Oxford Molecular Group Plc has had a very busy first year on the London Stock Exchange, and the priority this year is profitability by the fourth quarter, according to chief executive Tony Marchington. The Oxford computer-aided drug design software company recorded full-year losses of ú2.9m, up from ú1.3m the year before from turnover that almost doubled, up 96% to ú2.8m. Hardware sales account for ú1.1m of the revenues, but software sales have been slightly disappointing, a good European performance being offset by poor US results. Last September the group bought IntelliGenetics Inc for ú5.9m, mostly in shares (CI No 2,488) and recently acquired CACache Scientific Inc of Portland, Oregon from Tektronix Inc for ú5.7m in shares. Along with improved performance in the US, the latter also provides a strong presence in Japan. Chairman Roderick Hall predicts alliances with corporate partners this year, as well as major product announcements. The group raised ú9.3m net at flotation, and around ú7.2m of this remains intact. The company will pay no maiden dividend.
