REG - Byotrol PLC - Trading Update and Board Changes

ByotrolAnnouncement

27/04/2023 07:00

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RNS Number : 5959X  Byotrol PLC  27 April 2023

 

 

 

 

Byotrol Plc

 

("Byotrol" or the "Group")

 

Trading Update and Board Changes

 

Byotrol Plc (AIM: BYOT), the specialist infection prevention and control
company, provides an update on trading for the year ended 31 March 2023.

 

Subject to audit, it is expected that the results will be in line with market
expectations.  Key highlights are:

 

·      Sales of £4.6m, comprising £4.3m from product sales and £0.3m
from IP sales and royalties;

·     Significant improvement in gross margin on product sales - 41%
compared to 37% (FY22), reflecting sku rationalisation and multiple
improvements in operating processes;

·      Adjusted EBITDA of -£0.8m; and

·      Cash at year end of £0.7m with a key debtor paid just after year
end, taking underlying cash to over £0.8m

 

The IP side of Byotrol continues to progress encouragingly, particularly in
the US.  We are hopeful of formal approval this summer from the EPA for
Byotrol24 with enhanced long-lasting efficacy claims against viruses, and we
are then expecting our previously-announced sub-licensee to commence a market
launch in the US under its own branding shortly afterwards.  All other IP
initiatives including our participation in Solvay's Actizone, remain on plan.
 

 

We remain confident in delivering significant growth in the current financial
year and returning to profitability.

 

As is normal, the exact timing of our Final Results will depend on the audit
process.  We are currently assuming the audit to be completed in August.

 

Board Changes

 

To reflect the increasing importance of product sales to the Company's
results, the Board structure of Byotrol is evolving further.

 

·      Dr Trevor Francis will with immediate effect become Non-Executive
Chairman of Byotrol. Dr Francis was CTO of Byotrol (2014 - 2021), following
which he moved to Non-Executive Director. Prior to Byotrol, Dr Francis was at
Unilever for 29 years, including 5 years as Global VP R&D Homecare. He is
also a Non-Executive Director of Velcro Companies, the privately-owned, global
fasteners business.

·      David Traynor - Executive Chairman of Byotrol since November 2022
and prior to that CEO for 9 years - remains on the Board full-time as an
Executive Director.  In his new role David will focus on solidifying,
commercialising and developing the Company's IP portfolio, and will seek to
build commercial alliances across the Company's business activities.

 

All other Board positions remain the same. A search is underway to add an
additional independent Non-Executive Director to the Board.

 

 

Dr Trevor Francis, incoming Non-Executive Chairman of Byotrol commented:

 

"I am looking forward to overseeing the continued development of Byotrol and
supporting the executive team of Vivan Pinto, CEO, Chris Sedwell, CFO, and
David Traynor, ED.

 

Since the acquisition of Medimark Scientific, a lot of good progress has been
made within the Company, especially in operating processes and I am convinced
we now have the right structure and team to drive the business forward and
create value for all stakeholders."

 

 

 

For further information contact:

 

 Byotrol Plc
 Dr Trevor Francis, Non Executive Chairman                                            +44 (0)1925 742 000
 Vivan Pinto, Chief Executive Officer

 Chris Sedwell, Chief Financial Officer

 finnCap Limited (Nominated Adviser and Broker)                                       +44 (0)20 7220 0500
 Geoff Nash/George Dollemore - Corporate Finance

 Nigel Birks/Harriet Ward - ECM

 Flagstaff Strategic and Investor Communications                                      +44 (0)20 7129 1474
 Tim Thompson/Andrea Seymour/Fergus Mellon                                            byotrol@flagstaffcomms.com (mailto:byotrol@flagstaffcomms.com)

 

 

 

 

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. The
person who arranged for the release of this announcement on behalf of Byotrol
Plc was Chris Sedwell, CFO.

 

* Adjusted EBITDA is defined as Earnings before Interest, Tax, Depreciation
and Amortisation and exceptional items, share-based payments, non-trading
items such as profit or loss on disposal of assets, plus revenue recognised as
interest under IFRS 15

 

Notes to editors

 

Byotrol plc (BYOT.L), quoted on AIM, is a specialist infection prevention and
control company, operating globally in the Healthcare, Industrial, Food 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

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