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TyraTech in need of extra funding, shares plummet

Wed, 11th Jan 2012 09:06

Shares in pest control firm TyraTech took a tumble on Wednesday after it revealed that it has to secure additional funding as a result of unexpected order problems with its US partner.Terminix, which has been TyraTech's North American partner since October 2010, has now suspended the distribution of the SafeShield product. While TyraTech assures that this was not a product performance-related decision, Terminix has decided to wind down its existing inventory to "re-calibrate its product strategy".TyraTech's revenues for the year ended December 31st are now expected to be $7m, and while this is significantly higher than the $4.6m the year before, growth has slowed considerably since the first half. During the first six months of 2011, the company generated $5m in revenues, helped by a +100% increase in the delivery of Terminix products. In other words, second half revenues totalled just $2m.The problems with Terminix are also expected to have an impact on 2012 revenue and operating results. Nevertheless, the company said that pre-tax losses of $2.8m for 2011 are in line with market forecasts. TyraTech is now "seeking greater clarity from Terminix as to the likely demand for future orders.""As a result of the shift in demand which has occurred with Terminix, the Directors have determined that the Company will require additional funding in order to adequately capitalise the business so that it may continue to develop the line of products currently in its pipeline whilst continuing the re-negotiations of the current contract with Terminix," the firm said.Shares were down 23.53% at 19.5p by 09:26.

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28 Sep 2018 14:53

TyraTech enters into merger agreement with American Vanguard Corporation

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28 Sep 2018 11:42

TyraTech Shares Jump As 34% Shareholder Agrees To Buy Rest

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23 May 2018 12:58

TyraTech 2017 Revenue Grows With New Focus On Animal Health

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9 May 2018 13:52

REPEAT: TyraTech Making Progress On All Operational Goals For 2018

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9 May 2018 13:52

TyraTech Making Progress On All Operational Goals For 2019

LONDON (Alliance News) - Pest control company TyraTech Inc on Wednesday reported progress on all 2018 operational goals including products controlling parasites in production animals.The on

9 Feb 2017 08:57

TyraTech Results To Meet Market View Despite US Lice Slowdown

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DIRECTOR DEALINGS: TyraTech CFO Buys 100,000 Shares

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TyraTech notessales of Vamousse progress

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28 Jul 2016 09:17

TyraTech Vamousse Sales In Line With Progress Made On Animal Health

1 Jun 2016 15:07

UK Shareholder Meetings Calendar - Next 7 Days

22 Apr 2016 13:59

DIRECTOR DEALINGS: TyraTech Non-Executive Buys Shares

15 Apr 2016 12:13

DIRECTOR DEALINGS: TyraTech Non-Executive Buys 100,000 Shares

14 Apr 2016 10:26

DIRECTOR DEALINGS: TyraTech Non-Executive Buys 250,000 Shares

12 Apr 2016 08:14

TyraTech 2015 Loss Narrows On Strong Growth For Vamousse In US And UK

11 Apr 2016 12:28

TyraTech appoints industry veteran Barella as chairman

(ShareCast News) - AIM-listed life sciences technology group TyraTech has appointed industry veteran José Geraldo Ramalho Barella as non-executive chairman with immediate effect following the resignation of Alan Reade. TyraTech said 60-year old Barella has significant global experience across the an

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