TIDMBYOT
RNS Number : 6293H
Byotrol PLC
31 July 2023
Byotrol plc
FINAL AUDITED RESULTS FOR THE YEARED 31 MARCH 2023
Byotrol plc (AIM: BYOT), ("Byotrol" or "the Company") the
specialist infection prevention and control company is pleased to
present its audited results for the year ended 31 March 2023
("Results").
We are pleased to report our results in line with expectations
in a year of sizeable change. This has been a year of increased
focus on reducing complexity and building Byotrol's product sales
operations in our chosen core markets of animal health and human
health. This makes us ideally placed to benefit from the multiple
growth drivers across our markets.
We report that our efforts are already showing some very
substantial progress, with gross margin on products improving from
37% to 43% during the year.
Financial Highlights
-- Sales GBP4.6m (versus GBP6.3m in 12m to 31 March 2022)
-- Gross profit pre-exceptional charges GBP2.1m (versus GBP3.0m)
-- Gross margin on product sales, pre-exceptional charges 42.6% (versus 37.0%)
-- Operating costs from continued business: GBP3.4m (versus GBP3.3m)
-- Adjusted EBITDA: -GBP0.7m (versus GBP0.04m)
-- Cash at year end; GBP0.7m (versus GBP1.1m)
Operational Highlights
-- Further high-quality additions to the team and complete
concentration of activities in Chester, including:
o Recruitment of Ian Brown from Univar as Director of Group
Supply Chain
o A new Professional Sales team with strong track records in
animal and human health
o A new Customer Services team
o An upgraded Quality team, now putting professional and
systemised quality at the core of the company
o Continued focus on cost control with closure of the Sevenoaks
office, previously the HQ of Medimark, with all Medimark functions
and systems now absorbed within Byotrol in the Chester central
office
-- SKUs reduced from 200 to 130, technology platforms for
Product Sales from 7 to 4, and consolidation to one logistics
provider
-- Concentration of marketing and sales resources on animal
health and human health, focusing on niches with high technical
requirements and superior margins. These two segments now account
for 71% of our sales in the year, compared to 61% in the previous
year.
-- Launch of market-leading new formulations and brand imagery
for surface care products in animal health, especially for Anigene
branded products. For H2 of the 2023 Financial Year, Anigene,
through the new Cruise reformulation, has grown 9% and is
accelerating in the new financial year.
IP/Licencing Highlights
With our product sales now being firmly targeted to animal and
human health, our IP commercialisation efforts are able to target
all other market segments with our technologies and also seek and
develop third party technologies that we can cross-sell into animal
and human health:
-- Solvay's Actizone continues to proceed very encouragingly,
with further regulatory approvals and with new formats now ready to
go. Due to us (and Solvay) being limited by confidentiality
agreements with the brands that are launching, we remain very
restricted on what we can report on customer progress. But we
understand that global companies are now in the process of
launching and market-testing Actizone based products under their
own branding, with more to come.
-- Integrated Resources Inc ("IRI"), US licensee of Byotrol24,
our EPA-registered long lasting surface sanitiser continues to
progress to a market launch in US institutional markets under an
internationally-recognised brand. Product registration is now
almost complete in the individual states, including with new and
enhanced efficacy claims against viruses and as a hospital-grade
sanitizer. Again, we stand to do well financially should those
licensees be successful with their launches.
-- Post year end, we gained patent approval in the UK for a
seaweed extract for use as a prophylatic against viruses. Without a
patent it was proving tricky to engage safely in a sales process
without initial and lengthy confidentiality discussions, but with
that now achieved we now have more freedom to seek partners.
-- We have also now gained a patent in the UK for our
alcohol-free hand sanitiser formulation, the basis of our brand
Invirtu and the formulation supplied to Boots retail. This further
increases the value of this excellent asset.
Investor Presentation
The Company is intending to do an investor roadshow, to include
an update on trading for the current financial year, in mid
September. This will include an InvestorMeetCompany on-line
presentation and Q&A.
