News blog

Oxonica

  • BY: Andrew Hore |
  • POSTED: 18/06/2009 |

Oxonica intends to cancel its admission to Aim.

The nanomaterials group is the second company this year chaired by former Dragon’s Den participant Richard Farleigh to seek to drop its Aim quotation. ClearSpeed Technology has already left Aim.

Oxonica consulting with major shareholders and its adivisers about dropping the Aim quotation. There is limited trading in the shares. Oxonica intends to apply for its shares to be traded on ShareMark, which has weekly share auctions.

Despite the potential loss of the quotation, the share price rose 0.375p to 8.5p, which values Oxonica at £5.57m.

Oxonica reported a fall in revenues from £4.17m to £3.39m in 2008. Security-related and diagnostic revenues more than doubled but the revenues of the diesel additives business fell by three-fifths. That fall was due to the ending of sales to Petrol Ofisi, which contributed £2.1m in 2007. 

The loss before goodwill write-offs and exceptional costs fell from £4.88m to £3.79m thanks to lower admin costs. The cash outflow from operating activities was £1.83m in 2008. Net cash was £2.4m at the end of 2008.

Revenues in the five months to May 2009 are 20% higher than the same period last year. The security business recieved a $4m order and this has already boosted its revenues. The order will be completed in October 2009.

The operating loss and cash outflow have fallen. The cash balance was £2.9m on 16 June. That is lower than the year end cash balance and there is no indication whether borrowings have fallen from £1.2m at the end of 2008. Oxonica recieved $2.25m at the end of April 2009, which was part of the licence agreement with Becton Dickinson. 

Oxonica Energy’s patent dispute continues and its appeal is due to be heard on 22 June 2009. A provision of £550,000 has been made in the past. 

© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds