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Pin to quick picksTyratech Com Shares Regulatory News (TYRU)

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Pre-close Trading Update

9 Feb 2017 07:00

RNS Number : 3902W
TyraTech, Inc.
09 February 2017
 

 

 

Strictly embargoed until: 9 February 2017

 

TyraTech, Inc.

("TyraTech" or the "Company")

 

Pre-Close Trading Update

 

TyraTech, Inc. (AIM: TYR, and TYRU), a life sciences 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 2016.

 

Market Overview and Financial Update

 

Despite a difficult market environment, gross sales of the Company's market leading Vamousse® head lice range of products continued to show double digit growth year on year, and the Vamousse brand gained market share against its major competitors.

 

The Company had indicated at the time of its Interim Results in September 2016, that the overall rate of growth of Vamousse had slowed in the second half of the year, mainly due to a deceleration of the lice category in the US, but the market did recover somewhat at the end of the year and finished almost flat in the US for the full year 2016.

 

In order to adapt to these market conditions, the Company has strictly controlled its overall level of expenses, and still expects the year end results to be broadly in line with current market forecasts and its cash position to be in excess of $1.7 m.

 

Business Update

 

Individual retail outlets across the distribution network in the US are now adding new Vamousse product Stock Keeping Units (SKUs), which is being driven by consumer demand. The Company is pleased that following CVS in the US in 2016, Walgreens, the biggest pharmaceutical chain with over 8,000 stores has also decided to add Vamousse Lice Defense shampoo and Vamousse Lice Elimination powder to Vamousse Treatment for the 2017 season.

 

After only being available online Guardian® (TyraTech's plant-based, non-toxic mosquito and tick repellent), will now be tested in Kroger stores, the biggest grocery chain in the US for the 2017 season.

 

In other initiatives, the Company has successfully finalized the development of its innovative, effective and non-toxic OutSmart™ Fly Spray repellent for the equine market. An additional patent filing has been made for the new formulation which was pre-launched by TyraTech's partner SmartPak at the end of 2016. The full launch for this product is expected during the second quarter of 2017 before the fly season begins.

 

The three animal health products sold under the brand PureScience™ are showing positive field testing results. Products have already been purchased and have received good feedback from several production facilities affiliated with the major poultry and swine producers in the US. Widespread adoption will take time, but reports from our partner MWI, the biggest distributor of animal health products in the US, show that the products are performing well.

 

Outlook, Strategic Direction and Date of Final Results

 

Taking into account the market conditions and these new product placements and adoptions, the Board is currently more cautious about revenue expectations but still anticipates double digit revenue growth in 2017. In addition, the Board continues to consider the strategic direction of the Company with respect to the personal care range of products including the Vamousse brand and the ultimately larger animal health opportunities.

 

The Company will announce Final Results for the year ended 31 December 2016 by the end of April 2017.

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

 

For further information:

 

TyraTech Inc.

Bruno Jactel, Chief Executive Officer

Erica H. Boisvert, Chief Financial Officer

www.tyratech.com

 

Tel: +1 919 415 4340

Tel: +1 919 415 4287

 

SPARK Advisory Partners Limited (Nominated Adviser)

Matt Davis / Mark Brady

 

 

 Tel: +44 20 3368 3551

 

Allenby Capital Limited (Broker)

Chris Crawford

 

 

Tel: +44 20 3328 5656

 

 

Belvedere Communications (PR)

John West / Kim van Beeck

 Tel: +44 20 3567 0510

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTUGUWGPUPMGRR
Date   Source Headline
31st Jan 20144:26 pmRNSProposed Placing
23rd Jan 20145:58 pmRNSHolding(s) in Company
20th Jan 20147:00 amRNSHead-Lice Preventative Shampoo Coming to US Market
14th Jan 20147:00 amRNSChange of Adviser
14th Jan 20147:00 amRNSVamousse coming to Walmart stores in the USA
18th Dec 20137:00 amRNSBlocklisting Interim Review
25th Oct 20132:39 pmRNSDirector/PDMR Shareholding
7th Oct 20138:39 amRNSDirector/PDMR Shareholding
30th Sep 20137:00 amRNSInterim Results
14th Aug 20137:00 amRNSGlobal distribution agreement for biocide products
25th Jul 20136:11 pmRNSResult of AGM
27th Jun 20137:00 amRNSFinal Results
24th Jun 20137:00 amRNSDirectorate Changes
19th Jun 20139:59 amRNSBlocklisting Interim Review
11th Jun 20134:23 pmRNSDirectorate Change
31st May 201312:43 pmRNSMigration of Shares
11th Apr 20137:00 amRNSFrench Registration of Insect Repellent Product
9th Apr 20137:00 amRNSHolding(s) in Company
28th Mar 20136:09 pmRNSResult of Special Meeting
28th Mar 20134:15 pmRNSShare Migration
18th Mar 20137:00 amRNSProposed placing and subscription of common shares
4th Mar 20137:00 amRNSUK registration of insect repellent product
4th Feb 20137:00 amRNSFirst Patent Granted for ExtendT Technology
10th Jan 20137:00 amRNSDirectorate Change
7th Jan 201310:40 amRNSNew Anti-Endoparasitic Composition Patents
20th Dec 20127:00 amRNSIssue of Equity
18th Dec 20122:56 pmRNSBlocklisting Interim Review
18th Dec 20127:00 amRNSGerman Registration of Insect Repellent Product
17th Dec 20127:00 amRNSFirst Shipment of Retail Products
11th Dec 20127:00 amRNSHead Lice Product Registration in UK
4th Dec 20127:00 amRNSFormation of New Joint Venture
13th Nov 20127:00 amRNSU.S. Registration of New Insect Repellent Product
30th Oct 20127:00 amRNSAdvance Payment on Prospective New Alliance
29th Oct 20127:00 amRNSChange of Name of Adviser
16th Oct 201211:40 amRNSTyraTech Secures New Patent
16th Oct 20129:26 amRNSMigration of Shares

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