.... not seen the lowest drop yet...29 Jun 2023 10:21
The listed company reported a pre-tax profit of £2.44m for the year ended 31 December 2022, compared to £6.18m in 2021.
During the year, OptiBiotix listed subsidiary ProBiotix on the AQSE Growth Market, with £2.5m raised for future development.
ProBiotix revenues increased by 19 per cent to £1.3m during the year.
The group also secured key agreements, including the launch of its LeanBiome product in The Hut Group's (THG) impact lean product range.
Stephen O'Hara, chief executive at OptiBiotix Health, said: "2022 has been a challenging year with high stock levels accumulated from the large amount or orders placed in Q4 2021 by two large partners and low sales in H1 2022 (£118K) caused by the global downturn. As anticipated, sales improved in H2 (£339k) but were insufficient to make up the H1 deficit with full year revenues from customer contracts of £457,000.
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"A further ten metric tonnes of SlimBiome, approximating to £300,000 was taken from stock held by distributors for our two largest partners, and not included in these accounts. Once this stock overhang is clear this should have a material impact on reportable revenue.
"Our focus in 2023 is on looking forward with the aim of each business unit reaching profitability by the end of the year. We believe this can be achieved by a reduction in costs, a focus on existing partners returning to forecast, bringing in new partners particularly in the US and Asia, and expanding e-commerce channels to reduce partner dependency.
"With our products winning awards in Europe, Asia, and the US and an increasing number of large companies like The Hut Group, Holland and Barrett, Apollo Hospitals, and Nahdi Medical using our products, we believe we are in strong position for further growth."
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