TIDMBYOT
RNS Number : 2922J
Byotrol PLC
12 December 2022
Byotrol Plc
("Byotrol" or the "Group")
Interim results and Notice of Investor Presentation
Byotrol Plc (AIM: BYOT), the specialist infection prevention and
control company, is pleased to announce its unaudited interim
results for the six months ended 30 September 2022.
Highlights
Our financial performance for the half year shows the results of
an increasing focus on a smaller number of higher margin market
segments, with fewer technologies and skus than during the
pandemic. Key financial indicators (still compared to an element of
covid-inflated prior H1) are as follows:
-- Total Sales of GBP2.2m (H1 FY22: GBP3.2m) of which product
sales were GBP2.0m (H1 FY22: GBP2.4m)
-- Gross profit GBP1.1m (H1 FY22: GBP1.7m)
-- Increase in Gross Margin on product sale to 40.3% (H1 FY22: 37.4%)
-- IP sales (new and existing contracts) GBP0.22m (H1 FY22: GBP0.75m)
-- Adjusted EBITDA * -GBP0.3m (H1 FY22: GBP0.2m)
-- Cash of GBP1.2m at period end
Feedback from our partners in existing IP agreements remains
positive, with further regulatory approvals now being secured,
especially in the US. This is yet to feed through to material
royalty and commission income, but those partners continue to
invest heavily in their markets so we remain confident in future
returns.
David Traynor, Executive Chairman of Byotrol commented:
"Byotrol is well positioned to grow in post-pandemic
antimicrobial markets, as we continue to focus on
regulatory-approved, high performance biocide technologies.
We are now increasing market share from product sales in animal
and human health as competitors withdraw for regulatory reasons,
and within those markets we are increasing margins through sharper
focus of resources, greater simplification of operations and
enhanced economies of scale. These returns are set to grow further,
boosted by ongoing high margin licensing agreements and
alliances.
We look forward to supporting Vivan Pinto in his new position of
Byotrol CEO, and we sincerely thank John Langlands for his
excellent contribution to our Company."
Investor Presentation
David Traynor, Executive Chairman, Vivan Pinto, CEO, and Chris
Sedwell, CFO will provide a live presentation relating to these
results via the Investor Meet Company platform on 14th Dec 2022 at
3:00pm GMT.
The presentation is open to all existing and potential
shareholders. Questions can be submitted at any time during the
live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet BYOTROL PLC via:
https://www.investormeetcompany.com/byotrol-plc/register-investor
Investors who already follow BYOTROL PLC on the Investor Meet
Company platform will automatically be invited.
For further information contact:
Byotrol Plc
David Traynor, Executive Chairman +44 (0)1925 742 000
Vivan Pinto, Chief Executive
Chris Sedwell, Chief Financial Officer
finnCap Limited (Nominated Adviser and
Broker) +44 (0)20 7220 0500
Geoff Nash/George Dollemore - Corporate
Finance
Nigel Birks/Harriet Ward - ECM
Flagstaff Strategic and Investor Communications +44 (0)20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon byotrol@flagstaffcomms.com
This announcement is released by Byotrol Plc and, prior to
publication, the information contained herein was deemed to
constitute inside information under the Market Abuse Regulations
(EU) No. 596/2014. Such information is disclosed in accordance with
the Company's obligations under Article 17 of MAR. The person who
arranged for the release of this announcement on behalf of Byotrol
Plc was Chris Sedwell, CFO.
* Adjusted EBITDA is defined as Earnings before Interest, Tax,
Depreciation and Amortisation and exceptional items, share-based
payments, non-trading items such as profit or loss on disposal of
assets, plus revenue recognised as interest under IFRS 15
Notes to editors
Byotrol plc (BYOT.L), quoted on AIM, is a specialist infection
prevention and control company, operating globally in the
Healthcare, Industrial, Food and Consumer sectors, providing low
toxicity products with a broad-based and targeted efficacy across
all microbial classes; bacteria, viruses (including coronavirus),
fungi, moulds, mycobacteria and algae.
Byotrol's products can be used stand-alone or as ingredients
within existing products, where they can significantly improve
their performance, especially in personal hygiene, domestic and
industrial disinfection, odour control, food production and food
management.
