TIDMBYOT
RNS Number : 7489K
Byotrol PLC
18 December 2018
18 December 2018
Byotrol plc
("Byotrol", the "Group" or the "Company")
INTERIM RESULTS
FOR THE SIX MONTHSED 30 SEPTEMBER 2018
Byotrol plc ('Byotrol', the 'Group' or the 'Company') the AIM
listed anti-microbial technology company, is pleased to present its
unaudited interim results for the six months ended 30 September
2018.
Highlights
-- Strong growth in both sales and gross profit compared to H1 2017
o Sales at GBP1.44m (H1 2017 GBP0.93m)
o Gross profit of GBP0.77m (H1 2017 GBP0.34m)
o Operating costs increased by 32%, largely reflecting
non-recurring acquisition costs of GBP0.12m and investment in sales
and marketing and research and development
-- Complementary acquisition of Medimark Scientific Limited
("Medimark") towards the end of the period for a total
consideration of up to GBP4.5m:
o Medimark is a profitable, growing business with broad sales,
marketing and distribution expertise in infection control
products
o The acquisition brings with it management, sales expertise and
customer relationships in animal and human hygiene, together with
new products
-- Byotrol's three strategic initiatives continue to progress well
-- Post the period, the Company has filed a patent for a new
naturally-based biocidal product with very strong anti-viral
characteristics based on an extract from seaweed, with broad
applicability across all markets
-- Cash and cash equivalents at the end of the period of GBP3.55m
-- Strong growth expected to continue in the second half. The
Board remains confident in the outlook for full year, except for
the US, which is expected to make a loss due to administrative
delays to EPA approval of new product variants, which we now expect
to be satisfactorily resolved in Q1 2019
Commenting on the results, David Traynor, Chief Executive of
Byotrol, said:
"We are pleased with solid progress in the first half and
delighted to now have Medimark as part of our Group. It is a
transformational acquisition and the two teams are already working
well together. We look forward to the full contribution from
Medimark in the second half and to the numerous benefits that
further co-operation and integration will bring. With our properly
resourced and scaled sales team, healthy cash position and routes
to market for our products now identified and becoming increasingly
established we believe Byotrol has never been in a stronger and
more exciting position."
Enquiries:
Byotrol plc
David Traynor - Chief Executive 01925 742 000
finnCap
Geoff Nash/Kate Bannatyne - Corporate Finance 020 7220 0500
Richard Chambers -ECM
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a specialist
anti-microbial technology company, operating globally in the Food,
Industrial, Healthcare and Consumer sectors, providing low toxicity
products with a broad-based and targeted efficacy across all
microbial classes; bacteria, viruses, fungi, moulds, mycobacteria
and algae.
Byotrol's products can be used stand-alone or as ingredients
within existing products, where Byotrol 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, please go to www.byotrol.co.uk
Chief Executive's Report
This was another six months of steady progress at Byotrol, with
the added boost of a completed and highly complementary acquisition
Medimark Scientific Limited ("Medimark") in late August 2018.
The Company is pleased to report that performance in the period
under review is improved on that in the comparable period in 2017,
both with and without the one month of added contribution from
Medimark:
-- Sales of GBP1,437k versus GBP934k in H1 2017
-- Operating loss before share based charges of GBP464k versus GBP592k
-- H1 results include non-recurring acquisition-related costs of
GBP117k and US losses of GBP170k
-- Cash and cash equivalents of GBP3,552k at period end.
The acquisition process took longer than anticipated and
absorbed considerable management time, but the strategic fit
between the two companies is compelling and we already seeing some
of the benefits that the combination will bring. We are very
encouraged by the team's complementary management skills, sales
expertise and customer relationships in professional biocide-based
markets and we have also now added two new technologies to our
portfolio.
Byotrol's three strategic initiatives continue to progress
well:
-- In the US, the trial of Byotrol24 in Target stores is
continuing and additional SKUs are being readied, which we are
optimistic will in due course lead to larger trials, more retail
outlets and opportunities in other channels, including
Professional;
-- Sales of Invirtu hand sanitisers have increased across all of
our business units, with very little evidence of quality
competition;
-- We have just launched Actizone-based surface disinfectants
into Professional and Petcare channels and initial customer
feedback is very positive.
