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Incanthera Plc cheers “very important first year

"We look forward to the year ahead with all the opportunity and promise that we can see," said Simon Ward.

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Incanthera plc (AQSE:INC) described a “very important first year” as a publicly-listed company as it reported its financial results for the twelve months ended March 31.

“The public stage has provided a great opportunity for us and we have concentrated on delivering operational successes through our evolutionary technology Sol, now the subject of discussion with two global cosmetics companies,” said chief executive Simon Ward. “These discussions continue to progress and we look forward to making further updates when we are able.”

Highlights for the period also included the filing of new patent protections, a £1.14mln oversubscribed placing, and the share’s promotion to the top ‘Apex’ sector of the AQSE.

The financial performance was said to be in line with the board’s expectations.

Incanthera, which is a pre-revenue company, reported a £905,000 loss for the year and it ended the period with £957,000 of cash.

Ward, meanwhile, added: “We are also delighted at the result of our recent placing, securing further funding from existing shareholders and welcoming new investors, which puts us in an excellent position to conclude the Sol discussions and to continue to look at the promise of new opportunities to deliver returns to shareholders.”

“We are immensely proud and grateful to have marked our first public year with these operational and financial achievements and we look forward to the year ahead with all the opportunity and promise that we can see."