on the statutory accounts for the years ended 31 December 2016 and 2015; the reports were unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. In their report on the statutory accounts for the year ended 31 December 2016, the auditor drew attention to the disclosures concerning the valuation of goodwill and investment in the subsidiary. In their report on the statutory accounts for the year ended 31 December 2015 the auditor did not draw attention to any such matters.

The statutory accounts for the year ended 31 December 2015 have been delivered to the Registrar of Companies, whereas those for the year ended 31 December 2016 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

 

Contacts:
   
Cronin Group Plc www.croningroupplc.com
James Ede-Golightly, Chairman T: 01481 701 564
   
WH Ireland Limited www.wh-ireland.co.uk
John Wakefield T: 0117 945 3470

 

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