We are also now pleased to announce that we have filed a patent
for a new naturally-based biocidal product with very strong
anti-viral characteristics. This technology is based on an extract
from a form of seaweed and we believe has broad applicability
across all our markets, plus potentially in medical uses too. This
is likely to be a slow-burn and we are being cautious on investment
spend, but we are convinced it is a valuable asset -
differentiated, efficacious and on-trend for consumers and
businesses.
Much as we did in H1 in 2016 and H1 2017, we have reported
improvements in performance compared to comparable periods and we
remain confident in the outlook. Quite how positive the year end
will be will depend on which larger deals we close before year end
and what investments we choose to make for longer term benefit,
with the US continuing to be hugely exciting but requiring a
careful balance of expenditure vs reward. Your management team
remains cautious on cash and has no desire in current markets to
allow financing-risk to creep back into our hard-won financially
stable business
Acquisition of UK infection control company Medimark Scientific
Limited
Byotrol completed this acquisition on 24 August 2018. The
Company had been in detailed conversations with the sellers'
management team and shareholders for over 18 months prior to this,
in which time the Company developed a promising supplier
relationship in white-labelled alcohol-free hand sanitisers.
Medimark is a profitable and growing business with a broad
sales, marketing and distribution expertise in infection control
products for use on surfaces, instruments and hands for the Animal
Health, Human Health, Laboratory, Environment and Retail
markets.
In the year ended 31 March 2018, Medimark reported adjusted
EBITDA of GBP380k on revenues of GBP2.7m. Consideration of up to
GBP4.5m will be payable in respect of the Acquisition, which
includes GBP0.4m of debt that Byotrol has assumed. The completion
payment was GBP2.3m, comprising cash, repayment of directors' loans
and GBP1.15m from 28,048,780 new ordinary shares ("Ordinary
Shares") issued at 4.1p per share. An additional GBP1.8m of
consideration will be payable subject to achieving EBITDA targets
in FYE 31 March 2019 and FYE March 2020, to be paid half in cash
and half in new Ordinary Shares.
At the time of writing, Medimark is on track to achieving its
earn-out targets for the current financial year. It contributed
sales of GBP257k and EBITDA of GBP57k in the period under
review.
Results by segment
Professional products
Including one month of Medimark, H1 revenues increased to
GBP669k from GBP546k and gross profit to GBP204k from GBP129k.
Excluding Medimark, Byotrol's underlying H1 revenues fell from
GBP546k to GBP412k, and gross profit to GBP76k from GBP129k.
We continue to service long-standing food manufacturing
customers and those relationships remain strong. However, we still
see bigger opportunities and higher margins in healthcare related
segments, across human and animal markets, based on:
-- Medimark's presence in veterinary and in human health
markets, primarily in the UK but increasingly in export. We have
been looking for some time for a sales-oriented partner for our
Professional business and think in Medimark we have now secured
exactly the resource needed.
-- Sales of Invirtu alcohol-free hand sanitiser increased across
all Professional customers. We have now secured three UK hospital
trusts on very limited direct sales resource but are focussing
mostly on white label and distributor relationships where capex and
service investments are significantly lower. Momentum is now
building with this product and competition to date is limited.
-- Actizone-based surface disinfectants, which we have now
started selling to UK facilities management, janitorial/sanitation
and healthcare providers, again mostly via distributors. Again, we
are very encouraged by responses to the early sales calls.
Petcare
H1 revenues increased by 15% to GBP320k from GBP278k in H1 2017,
and gross profit by 29% to GBP136k from GBP105k.
This continues to be a solid performer for Byotrol and a segment
that should benefit further from Medimark's expertise in animal
hygiene markets.
Growth in this period has been boosted by strong relationships
in Continental Europe and Asia, where our products are recognised
for efficacy and safety, across animal grooming and pet environment
products. As resources allow, we intend to invest more in this
business, especially into export.
Consumer
H1 revenues increased to GBP448k and gross profit to GBP427k
from GBP110k in H1 2017, boosted by further revenue from the
completion of work on the prior year sale of Actizone patents and
IP to Solvay.
In the US, the trial of Byotrol24 continues in 150 Target
supermarket stores and we are now readying new fragrance variants
for launch in the new year (once we have received US EPA approval,
which is first needed for even the slightest change in formulation
or positioning, expected in Q1 2019). In parallel with the changes
to fragrance, we are working with our supply chain partners to
increase gross margins.