Commenting on the results, Trevor Francis, Chairman of Byotrol
plc, said:
" I remain optimistic that we can flourish in the substantial
and global opportunities in infection control, and I have long been
a key supporter of our mix of IP and product sales. I have for some
time thought we needed to do better at the product sales side of
our business and I believe we now have the team and the systems to
do just that. Certainly all the key indicators on our business
health in that respect are moving apace in the right direction.
I firmly believe (and can see that) your Company is becoming
stronger. Following the acquisition of Medimark, it took some time
to align our processes and operating systems, but these are now in
good shape and contributing significantly in our strategy. With the
changes the new team is now making I am confident that this work
will soon be recognised in due course through improved results .
Your Board remains very engaged and highly confident in the
Company's positioning and in its financial prospects. We look
forward to a year of significant revenue growth and returning to
profitability"
For further information, visit www.byotrolplc.com , follow on
twitter @byotrol, or 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
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
CHAIRMAN'S STATEMENT
Dear Shareholder
This has been a year of sizeable change, with increased focus on
reducing complexity and building Byotrol's product sales operations
in our chosen core markets of animal health and human health. This
also required us to focus hard on our supply chain, quality and
marketing operations, all linked to offering a more professional
sales process. I am pleased to report that our efforts are already
showing some very healthy progress with gross margin on products
improved from 37% to 43% during the year.
Revenue for the year was GBP4.6m, compared to GBP6.3m in the
previous year, comprising GBP4.3m in product sales (2022: GBP5.2m)
and GBP0.3m (2022: GBP1.1m) in IP sales.
We remain confident in our strategy and have continued to invest
over the year in people, technology and marketing, as efficiently
as possible. Headline operating costs were broadly flat YoY at
GBP3.4m, but staff costs down by over 9% YoY to GBP2m and
technology costs net of capitalised spend were more than covered by
R&D tax credits.
This resulted in an Adjusted Loss BeforeTax, Depreciation and
Amortisation of GBP0.7m compared to a profit (Adjusted EBITDA) of
GBP40k in 2022, in line with market expectations..
IP commercialisation remains a key part of our business
activities and we continue to support current relationships as well
as search for new licensees and alliance partners. We have been
reasonably successful in the last year, but we now continue to
demand more of ourselves, albeit in tough macro-economic times.
Financing
Our financing strategy for many years had been to raise equity
capital to finance growth as company valuation increased. This
strategy has been a challenge in the last few years, having been
impacted by (a) a steady decrease in institutional interest in
listed companies of our size, except amongst EIS and VCT funds who
rarely buy shares in the secondary market; and (b) our segment
falling out of favour as the financial hype around Covid
dissipated.
We have therefore now turned for the time being to non market
and internal sources of cash where needed, including monetising IP
assets sooner than historically we would have planned. As announced
in July 2022, we raised GBP1m by way of convertible loan notes, to
underpin continued investment in the business. At year end we
reported net debt of GBP313k and we expect to return to profit in
the current financial year.
Board and employees
In the last year, we have been through a period of managed
change at Board level, initiated by John Langland's retirement and
secondly to improve the operational activities of the Company. The
key changes were:
-- John Langlands retiring in January this year, following a
very influential six years with us, especially in guiding the
Company through the exceptionally volatile market conditions in the
pandemic period. We are very grateful to John for his calm
leadership and considerable experience in helping the Company
develop into what is unarguably a much better company.
-- John was replaced for a short period by David Traynor
stepping up from CEO to Executive Chairman in November 2022 to
manage the transition to the new team. The Board was conscious of
the need for the long-term Chair to be independent and
non-executive so it was with some pride that I agreed in April this
year to become Byotrol's Independent Non Executive Chairman.
-- Vivan Pinto promoted in November to Chief Executive Officer,
with a particular brief to increase product sales and margins,
something he had already been doing very well for us since joining
as Chief Growth Officer in January 2022
-- David Traynor returned as Executive Director, with a brief to
develop further commercialisation of our intellectual property
portfolio.
-- We welcomed Ian Brown from Univar, and ex BP Lubricants, as
Director of Supply Chain and Dr Chris Plummer was promoted to Head
of Technology with a brief to further grow our excellent technical
capability.
