LONDON (Alliance News) - Byotrol PLC Thursday said it expects to be earnings before interest, tax, depreciation and amortisation breakeven in its second half, as it reported a widened pretax loss for its first half.
Byortrol is an anti-microbial technology company operating in the food, industrial, healthcare and consumer sectors.
The company said it had to spend "a little more" on its technical support and development that it had originally budgeted in the first half. However, it believes that spend is "now largely over" and it expects to see benefits in the second half.
For the half year to end-September the company reported a pretax loss of GBP449,021, widened from a pretax loss of GBP369,845 a year before, as revenue declined to GBP1.4 million from GBP1.6 million.
The company said that its divisions are all performing broadly as expected, although its food manufacturing business has been held back by new legislation on the use of biocides and pesticides in the food manufacturing industry, and Petcare sales were reduced due to a key customer de-stocking.
"Since our restructuring in late 2013, the board has been trying to stabilise the core business, absorb the new significant regulatory costs and invest in the areas that we believe will secure long-term growth and profitability. We believe we are now on the cusp of completing that programme. The second half of this financial year should be a pivotal period for the company," said Chief Executive David Traynor in a statement.
Shares in Byotrol were down 7.7% at 3.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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