Byotrol develops and commercialises technologies that create
easier, safer and cleaner lives for everyone.
For more information, go to byotrol.com
Executive Chairman's report and financial review
The headline numbers for this report are ahead in many respects
compared to the half year pre-Covid, but behind the half yearly
results during the pandemic, including versus the first half of FYE
March 2022.
The Company remains very well positioned strategically, with a
solid balance sheet and net cash.
The 'boom' of Covid led to a period of over-supply in our
industry once demand started to normalize. The excess stocks have
now largely flowed-through but have generated consolidation as
competitors and manufacturers who had over-extended themselves
during the pandemic run out of cash. This consolidation is further
driven by the increasingly demanding regulatory environment which
many players do not have the resources or technical ability to
succeed in.
Byotrol has long maintained a competitive technical and
regulatory capability on a small cost base with high operational
gearing and so is now well placed to benefit from these trends, to
grow market share and to benefit from the consolidation. Our market
share is now starting to grow and our financials are beginning to
show the benefits of some fundamental operating changes made within
the Company to maximise returns. These include:
-- Sharp increase in focus. We have reduced our technology
platforms from seven to four, our operational segments from seven
to three (animal health, specialist human health and consumer) and
our SKUs by 25% so far.
-- Concomitant refocus of resources in sales and marketing,
technical support and supply chain.
-- A resulting gross margin improvement of 3 percentage points
despite the volatile supply chain and inflationary environment.
Gross margin on product sales in H1 exceeded 40%, versus 37% in the
prior year. Including provision releases year to date, reported
gross margin for the period was 43.9%.
These improvements reflect what Byotrol has been positioning for
over many years and that we are now seeing playing out in the
market across Europe. Our lead market for products is now animal
health, built on the brand equity from the acquired business and
brands of Medimark Scientific, where we are substantially growing
market share and are capitalizing on our first new surface
sanitising technology platform launch under the 'Anigene' brand
(see 'technology' section below).
Our strategy therefore remains in place and we will accelerate
on the same path. Product sales are expected to increase steadily,
especially in Professional, with the increased focus and better
economies of scale leading to further improvement in margins. Those
returns should also now be boosted through commission and license
royalties from IP agreements finally bearing fruit. We now have an
impressive portfolio of high-quality platform technologies, which
we believe is yet to be fully recognized in the Company's
valuation.
Your team therefore remains very confident in our positioning
and in upcoming returns. This confidence was confirmed by
management and team contributing over half of the funds for a GBP1m
convertible bond financing completed in July this year, which
solidifies our balance sheet, protects growth-oriented spending and
protects us against further extraneous market shocks.
Results by segment
Professional
H1 revenues decreased to GBP1.90m from GBP2.61m, including
GBP0.22m of royalty and licensing revenue compared to GBP0.75m in
the comparable period. Gross profit on product sales (excluding
license revenue) increased to GBP0.75m from GBP0.70m, reflecting
the underlying improvement and simplification of the business.
Market conditions are largely back to normal in our traditional
Professional market sectors, except in facilities management, where
price competition is very strong and little recognition is being
given to improved technology claims. We did expect this to be the
case as the effects of the pandemic wore off and the UK economic
outlook worsened and we have been consequently focussing sales and
marketing efforts this year on animal health markets and on
specialist niches in the higher margin human health markets. In the
period under review Professional product revenue was split 52%
animal health, 35% human health, 13% FM and other, versus 52%, 21%
and 27% respectively in the previous half year.
The EU regulatory system is moving now in the direction that we
have long been positioning for, and sales into customers with
continental EU HQs have increased as a result. The UK's
now-independent system is also becoming clearer.
Consumer
H1 revenues decreased to GBP0.34m from GBP0.56m and gross profit
to GBP0.14m from GBP0.20m, with gross margin increasing to 41% from
36%, a result (as in Professional) of focussing on higher margin
product areas.
We have hired new leadership into our consumer division, tasked
with selling our core technologies into retail and wholesalers
under our brand and third-party brands. The opportunity here
remains substantial, but given the high spend required to grow
quickly, we are being very selective in the business that we
pursue.
