(Alliance News) - Byotrol PLC said Monday it swung to an annual profit after revenue more than tripled amid trading progress and acquisition activity.
Early Tuesday, however, shares were suspended after the firm failed to deliver its audited annual report in time for the required deadline on Monday.
For the financial year that ended in March, unaudited results showed the anti-bacteria and hand sanitising products maker swung to a GBP230,000 pretax profit from a GBP1.6 million loss the year prior. This was after revenue more than tripled to GBP5.7 million from GBP1.8 million the year before.
"I am pleased with progress across all aspects of the group," Chair John Langlands said. "The acquisition of Medimark is a particularly encouraging development, as it provides the sales and marketing expertise to increase sales volumes across all of our technologies and should start to generate some economies of scale."
In late August 2018, Byotrol acquired infection control firm Medimark Scientific Ltd for up to GBP4.5 million.
"We are seeing a great deal of consolidation in our markets, much of it driven by competitors with weak technologies or regulatory offers," Langlands added. "The directors remain confident that our technology-led positioning is the right approach in this market and remain confident in our outlook."
Byotrol said trading for the new financial year ending March 2020 was "meeting expectations" despite "currently being held back by continued (and cautious) net spend in the US and by the delay in achieving financial synergies from the Medimark acquisition."
Despite releasing its unaudited full-year results, AIM-listed Byotrol failed to publish its fully audited annual report ahead of the AIM rules deadline on Monday. Consequently, shares were temporarily suspended from trading on the London Stock Exchange.
Shares in Byotrol closed 2.6% lower at 1.90 pence in London on Monday, ahead of suspension on Tuesday.
Byotrol emphasised on Monday it was "confident" in its unaudited figures, and believes the statements are "close" to the final form.
The firm explained the auditing process was extended due to the "complexities with the accounting for the Medimark acquisition" as well as the restatement of financial 2018 results in line with new accounting regulations.
"We are now in the process of finalising the audit process for the year and the accounts will be published as soon as possible," Byotrol said.
By Ahren Lester; ahrenlester@alliancenews.com
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