For Release 7.00am 19 December 2006

Micap plc Interim results for the
six months to 30 th September 2006

Micap plc (“Micap” or the “Company”) today reports its interim results for the six months to 30 th September 2006.

Micap is a provider of microencapsulation solutions to a range of customers in fields such as flavour delivery, agrochemicals, healthcare and industrial applications, using both its proprietary yeast cell technology and bespoke methods developed by its scientific team.

HIGHLIGHTS

• Turnover up by 146% to £0.46 million (2005: £0.19 million).
• Reduced loss per ordinary share of 0.7p (2005: loss 2.0p); After tax loss of £0.39 million (2005 - loss £0.59m).
• Operating loss reduced by 38 % to £0.43 million (2005: loss £0.69 million).
• Good progress made with agrochemical partners using Micap yeast technology.
• Strong growth at Micap GmbH, provider of bespoke microencapsulation services to a wide variety of customers.
• Upgraded production facility in Ireland running customer trials for its spray drying services.

Post Period End

• Cost reduction programme continues, including assignment of lease on former head office.
• Successful placing of new Ordinary shares to raise £595,000 gross.
  

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

“ Micap has made excellent progress on many commercial fronts during the period. This, coupled with the ongoing cost reduction programme, has allowed us to post a significantly lower loss than the corresponding period last year.

It is our hope that the short term revenue growth from our bespoke solutions and production operations will support the long term opportunities from our yeast encapsulation to help us build a strong, profitable business.

We are now generating revenues from all our operating divisions, with significant growth expected from Micap Encapsulates in the next few months. The extension to the Nufarm option agreement will make the achievement of a break even position in the final quarter unlikely, but if we continue to make the progress we are seeing throughout the Group this should be possible early in our new financial year. ”

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

Title	Date	File Type	File Size
Interim Results for six months to 30th september 2006	19-12-06		82 Kb
Interim Results for six months to 30th september 2006	19-12-06		86 Kb