IP GROUP
The following replaces the 'Preliminary Results for the Year Ended 31 December 2014' announcement released on 4 June 2015 at 7.00 am under RNS number 1372P.
The full amended text is shown below:
OXFORD ADVANCED SURFACES GROUP PLC (AIM: OXA)
Preliminary Results for the Year Ended 31 December 2014
Oxford Advanced Surfaces Group ("OASG") the AIM listed technology developer targeting engineered materials and surface modification applications in the automotive, aerospace, communications and energy markets announces today its preliminary results for the year ended 31 December 2014.
CORPORATE HIGHLIGHTS
· In September 2014 Oxford Advanced Surfaces Limited (OASL) completed an investment round of £901,698 by issuing new shares and reducing OASG's interest to 77.54% in the trading subsidiary
· OASL secured two commercial deals in 2014 in industrial coatings and Formula One®
· Total income, including grants, increased from £3,000 to £86,000
· Loss for the year reduced from £1,789k to £990k
· OASL is actively engaged on running two pilot trials with customers and has 20 further evaluations in progress
· OASG plc has a strong balance sheet with over £1.8m in cash (£2.6m including subsidiaries)
Contacts:
Oxford Advanced Surfaces Group Plc
www.oxfordsurfaces.com
James Ede-Golightly, Chairman
T: 01865 854 807
W H Ireland Limited
www.wh-ireland.co.uk
John Wakefield
T: 0117 945 3470
Editors' Note
Oxford Advanced Surfaces Group plc designs, develops and manufactures surface modification technology to address the bonding challenges of advanced materials in the automotive, aerospace, electronics and renewable energy markets. Our proprietary platform technology, Onto™ highly reactive chemistry, provides manufacturers with versatile solutions for even to the most difficult‑to-bond substrates such as engineering plastics, thermoplastic composites and carbon-based materials. Onto™ surface treatments can be integrated into existing manufacturing facilities for use in a wide range of surface functionalisation and adhesion promotion applications.
www.oxfordsurfaces.com
CHAIRMAN'S STATEMENT
As outlined in the interim report, a strategic review was undertaken in 2014 as a consequence of which the group changed its strategy. The review concluded that, while the directors were confident in the long term potential of the group's operating business, Oxford Advanced Surfaces Limited (OASL), its ongoing potential would best be realised as a private company.
The strategic decision was taken that OASL would secure private funding for continuance of its business plan and that Oxford Advanced Surfaces Group plc (the Company or OASG) would pursue new investment opportunities while concurrently seeking to maximise the value of its holding in OASL.
The remainder of the statement comprises two sections. The first outlines the changes resultant from implementation of the Company's strategy and the outlook for the Oxford Advanced Surfaces Group Plc as an AIM listed entity. The second provides an update on the strategic and operational progress at OASL and its outlook as a private business in which the Company currently retains a majority holding.
Company Update
In September 2014 OASL completed an investment round of £901,698 by issuing new shares and reducing OASG's interest to 77.54%. On completion of the investment the Company retained a cash balance of £1.85m (excluding subsidiaries).
At the same time, a separate board was constituted for OASL. Dr Peter Rowley and Dr David Bott stepped down as directors of the Company to assume new roles as directors of OASL, also joined by Mark Rowley, a representative of IP Group. I assumed the responsibilities as chairman of the Company with the continued support of Philip Spinks, who remains as a Director of the Company in addition to his primary role as Chief Executive and Director of OASL.
With supportive shareholders and a robust balance sheet the Company is in a strong position as it evaluates new investment opportunities. Further announcements will be made as the Company's investment strategy progresses.
Update on Oxford Advanced Surfaces Limited
During the year under review OASL secured two commercial supply partners for its products. The first was in industrial coatings where the combination of our ability to prime hard-to-bond plastics along with our ease of use in the field was the only viable option available, and the second was in motorsport; a Formula One® constructor. As a result of this second engagement OASL has expanded its efforts in motorsport and its products are currently under test by several other Formula One® constructors as well as those involved in the broader motorsport industry.
OASL has identified its key markets as automotive, aerospace, marine, defence, energy and industrial. Its most developed market is automotive, where its initial motorsport base has helped develop relationships with niche vehicle manufacturers and suppliers to bulk automotive manufacturers. Motorsport also provides an excellent launch-pad for the aerospace, defence and marine industries and business development efforts in these key markets is already underway.
At the date of this report OASL has two further customers in scale pilot trials; one in the construction industry and one in composite materials development that would target the defence and marine markets. It has a further 20 live evaluations (mostly automotive and industrial applications) and is following up on over 55 leads.
OASL also ran further scale-up trials during the year and significantly simplified its manufacturing process. As a result of this OASL has identified a suitable small scale toll manufacturer and the process is now ready for transfer to volume manufacture as customer demand increases.
James Ede-Golightly
Non-executive Chairman
3 June 2014
Company Number: 5845469
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