Trading update – August 2013

The Company’s Report and Accounts for the year-ending 31st December 2012 are now posted on the Oxonica website.

Turnover for the year was £0.11 million (2011: £0.39 million). Gross profit increased to £0.10 million (2011: £0.05 million). After a reduction in expenses to £0.06 million (2011: £0.21 million) the operating profit was £0.04 million (2011: loss £0.16 million). After financial income/expenses and taxation, the profit for the year was £0.04 million (2011:  loss £0.15 million).

Cash and cash equivalents reduced to £0.12 million at the year-end (2011: £0.81 million) due primarily to the additional return of capital payment to shareholders of 0.9p per share totalling £0.59 million.

Since end-2012, the Company continues to operate at a minimal cost base to preserve cash resources. Both Oxonica Singapore Pte Ltd. and Oxonica Overseas Holdings Ltd. have been closed.

Croda continues to market Optisol-based UV protection products in accordance with our licence agreement. There are no developments to report in respect of the agreement with BD relating to bio-diagnostic products. It is not anticipated that any royalties will be paid by BD in the near-term.

Should these agreements generate significant surplus funds in the future, the Board will consult with shareholders on the use of such funds.