Last checked at 9 May 2019 07:00
9 May 2019
Byotrol plc ("Byotrol" or the "Group")
Trading Update
Byotrol, the specialist anti-microbial technology company is pleased to announce an update on its trading for the year ended 31st March 2019.
The Group's financial results for this year include seven months of contribution from Medimark Scientific Limited ("MSL"), acquired on 30 August 2019. On that basis, the Directors are currently expecting:
· consolidated full year revenues of around £4.2m, in line with market expectations.
· an EBITDA loss in the region of £450k subject to audit, increased by the delayed regulatory approval in the US (now received) and by higher marketing and research costs in the US. Over the last six months we have continued to make good progress in the US, so the Directors are confident that the slightly increased investment was merited.
· cash balance remains healthy at £2.85m. This is following the acquisition of MSL and compares to £3.5m at 31st March 2018.
The Directors are very pleased with progress over the last year and since year end, with highlights including:
· MSL continues to perform well, with product sales into animal and human healthcare businesses remaining strong, benefiting from strong customer relationships and the decline of competitors unable to fulfil new regulatory requirements.
· In the US, the trial at Target of Byotrol24 surface sanitiser has now been extended across an increased number of stores. Two new long-lasting fragrance versions are now on Target's shelves and the original versions are now being re-propositioned for more-targeted household uses. We are also now close to securing an additional new national retailer trial in the US.
The MSL and Byotrol teams are working together well and are uncovering many potential synergies across the Group. We will seek to release these benefits in the new financial year, as the earn-out proceeds towards its conclusion in March 2020.
David Traynor, Chief Executive of Byotrol, said:
"Byotrol is continuing to progress well and all key strategic initiatives are performing to plan. We are very excited about the potential for the enlarged business including MSL and for the synergies that will be released from the combination in due course."
Enquiries:
Byotrol plc
David Traynor - Chief Executive 01925 742 000
finnCap
Geoff Nash/Kate Bannatyne - Corporate Finance 020 7220 0500
Richard Chambers - ECM
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a specialist anti-microbial technology company, operating globally in the Food, Industrial, Healthcare and Consumer sectors, providing low toxicity products with a broad-based and targeted efficacy across all microbial classes; bacteria, viruses, 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, please go to www.byotrol.co.uk