Green Chemicals plc - Preliminary announcement of audited results for the year ended 31 March 2009
19 Jun 2009
Chairman's Statement
Introduction
I am pleased to present the preliminary audited financial results of the Company for the year ended 31 March 2009. The Annual Report in respect of this same period, which will include notice of the Company's Annual General Meeting, will be despatched to shareholders in due course and, at that time, a downloadable PDF copy of this will be posted on the www.plusmarketsgroup.com website in accordance with the requirements of PLUS.
Review
The financial year 2008/9 was one of continuing industry validation and accreditation for our portfolio of 'cleaner, greener and safer' chemical processes for a variety of industrial applications, developed by green chemicals. The bulk of the after-tax loss of £820,000, or 10.24 pence per share, during the year under review was accounted for by expenditure on further industrial trials and other elements of this validation and accreditation process.
Ongoing research has also uncovered at least one further application of our technology, which the Directors believe may have significant commercial potential within the health and beauty segment of the consumer goods' sector. This is presently being evaluated in conjunction with a major health and beauty products company.
Last year, as previously, we continued to strengthen our patent portfolio to underpin the programmes described above; and to seek key partners with whom to realise the full commercial potential of the Company's technology.
Expenditure during the year has resulted in a loss on ordinary activities before taxation of £853,563 (2007/8: £809,399). Shareholders' funds at the year-end stood at £2,059,626.
Board Changes
There have been several changes to the Board of Directors during the course of 2008/9. Mr. Martin Penny joined the Board as a non-executive Director and Dr. Andrew Bailiff left the Company for a non-competitive career in industry. Mr. David Norwood resigned from the Board, and from his other commercial appointments, to pursue interests outside business. I then assumed Mr. Norwood's position as Chairman, having been a Director of green chemicals since the completion of the acquisition of Perachem Limited early in 2007.
Post- Balance Sheet Events
On 1st June 2009, the Company received additional funding of £250,000 in the form of unsecured loan finance from certain existing shareholders and other parties, including IP2IPO Limited, an associate company of your Company's largest shareholder, Techtran Limited; and Mr. Stephen Winston, the Chief Executive Officer. These additional working capital loans have been granted on terms analogous with those announced on 19th February 2008 in relation to existing unsecured loan finance; they provide funding for the continuing regulatory approvals and commercialisation programmes.
Current Trading and Future Prospects
The current financial year should see the achievement of commercial milestones on at least one of the three major technology applications currently being pursued through the Company's 100% owned subsidiary, Perachem Limited.
Alison M. Fielding, Ph. D.,
Chairman,
18 June 2009
The full text of this announcement is available on Plus Markets.
