AromaScan Plc announced its first interim results to general approval yesterday. Net losses of ú819,000 from turnover of just ú62,000 may not sound too successful, but the Crewe-based manufacturer of olfactory sensing equipment floated on London’s Unlisted Securities Market just last August (CI No 2,478), raising net proceeds of ú11.1m. The turnover figure accounts for only two months’ sales, and 31 units have been shipped to date. They are currently leaving at the rate of three a week, with orders for evaluation having been received from major organisations in Europe, North America and the Far East. The company has recently relocated from the University of Manchester Institute of Science & Technology to facilities at its Crewe headquarters one year ahead of schedule. AromaScan continues to enjoy a close relationship with the university, where the technology was developed over 10 years, and has commissioned research and development projects there totalling ú790,000. Joint ventures are imminent with companies that have the high-level engineering and design skills that AromaScan will need. The company sees process control as its major growth area, having already recieved orders for evaluation from companies such as Kelloggs, Seagram and Ford Motor Co in the US, where its sales and technical centre is already operational. The market gave AromaScan a nod of approval, shares rising slightly to 88 pence. The company will pay no dividend this half.
