Trading Update

Byotrol PLC

14 November 2023

 

Byotrol Plc

("Byotrol" or the "Company")

Trading Update

Byotrol Plc (AIM:BYOT), the specialist infection prevention and control company expects to release its unaudited Interim Results for the six months to 30 September 2023 in early December.  Having further reviewed the outlook post the CEO's departure we now expect to report:

·    Product Sales of £2m, which is flat versus the comparable period and reflects the impact of discontinued items (due to expected regulatory changes and to reduce complexity).

·    An anticipated EBITDA loss of £0.45m, versus a loss of £0.3m to 30 September 2022.

·    Cash in bank of £0.5m.

In the full year to 31 March 2023, we reported sales of £0.65m on now-discontinued lines, so complicating headline comparisons on relative performance. The detail in our Interim Results will therefore show:

·    Underlying Gross Margin (which excludes disposal costs for obsolete or discontinued stock) of 44.5%, versus 42.6% for the full year to 31 March 2023.

·    Continued encouraging performance of Byotrol's animal health business in the UK, now accounting for 65.0% of product sales, from 47.5% at the end of FY23.  Relatively disappointing product sales however in human healthcare, and in export generally.

·    Further improvements in operating systems and processes, with no change in costs despite significant inflationary pressures.

Based on the above trends we are now expecting to report product sales in the full year to 31 March 2024 of approximately £3.9m, which shows modest growth on £3.7m in the previous year on a like-for-like basis (excluding discontinued items).   Including discontinued items, prior year product sales were £4.3m.

Projected returns from our IP commercialisation activities remain as per the update announced on 7 September 2023 and continue to show encouraging progress but highly unpredictable timings and returns.   

Our cash position remains tight, but is sufficient to finance current operations, assuming some non-core cost cutting, some reduction in investment, and expected and (in some cases accelerated) receipts of cash from (already-contracted) IP transactions.   

For further information contact:

Byotrol Plc
Dr Trevor Francis, Non- Executive Chairman	[phone]
David Traynor, Interim Chief Executive Officer Chris Sedwell, Chief Financial Officer
Cavendish Capital Markets Ltd (Nominated Adviser and Broker)	[phone]
Geoff Nash/George Dollemore - Corporate Finance Nigel Birks/Harriet Ward - ECM
Flagstaff Strategic and Investor Communications	[phone]
Tim Thompson/Andrea Seymour/Fergus Mellon	[e-mail]

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.

Notes to editors

Byotrol plc (BYOT.L), quoted on AIM, is a specialist infection prevention and control company, operating globally in the animal and human healthare, industrial, institutional 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

 

END