We therefore expect Consumer to remain niche for us in product
sales in the short term, but with improving profitability, and we
will exit channels where the spend and opportunity cost is not
matched by the profit potential. This has led for instance to a
gradual withdrawal from a well-known UK pet retailer, where we
concluded that we would not be able to achieve a satisfactory
return for the resources and risk required.
Technology Portfolio
The team has recognised for many years a need to focus technical
effort and regulatory spend on a smaller number of platforms as the
basis for our own product sales, especially as the regulatory
deadlines approach. We are now taking the necessary decisions and
have fixed on 3 core platforms that we will support through the
final regulatory approvals in the EU:
-- HLD4 and its upgrade ("Cruise") for animal and human health -
a high performance surface disinfectant, with broad spectrum
anti-microbial activity and excellent value to customers on a
per-use basis.
-- A new, natural and sustainable technology with excellent
anti-microbial performance, especially against viruses, and we
believe applicable in skin care and all surface care environments
including humans, animals and specialist food environments. This is
a new platform that we have been developing for 3 years and that is
showing real promise in all targeted markets.
-- Invirtu hand sanitisers - alcohol free skin sanitization with
an upgraded and more robust formulation, but with the same germ
kill and dermatological benefits.
We continue to invest judiciously in other technical areas where
we see potential from IP agreements and alliances, notably:
-- Seaweed antivirals - which is more appropriate for pharma,
OTC and consumer applications than core Byotrol biocide markets,
but that we still see as a valuable asset
-- Technologies that support long-lasting anti-microbial claims
(notably Byotrol24 and Actizone)
-- Quaternary-free sanitisers for food markets
The IP commercialization effort for these technologies now has a
dedicated sales team.
Intellectual Property Sales and Licensing
As reported in our year-end report in September (FYE March
2022), our licensing business has been held back by poor market
conditions and by increasing customer focus on price and value in
mass markets. This has meant some of our licensees are currently
paying us minimum guaranteed royalties only. However, given the
underlying regulatory position, we continue to see this as a core
activity of Byotrol, offering 100% gross margin and broader
distribution than we could achieve on our own.
The two most active IP-based projects are:
-- Solvay has now launched Actizone globally, the long-lasting
antimicrobial surface sanitiser that Byotrol co-developed and that
will pay Byotrol an ongoing commission on all Solvay sales. In
October 2022 Solvay finally achieved US EPA and individual state
approvals for Actizone, meaning that it is now the only globally
available product of its type, applicable across consumer and
professional markets worldwide. We await with interest new product
launches (US and globally) and our first sizeable commission
payments. We remain very limited by NDAs in what we can report on
Solvay activity, as is Solvay with its own customers, but from
publicly available sources we understand there are upcoming
launches by household names in both consumer and business markets
in the US, Europe and Asia.
-- IRI and the Company are facilitating a new EPA registration
of the Byotrol 24 formulation in the US under a globally recognized
business hygiene brand. We expect this to go into a test market in
mid-2023, with a full launch in the US to follow should market
testing prove successful.
Balance sheet
Our balance sheet was considerably strengthened in July by
issuing GBP1m in convertible notes, to existing shareholders and to
the Byotrol team. This was put in place as an insurance policy
against further market shocks and to permit continued investment in
sales, marketing and technology.
As with prior periods, we continue to invest in our IP and
associated regulatory costs with GBP202k of additions into
Intangible Assets in the first half of FY23 (see Note 7).
Similarly, to support our growth strategy as outlined above,
including our Anigene formulation re-launch, we have invested
tactically in our inventory during the period resulting in a
closing stock balance of GBP627k.
The above movements, combined with ongoing investment in
strengthening the Byotrol team, resulted in a cash balance at
period end of GBP1.2m.
Management Changes
On 22 November 2022 October we announced that John Langlands
will be retiring from business life - and hence from the Byotrol
board - on January 31, 2023 and that he would step-down with
immediate effect from Non Executive Chairman of Byotrol plc. John
has completed six years of service at the Company, one more year
than he originally intended. He retires with the sincere thanks of
the Directors.
We also announced the immediate promotion of our Chief Growth
Officer (since January 2022) Vivan Pinto to CEO. Vivan brings many
years of general management experience from multinationals such as
J&J and Reckitt and has already been making a big impact upon
the quality of the Company's operations.