-- Jane Kiely was promoted to Head of Marketing in November
following Vivan's elevation to the CEO role.
AGM
The Company's AGM is expected to be held on or around Wednesday
13(th) September in London. We value the participation of smaller
and retail shareholders in these meetings and we continue to
encourage your attendance - please do join us if you can.
Prospects
I was very pleased to be asked by the Board to take over as
Chairman of Byotrol. I had already spent over eight years with the
Company as CTO and had overseen the early development of our
excellent technologies, and then latterly as a Non Executive
Director since the end of 2021.
I am confident that we can flourish in the substantial and
global opportunities in biocides, and I have long been a key
supporter of our mix of IP and product sales. I have for some time
thought we needed to do better at the product sales side of our
business and I believe we now have the team and the systems to do
just that. Certainly all the key indicators on our business health
in that respect are moving apace in the right direction.
I firmly believe (and can see that) your Company is becoming
stronger. Following the acquisition of Medimark, it took some time
to align our processes and operating systems, but these are now in
good shape and contributing significantly in our strategy. With the
changes the new team is now making I am confident that this work
will soon be recognised in due course in an improved valuation.
Your Board remains very engaged and highly confident in the
Company's positioning and in its financial prospects. We look
forward to a year of significant progress and a return to
profitability.
Trevor Francis
Non-Executive Chairman
CHIEF EXECUTIVE OFFICER'S STATEMENT
Dear Shareholder
This is my first shareholder report, having taken over as CEO in
November 2022. I am convinced that the overall strategy being
pursued by the Company is the right one, namely satisfying
increasingly complex needs for infection control products by
developing and commercialising a variety of high performance
biocidal technologies, grounded in excellent science, supported by
strong data and structured to receive regulatory approval in the
relevant markets.
Our markets remain very large and continue to grow globally and
we are now seeing competitors withdrawing from certain markets as
regulation bites harder. We are also seeing the serious market
disruption that Covid caused settling down with the last vestiges
of covid-related over-supply disappearing, although now replaced by
pricing pressures on both input and output driven by the
energy-driven recessionary environment.
It has been clear to me for some time that the company needed to
increase focus on product sales in fewer segments and SKUs, and to
attend to operating systems, processes and efficiencies as we drive
scale within our chosen markets. This has led to changes in the
team, to a strategic shift of resources to animal and human health
and to substiantal reduction in product formats and
technologies.
Our results for the year under review show some of the impact of
those changes and include some one-off exceptional charges to our
inventory of GBP258k.
Despite those changes, our reported results still came in line
with expectations and investor guidance and the underlying trends
in the core areas of focus are all very encouraging. This is shown
in particular by an increase in gross margin on product sales of
+6% pts, from 37% to 43%.
Financial highlights of the year are;
-- Sales GBP4.6m (versus GBP6.3m in 12m to 31 March 2022)
-- Gross profit pre-exceptional charges GBP2.1m (versus GBP3.0m)
-- Gross margin on product sales, pre-exceptional charges 42.6% (versus 37.0%)
-- Operating costs from continued business: GBP3.4m (versus GBP3.3m)
-- Adjusted EBITDA: -GBP0.7m (versus GBP0.04m)
-- Cash at year end; GBP0.7m (versus GBP1.1m )
Operational highlights:
-- Further high-quality additions to the team and complete
concentration of activities in Chester, including:
o Recruitment of Ian Brown from Univar as Director of Group
Supply Chain
o A new Professional Sales team with strong track records in
animal and human health
o A new Customer Services team
o A new Quality team, now putting professional and systemised
quality at the core of the company
o Formal closure of the Sevenoaks office, previously the HQ of
Medimark, with all Medimark functions and systems now absorbed
within Byotrol in the Chester central office
-- SKUs reduced from 200 to 130, technology platforms for Product Sales from 7 to 4.
Markets
Professional
We report full year revenues in Professional of GBP4.0m,
compared to GBP5.1m in the previous year. Gross profit amounted to
GBP1.8m, compared to GBP2.6m respectively. Product sales gross
margin of 42.5% versus 37.1% in the prior year reflects
well-executed price rises and operational improvements
Key initiatives in Professional in this year were:
-- Concentration of marketing and sales resources on animal
health and human health, focusing on niches with high technical
requirements and superior margins. These two segments now account
for 71% of our sales in the year, compared to 61% in the previous
year.
