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Chromogenex

  • BY: Andrew Hore |
  • POSTED: 01/03/2009 |

Chromogenex intends to drop its Aim quotation.

The news sent the shares sliding 0.725p to 0.375p each, which values the cosmetic and medical laser systems supplier at £230,000. The share price has fallen back to the level it was prior to a sharp upward movement a few days before the cancellation of the quote was announced.

Chromogenex fell into loss in 2007 and revenues halved to £1.13m in the six months to June 2008. Delays in obtaining a licence in Canada hit revenues. The interim loss was £640,000. Customers’ are finding it difficult to obtain credit to acquire lasers.

Full year 2008 revenues are estimated to be around £2.1m and the operating loss £1m. There will also be stock write-downs. Cost cuts will help to reduce the loss and the cancellation of the Aim quotation will save more than £100,000 a year.

The company talks about reviewing its strategy and says that the current market valuation could make it difficult to do deals.

A general meeting to propose the Aim cancellation will be held on 24 March 2009.

Chromogenex will try to match bargains in the shares. News about Chromogenex’s operations will be posted on its website www.chromogenex.com. 

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