Final results for the year ended 31 December 2017
28 March 2018
Cronin Group Plc announces its audited financial results for the year ended 31 December 2017.
- Loss of £1.46 million after tax (2016: loss £0.71 million)
- Cash and short term deposits at 31 December 2017 of £3.26 million (2016: £4.79 million)
- Net assets at 31 December 2017 of £8.11 million (2016: £8.92 million)
- The Group has grown to 20 full time employees (excluding directors) and further intensified development of its DigitalGlassware™ technology platform
- Acquisition of OpenIOLabs Limited will accelerate deployment of DigitalGlassware™
- Laurence Ede and David Cleevely joined the Board as a non-executive directors
- Post year end industry engagements with two international businesses to join the Company's Pioneer Programme, evaluating DigitalGlassware™
- Proposed change of name to DeepMatter Group Plc
Mark Warne, Chairman of Cronin, said:
"The last year has seen the Group make exciting progress towards deploying its DigitalGlassware™ technology platform, comprising an easy-to-use software interface and a unique, low footprint sensor array, which will allow an individual to access reproducible chemistry via internet protocols.
The Group has identified a number of leading companies and institutions involved in the field of chemistry, to participate in its Pioneer Programme. Moving forward, we keenly anticipate beta stage deployment with these key innovators and early adopters, in preparation for addressing broader adoption among the target user groups, building credibility, awareness and understanding of the DigitalGlassware™ platform."
|Cronin Group Plc||www.croningroupplc.com|
|Mark Warne, Executive Chairman||T: 0141 465 6871|
|Stockdale Securities Limited|
|Tom Griffiths/Edward Thomas||T: 020 7601 6100|