Cronin Group narrows loss as product development continues

Cronin Group announced its audited financial results for the year to 31 December on Tuesday, confirming it had now grown to six full time employees and moved into dedicated premises.

The AIM-traded firm welcomed Steve Coles as chief technology officer during the year, reportedly to lead the hardware and software development teams which were being significantly enlarged in 2017.

Its first ‘DigitalGlassware’ products were also expected to be trialled during 2017.

The company made a loss of £0.71m after tax, narrowing from £1.16m inclusive of discontinued operations in 2015.

Cash and short term deposits at 31 December were £4.79m, compared to £5.42m a year earlier.

Net assets at year-end stood at £8.92m, compared to £9.63m.

“During the past twelve months the group has made significant progress in following its roadmap to the digitization of chemistry and the group's ultimate vision of developing the capability for autonomous universal digital synthesis,” said chairman James Ede-Golightly.

“Testing, collaboration partnerships and further releases of the ‘DigitalGlassware’ product platform are expected during 2017 as the product platform is developed in advance of the first commercial launch which is anticipated in 2018.”