-- Launch of market-leading new formulations and brand imagery
for surface care products in animal health, especially for Anigene
branded products. For H2 of the 2023 Financial Year, Anigene,
through the new Cruise reformulation, has grown 9% and is
accelerating in the new financial year.
-- Launch of our first training modules for healthcare
professionals, to educate our customers on the benefits of the new
technologies we are launching.
-- Transitioning out of medical devices, where our technologies
were increasingly out of step with Regulations, and out of products
containing PHMB, which is being regulated out of UK and EU
markets.
-- In Europe, we have successfully registered Anigene in France,
and are looking to place our first order this financial year. This
compliments our successful transition of existing customers in
Europe and the rest of the world to the new Anigene
formulation.
Within Professional, we reported IP sales (including royalties
from licensing) of GBP0.3m (of which GBP0.1m was received in cash),
compared to GBP1.1m in the previous year, split GBP0.2m in actual
cash received and the balance recognised in revenue as discounted
future guaranteed payments.
Licensing and IP Sales
With our product sales now being firmly targeted to animal and
human health, our IP commercialisation efforts are able to target
all other market segments with our technologies and also seek and
develop third party technologies that we can cross sell into animal
and human health:
-- Solvay's Actizone continues to proceed very encouragingly,
with further regulatory approvals and with new formats now ready to
go. Due to us and Solvay being limited by confidentiality
agreements with the brands that are launching, we remain very
restricted on what we can report on customer progress. But we
understand that three global companies are now in the process of
launching and market-testing Actizone based products under their
own branding, with more to come. We are also pleased to report that
we have now received our first commission payment from Solvay SA on
its sales, which as previously reported is small in magnitude. We
expect this to grow though and assuming that Solvay and its
customers are successful with launches, we will also be succesful
in monetary terms, all at 100% gross margin.
-- Integrated Resources Inc ("IRI"), US licensee of Byotrol24,
our EPA-registered long lasting surface sanitiser continues to
progress to a market launch in US institutional markets under an
internationally-recognised brand. Product registration is now
almost complete in the individual states, including with new and
enhanced efficacy claims against viruses and as a hospital-grade
sanitizer. Again, we stand to do very well financially should those
licensees be successful with their launches.
-- As in the prior year, our other existing licensees across
Professional and Consumer (Tristel, SC Johnson, Turtlewax,
Byoworks), largely performed to plan at or below minimum guaranteed
royalty levels, as a result of their own struggles with the unusual
market environment. This means that Byotrol received cash of
GBP0.4m in the year under review from licensees, all of which had
been already taken through our profit and loss in previous years,
but zero extra revenue.
-- Post year end, we gained patent approval in the UK for a
seaweed extract for use as a prophylatic against viruses. This had
proved a more complex process than we thought due to an issue with
a non-commercial, academic patent in one country in Asia. Without a
patent it was proving tricky to engage safely in a sales process,
but the challenge has now been resolved and we now have more
freedom to seek partners.
-- We have also now gained a patent in the UK for our
alcohol-free hand sanitiser formulation, the basis of our brand
Invirtu and the formulation supplied to Boots retail. This further
increases the value of this excellent asset.
Consumer
We report full year revenues in Consumer of GBP0.6m, compared to
GBP1.2m in the previous year. Gross profit amounted to GBP0.3m,
compared to GBP0.4m, which is a substantial gross margin
improvement to 43% from 37%, albeit on lower sales, as we exited
low cost manufacturing in China for third party own label
brands
In line with reducing complexity and bringing greater focus, and
having now reviewed consumer as a segment, we have concluded that
our business here sits better as a B2B activity, as our customers
are intermediaries to consumers and not the consumers themselves.
