Preliminary announcement for the twelve months to 31st March 2004

Micap plc (“Micap” or the “company”) today reports its maiden preliminary results for the twelve months to 31st March 2004.

Micap’s principal business activity is the development, production and licensing of micro-encapsulation technology based on single cell organisms, in particular yeast. These organisms can be used as capsules to protect and deliver actives including flavours, agrochemicals and pharmaceuticals.

Highlights

• Admission to the Alternative Investment Market in August 2003, raising in excess of £5.37 million before expenses (£4.64m net) through a successful placing at 55p per share.
• Turnover on continuing operations grows significantly to £0.90m (12 months to 31 March 2003: £0.09m)
• Loss after tax of £0.65m greatly improved (2003: loss £3.90m)
• Launch of savoury products under our first commercial licensing deal, signed with Firmenich, the world’s largest privately owned flavour and fragrance company
• First pharmaceutical licence granted, to SkyePharma plc, for up to 10 drugs
• Proof of principle obtained for oral and topical pharmaceutical applications
• Significant technical advances in herbicides, pesticides and fungicides
• Feasibility studies underway with AstraZeneca and Fertin Pharma A/S
• Cash plus short term debtors at year end of £2.86m (2003: £0.43m)

Commenting on the results, Michael Brennand, Chief Executive of Micap, said: “I am delighted with the progress we have made since our flotation, particularly the global launch of products by Firmenich, our flavour partner, and the exercise by SkyePharma of the licence for pharmaceutical applications. We remain committed to creating a profitable company, and commercial deals such as these will assist us in our aim of switching revenues from irregular development fees and milestones into more predictable, royalty based turnover.”

Contact

Micap plc 01925 664200
Michael Brennand, CEO 07966 341801
Michael Norris, Finance Director 07966 341802

Gavin Anderson & Company 0207 554 1400
Liz Morley/Janine Brewis

Copies of the annual report will be sent to all shareholders shortly and will also be available to the public at the Company’s registered office, 1 The Parks, Lodge Lane, Newton le Willows, WA12 0JQ.

Click below to download the Preliminary annoucement for the twelve months to 31st March 2004, in (309kb)Word or (219kb)PDF format

Preliminary announcement for the twelve months to 31st March 2004

Preliminary announcement for the twelve months to 31st March 2004