Outlook
The new management team has concentrated much of its efforts in
this half year to improving the team, systems and processes -
particularly in supply chain - and making the necessary decisions
to rationalize the portfolio with focus on higher margin segments.
We have made a lot of progress in this and are encouraged by the
fact that gross margins are now on an upward trajectory.
Market demand is now solid in all areas except facilities
management, which now accounts for only 13% of the Professional
product portfolio. We will refocus in this area on niche segments
with high margins and high barriers to entry as per our overall
strategy. The favourable long-term demand trends in antimicrobial
markets remain firmly in place.
We are now consistently winning product business in our main
areas of focus in animal and human health. The re-launch of our
animal healthcare formulation Anigene at the London Vet Show in
November 2022 was very encouraging and is already leading to an
upturn in orders.
We have had to learn to be patient on IP sales as we only make
money when our licensees do. But the cash from minimum guarantees
continues to boost our resources and the degree of investment by
those licensees with regulators - especially in the US - remains
very high.
Byotrol remains well-resourced to deliver further commercial
progress; the long-term outlook for your company remains
excellent.
David Traynor
Executive Chairman
Group statement of comprehensive income
6 months 6 months Year to
to to 31 March
30 September 30 September 2022
2022 2021
Note GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Revenue 2 2,232 3,173 6,327
Cost of sales pre-exceptional
item (1,129) (1,517) (3,287)
_______ _______ _______
Gross profit pre-exceptional
item 1,103 1,656 3,040
Cost of sales - exceptional
item - - (214)
_______ _______ _______
Gross profit 1,103 1,656 2,826
Adjusted administrative expenses (1,586) (1,633) (3,315)
_______ _______ _______
Adjusted operating (loss)/profit (483) 23 (489)
Exceptional items - - (372)
Amortisation of acquisition-related
intangibles (169) (121) (317)
Share-based payments - (64) (95)
_______ _______ _______
Operating loss (652) (162) (1,273)
Finance income 4 50 26 48
Finance expense 5 (21) (5) (20)
_______ _______ _______
Loss before taxation (623) (141) (1,245)
Income tax credit/(expense) 44 23 (102)
_______ _______ _______
Loss for the period (579) (118) (1,347)
Items that may be reclassified
subsequently to profit or loss:
Exchange differences 156 11 59
_______ _______ _______
Other comprehensive income/(expense),
net of tax 156 11 59
Total comprehensive loss for
the period (423) (107) (1,288)
Earnings per share - from
profit for the period
Attributable to the owners
of Byotrol plc (basic) 6 (0.13)p (0.03)p (0.30)p
Attributable to the owners
of Byotrol plc (diluted) 6 (0.13)p (0.03)p (0.29)p
Group statement of financial position
As at As at As at
30 September 30 September 31 March
2022 2021 2022
Note GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Assets
Non-current assets
Intangible assets 7 3,433 3,617 3,506
Tangible assets 76 80 73
Right-of-use assets 8 17 41 25
Deferred tax assets 134 315 134
Trade receivables 1,804 1,292 1,561
_______ _______ _______
5,464 5,345 5,299
Current assets
Inventories 627 733 399
Trade and other receivables 1,649 1,772 1,941
Cash and cash equivalents 1,158 1,902 1,132
_______ _______ _______
3,434 4,407 3,472
Total assets 8,898 9,752 8,771
Liabilities
Non-current liabilities
Lease liabilities 9 8 16 12
Deferred tax liabilities 360 325 383
Convertible loan stock 962 - -
_______ _______ _______
1,330 341 395
Current liabilities
Trade and other payables 827 1,027 1,246
Lease liabilities 9 8 26 12
_______ _______ _______
835 1,053 1,258
Total liabilities 2,165 1,394 1,653
NET ASSETS 6,733 8,358 7,118
Issued share capital and
reserves
Share capital 1,135 1,133 1,135
Share premium 457 434 457
Other reserves 981 739 787
Retained earnings 4,160 6,052 4,739
_______ _______ _______
TOTAL EQUITY 6,733 8,358 7,118
Group statement of cash flows
6 months 6 months Year to
to to 31 March
30 September 30 September 2022
2022 2021
GBP'000 GBP'000 GBP'000
(unaudited) (unaudited) (audited)
Cash flows from operating activities
