TIDMBYOT
RNS Number : 5959X
Byotrol PLC
27 April 2023
Byotrol Plc
("Byotrol" or the "Group")
Trading Update and Board Changes
Byotrol Plc (AIM: BYOT), the specialist infection prevention and
control company, provides an update on trading for the year ended
31 March 2023.
Subject to audit, it is expected that the results will be in
line with market expectations. Key highlights are:
-- Sales of GBP4.6m, comprising GBP4.3m from product sales and
GBP0.3m from IP sales and royalties;
-- Significant improvement in gross margin on product sales -
41% compared to 37% (FY22), reflecting sku rationalisation and
multiple improvements in operating processes;
-- Adjusted EBITDA of -GBP0.8m; and
-- Cash at year end of GBP0.7m with a key debtor paid just after
year end, taking underlying cash to over GBP0.8m
The IP side of Byotrol continues to progress encouragingly,
particularly in the US. We are hopeful of formal approval this
summer from the EPA for Byotrol24 with enhanced long-lasting
efficacy claims against viruses, and we are then expecting our
previously-announced sub-licensee to commence a market launch in
the US under its own branding shortly afterwards. All other IP
initiatives including our participation in Solvay's Actizone,
remain on plan.
We remain confident in delivering significant growth in the
current financial year and returning to profitability.
As is normal, the exact timing of our Final Results will depend
on the audit process. We are currently assuming the audit to be
completed in August.
Board Changes
To reflect the increasing importance of product sales to the
Company's results, the Board structure of Byotrol is evolving
further.
-- Dr Trevor Francis will with immediate effect become
Non-Executive Chairman of Byotrol. Dr Francis was CTO of Byotrol
(2014 - 2021), following which he moved to Non-Executive Director.
Prior to Byotrol, Dr Francis was at Unilever for 29 years,
including 5 years as Global VP R&D Homecare. He is also a
Non-Executive Director of Velcro Companies, the privately-owned,
global fasteners business.
-- David Traynor - Executive Chairman of Byotrol since November
2022 and prior to that CEO for 9 years - remains on the Board
full-time as an Executive Director. In his new role David will
focus on solidifying, commercialising and developing the Company's
IP portfolio, and will seek to build commercial alliances across
the Company's business activities.
All other Board positions remain the same. A search is underway
to add an additional independent Non-Executive Director to the
Board.
Dr Trevor Francis, incoming Non-Executive Chairman of Byotrol
commented:
"I am looking forward to overseeing the continued development of
Byotrol and supporting the executive team of Vivan Pinto, CEO,
Chris Sedwell, CFO, and David Traynor, ED.
Since the acquisition of Medimark Scientific, a lot of good
progress has been made within the Company, especially in operating
processes and I am convinced we now have the right structure and
team to drive the business forward and create value for all
stakeholders."
For further information contact:
Byotrol Plc
Dr Trevor Francis, Non Executive Chairman +44 (0)1925 742 000
Vivan Pinto, Chief Executive Officer
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
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END
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April 27, 2023 02:00 ET (06:00 GMT)
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