Platform to build on
A SEDGEFIELD nanotechnology expert has claimed it has “an excellent platform for sustained growth,” despite revealing losses of almost £900,000 in its half-year results.
In the six months to June 30, air quality specialist AntNano plc made an operating loss of £890,547 despite seeing sales increase from £120,114 in 2007 to £197,829.
But the company put the losses down to “non-recuring costs” - including the £247,000 acquisition of an air quality equipment business - and said it was ready to “commercialise” R&D activities in the lucrative infectious disease and terrorist protection markets.
Chief executive officer, Allan Syms, said: “We have gone from the point where we are an R&D company to the point where we are translating research into sales. The ability to measure viruses such as SARS and avian influenza is becoming a global issue.
“Everything we do is geared toward worldwide markets such as health and safety and biomedicals. We have made excellent progress and are now in a position to capitalise on these markets.”
Based in Sedgefield, the company specialises in the monitoring, sampling and analysis of biochemicals and develops advanced equipment for detecting biochemical discharges from detergents and washing powders.
The technology can also measure the spread of viruses such as MRSA and help in the war against terrorism by detecting explosive materials in the air.
The company’s Singapore subsidiary, ANTnano Singapore Pte Ltd, has been offered a £3.7m grant from Singapore’s Economic Development Board (EDB) to further advance its air handling and detection technology.
The company said it was seeking further acquisitions and is considering the option of a listing on the Alternative Investment Market (AIM).
Founded in 2002, it listed on the PLUS market last year and also bought Cheshire-based The Newton Instrument Company Ltd, which produces air sampling machinery used worldwide by major manufacturers of enzymes and detergents.
AntNano said the acquisition would provide a route to market for its technology and was a “strong fit that is already yielding early benefits in terms of sales.”
The company said the results represented excellent progress and were in-line with the board's expectations. It said: “The six month period under review was a significant time for the company, as it continued to increase sales, completed a strategic acquisition and strengthened the management team. These positive developments provide an excellent platform for sustained growth.”
In recent months AntNano has made a series of significant appointments, including Mr Syms as chief executive and Joe Arend as non-executive chairman.
Mr Arend said: “We are delighted that AntNano continues to progress at a significant rate and as regards the outlook for this particular period, and the year as a whole, we remain extremely confident.”
