For Release 7.00am 28 September 2007

Micap plc (MIC.L)

Preliminary results for the twelve months to 31st March 2007

Micap plc, the AIM-quoted developer and producer of value added microencapsulated ingredients to industry, ("Micap" or the "Company") today reports its Preliminary results for the twelve months to 31st March 2007.

"Refocussed Sales Infrastructure"
"A Year of Significant Progress and Change for Micap"

HIGHLIGHTS

• Turnover on continuing operations up by 120% to £0.71 million (2006: £0.32 million).
• Reduced loss per ordinary share of 1.1p (2006: loss 3.3p);
• Operating loss on continuing operations reduced by 34 % to £0.95 million (2006: loss £1.44 million); After tax loss of £0.96 million (2006 - loss £1.52m).
• Profile of the benefits of microencapsulation continues to rise
• Direct sales of Micap yeast encapsulated ingredients making good progress • Formal launch of Micap Ingredients range into the food industry planned for Autumn 2007
• Good progress in Licensing and Development division with new and existing customers
• Following a strategic review, non-executive Chairman Bill Mapstone to take a more active executive role to leverage upon his knowledge and contacts in the food market, so as to optimise the impact of Micap's launch of its food ingredient range.

Post Period End

• Disposal of business of loss making subsidiary, Applied Analysis Ltd

Commenting on the results, Michael Norris, Chief Executive of Micap, said:

"This has been a year of significant progress and change for Micap during which, we have moved away from the research and development led business of the past and focussed on generating revenues from our own channels, specifically with our direct sales of Micap Ingredients into the food market".

"These changes have given us more control over our own destiny, and it is my challenge to ensure that the correct infrastructure is in place to allow Micap to achieve its potential in selling products to the market, developing new opportunities both for Micap and our partners, and achieving the necessary progress to reach the market with our agrochemical partners".

Click below to download the full results in Acrobat reader format (pdf)

Title	Date	File Type	File Size
Annual Results for the twelve months to 31th March 2007	28-09-07		1 Mb