So we will continue to service existing customers well (and seek
new ones for our core technologies, particularly online) but with
very limited B2C marketing activities. This strategy is already
bearing fruit as we have seen a 5-fold increase in our online
Amazon consumer sales through the launch of the new Anigene Cruise
formulation on the platform. As we continue to roll out our new
formulations in more consumer friendly formats such as ready to use
sprays, we will apply these technologies to the consumer sector,
split through our divisions of animal and human health.
Research and Development
Our R&D team remains at the core of Byotrol's positioning
and we continue to invest heavily in its activities. A number of
technical initiatives are making good progress, notably:
-- the reformulation of Anigene in both concentrate and RTU, and
- soon to come - Chemgene for human health and other non animal
markets.
-- fine tuning our new naturals-based, sustainable surface and
handcare formulations under the generic project name of Artemis.
These formulations are showing very high - and in many cases
superior - efficacy for uses across all of our targeted market
claims and offer excellent growth potential. Natural/sustainable
products are favoured by EU and UK regulators with a compressed,
lower cost approval process, but those approvals are required in
advance of sales, rather than being acquired in parallel.
-- further developing seaweed as an anti-viral, particularly as
a prophylactic agent. Almost all formulation and supply chain
challenges have now been addressed satisfactorily, and the project
now moves more to a commercialisation project.
Balance Sheet
Our balance sheet remains healthy, with cash at year end of
GBP0.7m (2022: GBP1.1m) and stock, post provisions, at GBP0.5m
(2022: GBP0.4m).
On 28 July 2022, we raised GBP1m by way of convertible loan
notes, the majority from directors and their families and also from
a small number of existing significant shareholders. This was to
reduce the risk profile of the company during the current difficult
financing markets and has allowed for continued, confident
investment in the business.
In the year we added a further GBP0.4m to capitalised
development costs to reflect ongoing investment in regulatory, IP
and patent assets.
Outlook
Although we oversaw a dip in sales in the year under review,
this was the result of a proactive initiative to reduce complexity
and increase focus to improve the margins and fundamental health of
the Company. Since year end we have seen fundamental improvements
in all KPIs in the company, across sales, profits and operations.
The sales trends are particularly encouraging year to date in
animal healthcare and we are expecting the same in the second half
of this year in human health.
We have now completed the rationalisation of our portfolio, and
completed the reorganisation of our business model. We are now
poised for growth, despite the recessionary economic environment,
as we continue to roll out our new technologies across Animal and
Human health, where to date we have had a positive reception from
our customers. We will also look to access new geographies,
particularly in Europe through the technologies which are in line
with the new Biocides Product Regulations which are being rolled
out over the next 2 years.
I believe that Byotrol is now in better shape than it has ever
been, and we are well under way in completing our transition to the
new regulatory landscape in which we operate. The team will
continue to build on the positive changes we have already made and
remain determined to report profitable growth over the next two
financial years and beyond.
Vivan Pinto
Chief Executive Officer
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2023
2023 2022
GBP'000 GBP'000
(audited) (audited)
Revenue 4,592 6,327
Cost of sales pre-exceptional item (2,475) (3,287)
_______ _______
Gross profit pre-exceptional item 2,117 3,040
Cost of sales - exceptional item (258) (214)
_______ _______
Gross profit 1,859 2,826
Adjusted administrative expenses (3,383) (3,315)
_______ _______
Adjusted operating (loss) (1,524) (489)
Exceptional items - (372)
Amortisation of acquisition-related intangibles (300) (317)
Share-based payments (33) (95)
_______ _______
Operating (loss) (1,857) (1,273)
Finance income 103 48
Finance expense (71) (20)
_______ _______
(Loss) before taxation (1,825) (1,245)
Income tax credit/(charge) 133 (102)
_______ _______
(Loss) for the year (1,692) (1,347)
Other comprehensive income/(expense):
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translation of
foreign operations 107 59
_______ _______
Other comprehensive income, net of tax 107 59
Total comprehensive (expense) for the
