Preliminary announcement for the twelve months to 31st March 2005

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

Key Features

• Significant move towards revenues opportunities
  
• Major reorganisation of senior management and reduction in central overhead
  
• Acquisition of Applied Analysis Ltd and Micap GmbH
  
• Post year end acquisition of a 50% stake in Micap Encapsulates Ltd, a provider of spray drying services to the food flavour industry
  
• Turnover of £0.32m (2004: £0.90m – includes Skyepharma’s 2004 license fee of £0.50m)
  
• Loss after tax but before exceptional items of £1.37m (2004: loss £0.65m)
  
• Global launch of Thermarome, a Firmenich flavour brand created utilising the Micap technology
  
• Field trials underway on herbicides and fungicides with a world leading agrochemical company
  
• Numerous evaluation agreements underway with major international partners

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

“This year has seen Micap undergo a major refocusing of its efforts, to concentrate on relationships with immediate revenue opportunities whilst carrying out a major cost reduction programme. The acquisition of Applied Analysis Ltd and Micap GmbH, together with the purchase post year end of a 50% stake in Micap Encapsulates Ltd, gives us direct control over our route to market, whilst still retaining the technology upside associated with our relationships in flavours and agrochemicals.”

Contact

Michael Norris, CEO - Tel 01942 625590/ 07966 341802

Binns & Co PR - Tel 0207 7869600
Tarquin Edwards - Tel 07879 458 364
Chris Steele - Tel 07979 604 687

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

Click below to download the Preliminary announcement for the twelve months to 31st March 2005, in (298kb)Word or (61kb)PDF format

Preliminary announcement for the twelve months to 31st March 2005

Preliminary announcement for the twelve months to 31st March 2005