LON: BYOT had quite a nice run up on their last trading update but fell back on their FY Results released on Weds. Below I have an attempt to understand why - though I am not an accountant, so any other input or corrections are welcome.

The big takeaways for me were:

  • FY REVENUE AT £6.07M (FY19: £5.66M)
  • Pro forma cash £2.01m (FY19: £2.80m), net cash £1.42m (FY19: £2.55m)

So not great but not terrible – but doesn’t merit a punchy valuation.

However, these results were to the end of March so not full Covid.

Looking forward

Trading remains strong across all key areas of the business and supply chains are now considerably easier than in March and April.

More sales are now being settled from stock, in which we have invested substantially since year end.

As a result of the above, the Directors now expect Byotrol's profitability to exceed expectations set in recent trading updates*.

Yesterday the CFO bought some shares.

The last trading update helped drive the share price up to 10p, I look forward to the Investor presentation next Weds. In the meantime, I’ve added to my holding.

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