Loss for the period (579) (118) (1,347)
Adjustments for:
Finance income (50) (26) (48)
Finance costs 21 5 20
Depreciation of tangible non-current
assets 26 16 31
Amortisation of intangible non-current
assets 275 190 517
Loss on disposal of assets 1 17 17
Income tax recognised in profit
or loss (44) (23) 102
Share-based payments - 64 95
_______ _______ _______
Operating cash flows before movements
in working capital (350) 125 (613)
(Increase)/decrease in trade and
other receivables 49 (185) (555)
(Increase)/decrease in inventories (227) 366 699
Increase/(decrease) in trade and
other payables (377) 29 186
_______ _______ _______
Cash (used in)/generated from
operating activities (905) 335 (283)
Income tax refund received 21 - -
_______ _______ _______
Net cash (used in)/generated from
operating activities (884) 335 (283)
Cash flows from investing activities
Development of intangible assets (202) (272) (488)
Acquisition of property, plant
and equipment (20) (12) (20)
_______ _______ _______
Net cash used in investing activities (222) (284) (508)
Cash flows from financing activities
Proceeds from issue of ordinary
shares, net of issue costs - 261 286
Proceeds from issue of convertible 1,000 - -
loan stock
Repayments of principal on lease
liabilities (4) (14) (7)
Finance Income 1 - -
Finance costs (21) (4) (12)
Interest expense on lease liabilities - (1) (1)
_______ _______ _______
Net cash (used in)/ generated
by financing activities 976 242 266
Net (decrease)/increase in cash
and cash equivalents (130) 293 (525)
Net foreign exchange differences 156 11 59
Cash and equivalent at beginning
of period 1,132 1,598 1,598
_______ _______ _______
Cash and cash equivalents at end
of period 1,158 1,902 1,132
Group statement of changes in equity
Share Share Other Retained Total
capital premium Exchange reserve profits
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March
2021 1,116 190 728 - 6,106 8,140
Loss after taxation
for the period - - - - (118) (118)
Share-based payments - - - - 64 64
Other comprehensive
income:
Exchange differences - - 11 - - 11
Transactions with
owners:
Shares issued for
cash 17 244 - - - 261
_____ _____ _____ _____ _____ _____
Balance at 30 September
2021 1,133 434 739 - 6,052 8,358
Loss after taxation
for the period - - - - (1,229) (1,229)
Other comprehensive
income:
Exchange differences - - 48 - - 48
Transactions with
owners:
Share-based payments - - - - 31 31
Deferred tax on
share-based payment
transactions - - - - (115) (115)
Transactions with
owners - capital
reduction:
Costs of Capital
Reduction 2 23 - - - 25
_____ _____ _____ _____ _____ _____
Balance at 31 March
2022 1,135 457 787 - 4,739 7,118
Loss after taxation
for the period - - - - (579) (579)
Other comprehensive
income:
Exchange differences - - 156 - - 156
Transactions with
owners:
Convertible Loan
Stock Issue - - - 38 - 38
_____ _____ _____ _____ _____ _____
Balance at 30 September
2022 1,135 457 943 38 4,160 6,733
Notes to the Group financial statements
1 Basis of preparation
The Group has prepared its interim financial statements for the
6 months ended 30 September 2022 (the "interim results") in
accordance with the recognition and measurement principles of
International Financial Reporting Standards ("IFRS") as adopted by
the European Union and also in accordance with the recognition and
measurement principles of IFRS issued by the International
Accounting Standards Board, but do not include all the disclosures
that would otherwise be required. They have been prepared under the
historical cost convention as modified to include the revaluation
of certain non-current assets. The accounting policies adopted in
the interim financial statements are consistent with those adopted
in the Group's Annual Report and Financial Statements for the year
ended 31 March 2022 and those which will be adopted in the
preparation of the Annual Report for the year ending 31 March
2023.
As permitted, the interim results have been prepared in
accordance with the AIM Rules of the London Stock Exchange and not
in accordance with IAS34 Interim Financial Reporting. They do not
constitute full statutory accounts within the meaning of section
434 of the Companies Act 2006 and are unaudited.
