27 Apr 2023 07:00
Byotrol Plc
("Byotrol" or the "Group")
Trading Update and Board Changes
Byotrol Plc (AIM: BYOT), the specialist infection prevention and control company, provides an update on trading for the year ended 31 March 2023.
Subject to audit, it is expected that the results will be in line with market expectations. Key highlights are:
· Sales of £4.6m, comprising £4.3m from product sales and £0.3m from IP sales and royalties;
· Significant improvement in gross margin on product sales - 41% compared to 37% (FY22), reflecting sku rationalisation and multiple improvements in operating processes;
· Adjusted EBITDA of -£0.8m; and
· Cash at year end of £0.7m with a key debtor paid just after year end, taking underlying cash to over £0.8m
The IP side of Byotrol continues to progress encouragingly, particularly in the US. We are hopeful of formal approval this summer from the EPA for Byotrol24 with enhanced long-lasting efficacy claims against viruses, and we are then expecting our previously-announced sub-licensee to commence a market launch in the US under its own branding shortly afterwards. All other IP initiatives including our participation in Solvay's Actizone, remain on plan.
We remain confident in delivering significant growth in the current financial year and returning to profitability.
As is normal, the exact timing of our Final Results will depend on the audit process. We are currently assuming the audit to be completed in August.
Board Changes
To reflect the increasing importance of product sales to the Company's results, the Board structure of Byotrol is evolving further.
· Dr Trevor Francis will with immediate effect become Non-Executive Chairman of Byotrol. Dr Francis was CTO of Byotrol (2014 - 2021), following which he moved to Non-Executive Director. Prior to Byotrol, Dr Francis was at Unilever for 29 years, including 5 years as Global VP R&D Homecare. He is also a Non-Executive Director of Velcro Companies, the privately-owned, global fasteners business.
· David Traynor - Executive Chairman of Byotrol since November 2022 and prior to that CEO for 9 years - remains on the Board full-time as an Executive Director. In his new role David will focus on solidifying, commercialising and developing the Company's IP portfolio, and will seek to build commercial alliances across the Company's business activities.
All other Board positions remain the same. A search is underway to add an additional independent Non-Executive Director to the Board.
Dr Trevor Francis, incoming Non-Executive Chairman of Byotrol commented:
"I am looking forward to overseeing the continued development of Byotrol and supporting the executive team of Vivan Pinto, CEO, Chris Sedwell, CFO, and David Traynor, ED.
Since the acquisition of Medimark Scientific, a lot of good progress has been made within the Company, especially in operating processes and I am convinced we now have the right structure and team to drive the business forward and create value for all stakeholders."
For further information contact:
Byotrol Plc | |
Dr Trevor Francis, Non Executive Chairman | +44 (0)1925 742 000 |
Vivan Pinto, Chief Executive Officer Chris Sedwell, Chief Financial Officer
| |
finnCap Limited (Nominated Adviser and Broker) | +44 (0)20 7220 0500 |
Geoff Nash/George Dollemore - Corporate Finance Nigel Birks/Harriet Ward - ECM | |
Flagstaff Strategic and Investor Communications | +44 (0)20 7129 1474 |
Tim Thompson/Andrea Seymour/Fergus Mellon
| byotrol@flagstaffcomms.com
|
This announcement is released by Byotrol Plc and, prior to publication, the information contained herein was deemed to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014. Such information is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person who arranged for the release of this announcement on behalf of Byotrol Plc was Chris Sedwell, CFO.
* Adjusted EBITDA is defined as Earnings before Interest, Tax, Depreciation and Amortisation and exceptional items, share-based payments, non-trading items such as profit or loss on disposal of assets, plus revenue recognised as interest under IFRS 15
Notes to editors
Byotrol plc (BYOT.L), quoted on AIM, is a specialist infection prevention and control company, operating globally in the Healthcare, Industrial, Food and Consumer sectors, providing low toxicity products with a broad-based and targeted efficacy across all microbial classes; bacteria, viruses (including coronavirus), fungi, moulds, mycobacteria and algae.
Byotrol's products can be used stand-alone or as ingredients within existing products, where they can significantly improve their performance, especially in personal hygiene, domestic and industrial disinfection, odour control, food production and food management.
Byotrol develops and commercialises technologies that create easier, safer and cleaner lives for everyone.
For more information, go to byotrol.com