TIDMBYOT
RNS Number : 6203L
Byotrol PLC
07 September 2023
Byotrol Plc
("Byotrol" or the "Company")
Trading update
As announced with our final results in July, our FY 2023 results
were in line with expectations, with sales of GBP4.6m, a
significant improvement in product gross profit margin to 43% and
an EBITDA loss of GBP0.7m.
Our operating strategy remains unchanged, comprising:
-- focus - on 4 core technology platforms including the Cruise
platform that we believe will receive regulatory approval across
Europe in early 2025. The plan is to monetise this by:
o product sales in animal and human health segments,
o IP sales in other segments or where cost of market entry is
high, such as the US;
-- radical improvement in operations and systems across the
whole company, further increasing efficiency and profit margins
We are pleased to confirm good progress in FY 2024 in the
majority of our activities, including:
-- Strong growth on the new Anigene formulation in animal
health, which we launched in Nov 2022 and YTD is growing +31% vs
the prior year.
-- The launch of our new Chemgene MedLab formulation in human
health in August 2023, the second launch in the UK based on our
"Cruise" technology platform.
-- Further operational improvements through embedding of service
levels, key account management and ecommerce expansion, resulting
in further gross margin improvement of 1% so far this financial
year.
-- Continued tight management of costs and budgeting, keeping
costs flat vs FY 2023 at GBP2.8m, despite the wage and input cost
inflation impacting the UK.
Despite this continued progress, we have seen revenue fall
behind expectations in two areas:
-- in Europe we are seeing slower growth in product sales than
expected due to longer timelines of registration and key account
uptake. Whist we have secured registration and our first sales for
Anigene in France, we now expect to secure the registration in
Germany, and of Chemgene in the 2H of FY 2024.
-- The impact of discontinuations of some legacy products
including medical devices, has been greater than expected. Whilst
this remains a key part of the strategy, the discontinuations have
impacted overall revenues.
IP sales remain encouraging, with traction now being gained by
our biggest licensees and alliance partners. As normal, we are
unable to predict with certainty the impact this will have on our
profits in the current year, but we are already confident of
generating approximately GBP1m alone in cash from IP. Given the
continued volatile market environment - and our wish to continue
investing in growth - we will continue to focus IP efforts this
year on cash rather than new multi-year agreements with minimum
guaranteed royalties.
Outlook
The combination of slower growth in Europe and prioritising cash
from IP means we now expect to be around breakeven this current
financial year with significant profitability in FY2025.
Based on current projections the Directors remain confident that
the Company has sufficient cash resources to execute on its current
strategy.
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.
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
TSTQQLFBXKLBBBK
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
Byotrol (LSE:BYOT)
過去 株価チャート
から 4 2024 まで 5 2024
Byotrol (LSE:BYOT)
過去 株価チャート
から 5 2023 まで 5 2024
