LONDON (Alliance News) - TyraTech Incorporated, a producer of natural insect and parasite control products, warned that its earnings for the full-year were now expected to be lower than previously forecast due to the late line review of new products by major retailers in the US, despite positive product and commercial developments in the half-year ended June 30
The company posted a pretax loss of GBP2.8 million, roughly flat from the previous year. TyraTech posted revenues of EUR765,000, up from EUR438,000 in the previous year, all of which was generated as collaborative revenue. The company reduced its research and development costs to EUR848,000 from EUR1.3 million.
The company said that necessary inventory-building processes, as well as incremental marketing expenses, would affect its cash over the next year, however noting that it would keep financing requirements for these opportunities under close scrutiny. Strong interest from distributors in the USA and UK for its head lice repellent products, alongside the companies agreement with Novartis on biocide products, gave the company confidence that it can deliver future value.
Since the end of the period the company has reached a preliminary distribution agreement or its head lice treatment with a pharmacy chain in the USA for 2013.
Shares in TyraTech were trading down 2% at 5.25 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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