1 Feb 2016 07:00
Strictly Embargoed for 07.00: 1st February 2016
TyraTech, Inc.
("TyraTech" or the "Company")
Pre-Close Trading Update
TyraTech, Inc. (AIM: TYR and TYRU), a life sciences technology company focused on nature-derived insect and parasite control products announces its pre-close trading update ahead of its preliminary results for the year ended 31 December 2015.
2015 has been a step change year for the business with a large increase in year on year revenues and healthy gross margins. This change has been driven by the continued commercialisation of the VamousseĀ® head lice treatment and shampoo formulations.
VamousseĀ® has received wide spread retail acceptance in the USA and UK as well as strong consumer endorsement of the efficacy of the product and growing sales. VamousseĀ® is now the fastest growing national brand head lice product in the US. The Vamousse brand is also well established and growing market share quickly in the UK and the Company plans to launch into other important European markets over the next couple of years.
Whilst total revenues for the year are expected to be marginally lower than expected, the net loss for the year is expected to be in line with expectations. The Directors believe that the discrepancy in revenue expectations has arisen primarily as a result of the difficulties in budgeting the timing of revenues arising from the on boarding process of multiple new retailers.
In November 2015, TyraTech successfully completed a Placing raising Ā£3.2m giving the Company sufficient cash resources to continue to invest in its business plan. In order to further monetise its technology platform and continue its revenue growth, the business will continue to support its VamousseĀ® brand; as well as the recently announced move into the Animal Health market with its PureScienceā¢ products. These will be distributed by MWI Animal Health (NASDAQ:ABC) the leading animal health distribution company in the United States.
The preliminary results for the year ended 31 December 2015 will be announced on 7 April 2016.
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For further information please visit: www.tyratech.com or contact:
TyraTech Inc. Ā Bruno Jactel, Chief Executive Officer Erica Boisvert, Chief Financial Officer | Ā Tel: +1 919 415 4340 Tel: +1 919 415 4287 |
Ā SPARK Advisory Partners Limited (Nominated Adviser) Matt Davis / Mark Brady | Ā Ā Ā Tel: +44 20 3368 3551 |
Ā Allenby Capital Limited (Joint Broker) Chris Crawford | Ā Ā Tel: +44 20 3328 5656 |
Ā Whitman Howard Limited (Joint Broker) Ranald McGregor-Smith/ Niall Devins | Ā Ā Tel: +44 20 7087 4555 |
Ā Belvedere Communications (PR) John West / Kim van Beeck | Ā Ā Tel: +44 20 3567 0510 |
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