Going concern
The Directors have considered trading and cash flow forecasts
prepared for the Group and based on these are satisfied that the
Group will continue to be able to meet its liabilities as they fall
due for at least one year from the date of these results. On this
basis, they consider it appropriate to have adopted the going
concern basis in the preparation of the interim results, which were
approved by the Board of Directors on 9 December 2022.
Comparative financial information
The comparative financial information presented herein for the
year ended 31 March 2022 does not constitute full statutory
accounts for that period. The statutory accounts for the year ended
31 March 2022 carried an unqualified Auditor's Report, did not draw
attention to any matters by way of emphasis and did not contain a
statement under Section 498(2) or 498(3) of the Companies Act
2006.
2 Segmental analysis
Revenue and gross profit by segment
6 months ended 30 September Continuing Total
2022 operations
Professional Consumer
GBP'000 GBP'000 GBP'000
Revenue
Product sales 1,678 336 2,014
Royalty and licensing income 218 - 218
_______ _______ _______
Total revenue 1,896 336 2,232
Gross profit
Product sales 746 139 885
Royalty and licensing income 218 - 218
_______ _______ _______
Total gross profit 964 139 1,103
6 months ended 30 September Continuing Total
2021 operations
Professional Consumer
GBP'000 GBP'000 GBP'000
Revenue
Product sales 1,862 560 2,422
Royalty and licensing income 751 - 751
_______ _______ _______
Total revenue 2,613 560 3,173
Gross profit
Product sales 705 200 905
Royalty and licensing income 751 - 751
_______ _______ _______
Total gross profit 1,456 200 1,656
Revenue by geography
The Group recognises revenue in three geographical regions based
on the location of customers, as follows:
6 months ended 30 September Professional Consumer Total
2022
GBP'000 GBP'000 GBP'000
United Kingdom 1,575 140 1,715
North America 43 - 43
Rest of World 278 196 474
_______ _______ _______
Total revenue 1,896 336 2,232
6 months ended 30 September Professional Consumer Total
2021
GBP'000 GBP'000 GBP'000
United Kingdom 1,650 366 2,016
North America 751 - 751
Rest of World 212 194 406
_______ _______ _______
Total revenue 2,613 560 3,173
Management makes no allocation of costs, assets or liabilities
between these segments since all trading activities are operated as
a single business unit.
License revenue and finance income
License contracts (and certain other contracts relating to the
sale of IP) typically provide for fixed payments to be made by
customers over a given term (typically between three and five years
but which may extend longer). Under IFRS 15, in order to reflect
the time value of money, such contracts are recognised as the
capitalised value of the income stream plus notional interest
accruing for the period on the credit deemed to be extended to the
customer (on a reducing balance basis). For the 6 months to 30
September 2022 this figure amounts to license revenue of GBP0.175m
and notional interest income of GBP49,000.
3 Non-GAAP profit measures and exceptional items
Reconciliation of operating profit to adjusted EBITDA (earnings
before interest, taxation, depreciation and amortisation):
6 months 6 months Year to
to to 31 March
30 September 30 September 2022
2022 2021
GBP'000 GBP'000 GBP'000
Operating profit/(loss) (652) (162) (1,273)
Adjusted for:
Amortisation and depreciation 301 221 578
_______ _______ _______
EBITDA (351) 59 (695)
Loss on disposal of assets 1 17 17
Revenue recognised as interest
under IFRS 15 49 26 36
Expensed share-based payments - 64 95
Exceptional items:
-------------- -------------- ----------
- Inventory Provision - - 214
- IP receivables provision - - 147
- Restructure costs - - 225
-------------- -------------- ----------
Total exceptional items - - 586
_______ _______ _______
Adjusted EBITDA (301) 166 39
The criterion for adjusting items in the calculation of adjusted
EBITDA is operating income or expenses that are material and either
(i) arise from an irregular and significant event or (ii) are such
that the income/cost is recognised in a pattern that is unrelated
to the resulting operational performance. Materiality is defined as
an amount which, to a user, would influence decision-making based
on, and understandability of, the financial statements. Adjustment
for share-based payment expense is made because, once the cost has
been calculated, the Directors cannot influence the share based
payment charge incurred in subsequent years, and the value of the
share option to the employee differs considerably in value and
timing from the actual cash cost to the Group.