year (1,585) (1,288)
Earnings per share - from profit for
the year
Attributable to the owners of Byotrol
plc ( basic) (0.26)p (0.07)p
Attributable to the owners of Byotrol
plc ( diluted) (0.26)p (0.07)p
GROUP STATEMENT OF FINANCIAL POSITION
For the year ended 31 March 2023
2023 2022
GBP'000 GBP'000
(audited) (audited)
Assets
Non-current assets
Intangible assets 3,218 3,506
Tangible assets 61 73
Right-of-use assets 13 25
Deferred tax assets 163 134
Trade receivables 1,436 1,561
_______ _______
4,891 5,299
Current assets
Inventories 494 399
Trade and other receivables 1,669 1,941
Cash and cash equivalents 687 1,132
_______ _______
2,850 3,472
TOTAL ASSETS 7,741 8,771
Liabilities
Non-current liabilities
Lease liabilities 4 12
Deferred tax liabilities 299 383
Convertible loan notes 962 -
_______ _______
1,265 395
Current liabilities
Trade and other payables 863 1,246
Lease liabilities 8 12
_______ _______
871 1,258
TOTAL LIABILITIES 2,136 1,653
NET ASSETS 5,605 7,118
Issued share capital and reserves
Share capital 1,135 1,135
Share premium 457 457
Other reserves 932 787
Retained earnings 3,081 4,739
_______ _______
TOTAL EQUITY 5,605 7,118
GROUP STATEMENT OF CASH FLOWS
For the year ended 31 March 2023
2023 2022
GBP'000 GBP'000
(audited) (audited)
Cash flows from operating activities
(Loss) for the year (1,692) (1,347)
Adjustments for:
Finance income (103) (48)
Finance costs 71 20
Depreciation of tangible non-current assets 34 31
Amortisation and impairment of intangible
non-current assets 642 517
Loss on patent abandonment 64 17
Income tax charge recognised in profit
or loss (100) 102
Share-based payments 33 95
_______ _______
Operating cash flows before movements
in working capital from continuing operations (1,051) (613)
(Increase)/decrease in trade and other
receivables 421 (555)
(Increase)/decrease in inventories (95) 699
Increase/(decrease) in trade and other
payables (428) 186
_______ _______
Cash (used in) operating activities (1,153) (283)
Income tax refund received 125 -
_______ _______
Net cash (used in) operating activities (1,028) (283)
Cash flows from investing activities
Development of intangible assets (419) (488)
Acquisition of property, plant and equipment (22) (20)
_______ _______
Net cash (used) in investing activities (441) (508)
Cash flows from financing activities
Proceeds from issue of ordinary shares,
net of issue costs - 286
Proceeds from issue of Convertible Loan 1,000 -
Notes
Repayments of principal on lease liabilities (12) (7)
Finance costs (70) (12)
Interest expense on lease liabilities (1) (1)
_______ _______
Net cash generated from financing activities 917 266
Net (decrease) in cash and cash equivalents (552) (525)
Foreign exchange differences 107 59
Cash and equivalent at beginning of period 1,132 1,598
_______ _______
Cash and cash equivalents at end of period 687 1,132
GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 Share capital Share premium Retained Total
March 2023 earnings
Other reserve Exchange
reserve
GBP'000 GBP'000 GBP000's GBP000's GBP'000 GBP'000
Balance at 1 April
2021 1,116 190 - 728 6,106 8,140
Loss after taxation
for the period - - (1,347) (1,347)
Other comprehensive
income:
Exchange differences - - - 59 - 59
Transactions with owners:
Share-based payments - - - - 95 95
Deferred tax on share-based
payment transactions - - - - (115) (115)
Shares issued during
the year for cash 19 267 - - - 286
_____ _____ _____ _____ _____ _____
Balance at 31 March
2022 1,135 457 - 787 4,739 7,118
Loss after taxation
for the period - - - - (1,692) (1,692)
Other comprehensive
income:
Exchange differences - - - 107 - 107
Transactions with owners:
Share-based payments - - - - 33 33
Deferred tax on share-based
payment transactions - - - - 1 1
Shares issued during - - - - -
the year for cash
Convertible loan note
equity component - - 38 - - 38
_____ _____ _____ _____ _____ _____
Balance at 31 March
2023 1,135 457 38 894 3,081 5,605
Reserve Description and purpose
Share capital Nominal value of issued shares
Share premium Amount subscribed for share capital in excess
of nominal value less associated costs
Other Reserve Equity component arising from issue of Convertible
Loan Note
Exchange reserve The difference arising on the translation of
foreign operations denominated in currencies
other than UK Sterling into the presentational
currency of the Group
Merger reserve Amounts arising on the consolidation of historic
acquisitions under merger accounting principles
Retained earnings All other net gains and losses not recognised
elsewhere
1 Revenue and Segmental Analysis
The Chief Executive Officer & Chief Financial Officer
monitor the operating results of segments separately in order to
allocate resources between segments and to assess performance.
