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Molectra Group Ltd says that it has failed to make money from two contracts to supply products based on recycled material from tyres.
The supply of equine anti-cast and automotive accessory products generated minimal revenues but they led to significant operating and capital costs.
Molectra has appointed new management to the operation in Australia and is trying to open up much larger markets for products made from the recycled material.
At 1.125p a share, Molectra is valued at £1.95m. Management says that the business has sufficient cash resources for its needs.
Full year figures for 2008 will be released in June 2009.
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