Exceptional items are treated as exceptional by reason of their
size or nature and are excluded from the calculation of adjusted
EBITDA (and adjusted earnings per ordinary share) to allow a better
understanding of comparable year-on-year trading and thereby an
assessment of the underlying trends in the Group's financial
performance. These measures also provide consistency with the
Group's internal management reporting.
Adjusted EPS
The calculation of adjusted EPS is shown in Note 6.
4 Finance income
6 months 6 months Year to
to to 31 March
30 September 30 September 2022
2022 2021
GBP'000 GBP'000 GBP'000
Interest receivable on interest-bearing
deposits 1 - 12
Notional interest accruing on
contracts with a significant
financing component 49 26 36
_______ _______ _______
Total finance income 50 26 48
5 Finance expense
6 months 6 months Year to
to to 31 March
30 September 30 September 2022
2022 2021
GBP'000 GBP'000 GBP'000
Interest and finance charges 21 4 19
Interest on lease liabilities
under IFRS 16 - 1 1
_______ _______ _______
Total finance expense 21 5 20
6 Earnings per share
The following sets out the earnings and share data used in the
basic and diluted earnings per share computations:
Denominator for earnings per share ("EPS") calculations
Year to 31 March 6 months 6 months Year to
to to 31 March
30 September 30 September 2022
2022 2021
Weighted number of ordinary shares
in issue 453,890,405 452,659,277 453,066,186
Effect of dilutive potential
ordinary shares - Share Options 522,444 3,342,894 4,106,908
_______ _______ _______
454,412,849 456,002,170 457,173,094
The Group has two categories of potentially dilutive ordinary
share. The first is share options granted to employees where the
exercise price (plus the remaining expected charge to profit under
IFRS 2 per option) is less than the average price of the Company's
ordinary shares during the period. The weighted average number of
shares for the calculation of diluted earnings per share is
computed using the treasury share method.
The second relates to the Convertible Bond. The Group issued a
Convertible Bond for GBP1m in July 2022 to new and existing
investors in the Company, including Board directors. The Loan Notes
have a term of five years, are senior in ranking, unsecured and
convertible at investors' option into ordinary shares in the
capital of the Company ("Ordinary Shares") at a price of 3.25 pence
per Ordinary Share, representing a 30% premium to the mid-price of
the Company's share price at close of business on 26 July 2022. The
Loan Notes carry a coupon of 9% per annum, payable quarterly in
arrears. Based on the issue size of GBP1,000,000, the Loan Notes
would, if converted, represent approximately 30,769,230 Ordinary
Shares, amounting to 6.8% of the current issued share capital of
the Company. However, as the average Byotrol share price since the
issue of the Convertible Bond has been below the 3.25p conversion
price, these are currently classed as non-dilutive and do not
feature in the Denominator calculation above.
Numerator for EPS calculations
6 months to 30 September 2022 Total
GBP'000
Profit/(loss) attributable to
ordinary equity holders of the
Company (numerator for basic
EPS calculation) (579)
Adjusting items:
- share-based payments -
- amortisation of acquisition-related
intangibles 168
- deferred tax credit arising
from acquisition-related intangibles (23)
_______
Adjusted earnings attributable
to owners of the Parent
(numerator for adjusted EPS
calculation) (434)
6 months to 30 September 2021 Total
GBP'000
Profit/(loss) attributable to
ordinary equity holders of the
Company (numerator for basic
earnings per share calculation) (118)
Adjusting items:
- share-based payments 64
- amortisation of acquisition-related
intangibles 121
- deferred tax credit arising
from acquisition-related intangibles (23)
_______
Adjusted earnings attributable
to owners of the Parent 44
Year to 31 March 2022 Total
GBP'000
Profit/(loss) attributable to
ordinary equity holders of the
Company (numerator for basic
earnings per share calculation) (1,347)
Adjusting items:
- share-based payments 95
- exceptional items 586
- amortisation of acquisition-related
intangibles 317
- deferred tax credit arising
from acquisition-related intangibles 35
_______
Adjusted earnings attributable
to owners of the Parent (314)
The criteria for inclusion of adjusting items in the calculation
of adjusted EPS are the same as those relating to the calculation
of adjusted EBITDA as set out in Note 3. Amortisation of
acquisition-related intangibles (and the associated tax credit)
relates to the amortisation of intangible assets in respect of
customer relationships and brands which are recognised on a
business combination and are non-cash in nature.