Segment performance is predominantly evaluated based on gross
profit as operating costs, net finance costs and income tax are
managed on a centralised basis; therefore, these items are not
allocated between operating segments for the purposes of the
information presented to the Chief Executive Officer & Chief
Financial Officer and are accordingly omitted from the segmental
information below.
For the year ended 31 March 2023, there was no one customer that
represented more than 10% of the Group's revenue.
An analysis of revenue (and the related gross profit) by product
or service and by geography is given below:
Revenue by type
To 31 March 2023
Professional Consumer Total
GBP'000 GBP'000 GBP'000
Product sales 3,672 639 4,311
Royalty and licensing income 281 - 281
_______ _______ _______
Total revenue 3,953 639 4,592
To 31 March 2022
Professional Consumer Total
GBP'000 GBP'000 GBP'000
Product sales 4,034 1,181 5,215
Royalty and licensing income 1,112 - 1,112
_______ _______ _______
Total revenue 5,146 1,181 6,327
Gross profit by type
To 31 March 2023
Professional Consumer Total
GBP'000 GBP'000 GBP'000
Product sales 1,561 275 1,836
Royalty and licensing income 281 - 281
_______ _______ _______
Total gross profit 1,842 275 2,117
To 31 March 2022
Professional Consumer Total
GBP'000 GBP'000 GBP'000
Product sales 1,496 432 1,928
Royalty and licensing income 1,112 - 1,112
_______ _______ _______
Total gross profit - pre-exceptional
item 2,608 432 3,040
Revenue by geography
The Group recognises revenue in three geographical regions based
on the location of customers, as set out in the following
table:
2023 2022
GBP'000 GBP'000
United Kingdom 3,442 4,197
Rest of World 970 1,011
North America 180 1,119
_______ _______
Total operations 4,592 6,327
Management makes no allocation of costs, assets or liabilities
between these segments since all trading activities are operated as
a single business unit.
Customer concentration
The Group has no customers representing individually over 10% of
revenue each (2022: nil).
Licence revenue and finance income
Licence 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 year on the credit deemed to be extended to the
customer (on a reducing balance basis). For the financial year 2023
this figure amounts to licence revenue of GBP0.3m and related
notional interest income of GBP101,000 (2022: GBP1.11m and
GBP36,000).
2 Reconciliation of Operating Profit to Adjusted EBITDA
Year to 31 March 2023 2022
GBP'000 GBP'000
Operating (Loss) (1,857) (1,273)
Amortisation and depreciation 689 578
_______ _______
EBITDA (1,168) (695)
Adjusted for:
Loss on patent abandonment 64 17
Revenue recognised as interest under IFRS
15 101 36
Expensed share-based payments 33 95
Exceptional items:
-------- --------
- Inventory Provision 258 214
- IP receivables provision - 147
- Restructure costs - 225
-------- --------
Total exceptional items 258 586
_______ _______
Adjusted EBITDA (712) 39
3 Annual Report & Accounts
The full Annual Report & Accounts for the year ended 31
March 2023, including Accounting Policies and Notes to the
Financial Statements, will be available today on our website
www.byotrolplc.com, along with Notice of the AGM, to be held at
finnCap's offices in London at 11am on 13(th) September 2023.
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END
FR FLFSRDLITFIV
(END) Dow Jones Newswires
July 31, 2023 02:00 ET (06:00 GMT)
Byotrol (LSE:BYOT)
過去 株価チャート
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Byotrol (LSE:BYOT)
過去 株価チャート
から 5 2023 まで 5 2024