EPS - reported
6 months to 6 months to Year to
30 September 2022 30 September 2021 31 March
2022
GBP'000 GBP'000 GBP'000
Reported earnings per share attributable to shareholders
- basic (0.13)p (0.03)p (0.30)p
- diluted (0.13)p (0.03)p (0.29)p
EPS - adjusted
6 months to 6 months to Year to
30 September 2022 30 September 2021 31 March
2022
GBP'000 GBP'000 GBP'000
Adjusted earnings per share attributable to shareholders
- basic (0.10)p 0.01p (0.07)p
- diluted (0.10)p 0.01p (0.07)p
7 Intangible assets
Intangible assets comprise capitalised development costs,
acquired software, customer relationships and goodwill.
Goodwill Other Total
Intangible
Assets
GBP'000 GBP'000 GBP'000
Cost
At 1 April 2022 502 5,031 5,533
Additions - 202 202
(Disposals) - - -
_____ _______ _______
At 30 September
2022 502 5,233 5,735
Amortisation
At 1 April 2022 - (2,027) (2,027)
Charge for the
period - (275) (275)
Eliminated on - - -
disposal
_______ _______ _______
At 30 September
2022 - (2,302) (2,302)
Net carrying
amount
At 30 September
2022 502 2,931 3,433
At 1 April 2022 502 3,004 3,506
Other Intangible Assets comprise:
Customer Brands Development Patents Total
Relationships Costs and licenses
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 April 2022 1,861 567 1,902 701 5,031
Additions - - 165 37 202
(Disposals) - - - - -
_______ _______ _______ _______ _______
At 30 September
2022 1,861 567 2,067 738 5,233
Amortisation
At 1 April 2022 (671) (224) (621) (511) (2,027)
Charge for the
period (93) (75) (91) (16) (275)
Eliminated on - - - - -
disposal
_______ _______ _______ _______ _______
At 30 September
2022 (764) (299) (712) (527) (2,302)
Net carrying
amount
At 30 September
2022 1,097 268 1,355 211 2,931
At 1 April 2022 1,190 343 1,281 190 3,004
8 Right-of-use assets
Right-of-use assets comprise leases over office buildings and
vehicles.
Office Vehicles Total
buildings
GBP'000 GBP'000 GBP'000
Cost
At 1 April 2022 103 26 129
Additions in the period - - -
(Disposals) in the period - - -
_______ _______ _______
At 30 September 2022 103 26 129
Depreciation
At 1 April 2022 (99) (5) (104)
Charge for the period (4) (4) (8)
Eliminated on disposal - - -
_______ _______ _______
At 30 September 2022 (103) (9) (112)
Net carrying amount
At 30 September 2022 - 17 17
At 1 April 2022 4 21 25
9 Lease liabilities
Lease liabilities comprise liabilities arising from the
committed and expected payments on leases over office buildings and
vehicles.
Amounts due in more than one year Office Vehicles Total
buildings
GBP'000 GBP'000 GBP'000
At 1 April 2022 - 12 12
Transfers from long to short term
liabilities - (4) (4)
At 30 September 2022 _______ _______ _______
- 8 8
Amounts due in less than one year Office Vehicles Total
buildings
GBP'000 GBP'000 GBP'000
At 1 April 2022 4 8 12
Repayments of principal (4) (4) (8)
Transfers from long to short term
liabilities - 4 4
_______ _______ _______
At 30 September 2022 - 8 8
10 Post balance sheet events
There have been no events subsequent to the reporting date which
would have a material impact on these interim financial results
[END]
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END
IR BKDBNPBDDCBD
(END) Dow Jones Newswires
December 12, 2022 02:00 ET (07:00 GMT)
Byotrol (LSE:BYOT)
過去 株価チャート
から 1 2025 まで 2 2025
Byotrol (LSE:BYOT)
過去 株価チャート
から 2 2024 まで 2 2025