The US is going to be slower to reach breakeven than we had
hoped, but we have been resisting the temptation to markedly
increase marketing spend as we think is too high risk for a company
of our size and resources. We still need to increase sales slightly
to justify an expansion to 500 stores at Target but are optimistic
that the additional variants will get us there.
Our presence in Target stores is generating incoming calls from
other US retail outlets and from potential partners in Professional
markets. The outlook for our US product remains very strong.
With the acquisition of Medimark now complete and the
Professional segment on a stronger footing, the team now has the
capacity and expertise to build Byotrol's consumer business,
building on Target in the US and on Mcbride/Tesco and Boots in the
UK. This will be a key focus over the next year.
Outlook
The Directors remain confident in our strategy, namely:
development and ownership of differentiated, valuable, regulatory
approved (and therefore protected) biocidal technologies;
commercial exploitation in targeted markets (business, government
and consumer); careful re-investment in adjacent technologies as
resources allow. We note an increase in consolidation in this
market over the last year and believe our strategy is positioning
us nicely to participate in the changes in due course, as we have
already done with the Medimark deal.
This time last year the team was focussed on: technology
development (Actizone in finished product form, Invirtu); securing
early US distribution of Byotrol24; completing the Actizone IP sale
to Solvay; and making our Professional business fit for purpose.
All those initiatives have now been completed.
Our focus now is on (a) monetising Actizone and Invirtu products
(b) increasing US distribution within a sensible risk/reward
profile and (c) maximising cost and revenue synergies through
integrating Medimark, within the earnout framework and (d) keeping
financially stable whatever the economic and political
circumstances.
At the time of writing, we remain confident that the pace of
growth seen in the first half will continue into the second. All
parts of the business are currently performing to plan, except for
the US. The outcome in the US will dictate the overall full year
numbers for the Group and at present progress is encouraging,
although the timing of the expanded trial has been subject to some
delays due to the need for further EPA product approvals. However,
management remain excited by this promising area and remain
confident that it can be grown into a significant business.
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 6 month period ended 30 September 2018
6 mths 6 mths Year ended
ended ended 31 March
30 September 30 September
2018 2017 2018
GBP GBP
REVENUE 1,437,078 934,076 3,140,031
Cost of sales (669,839) (590,692) (1,129,348)
------------------------ ------------------------ ------------------------
GROSS PROFIT 767,239 343,384 2,010,683
Sales and marketing costs (404,695) (322,566) (549,326)
Research and development costs (267,626) (194,905) (450,561)
Other administrative costs (558,983) (417,472) (1,094,461)
------------------------ ------------------------ ------------------------
OPERATING LOSS BEFORE SHARE-BASED
PAYMENTS
DEPRECIATION AND AMORTISATION (464,065) (591,559) (83,665)
Share based compensation (36,664) (38,727) (67,337)
Expense on amendment of convertible
loan note terms - (26,000) (26,000)
Amortisation (99,786) (94,794) (156,962)
Depreciation (11,143) (9,060) (18,769)
------------------------ ------------------------ ------------------------
OPERATING LOSS (611,658) (760,140) (352,733)
Finance income 33,921 - 3,309
Finance costs (3,586) (44,841) (24,540)
Research and development (R & D) tax
credits - - 129,025
------------------------ ------------------------ ------------------------
LOSS BEFORE TAX (581,323) (804,981) (244,939)
Taxation - - -
------------------------ ------------------------ ------------------------
LOSS FOR THE FINANCIAL YEAR (581,323) (804,981) (244,939)
------------------------ ------------------------ ------------------------
OTHER COMPREHENSIVE INCOME, NET OF
TAX
Other comprehensive income to be
reclassified
to profit or loss in subsequent
periods:
Currency translation difference (9,180) (10,859) 2,919
------------------------ ------------------------ ------------------------
Other comprehensive income/(expense) (9,180) (10,859) 2,919
------------------------ ------------------------ ------------------------
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR (590,503) (815,840) (242,020)
============ ============ ============
Basic and fully diluted loss per
share
- pence (0.14) (0.28) (0.07)
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2018
As at 30 As at 30 As at 31
September September March
2018 2017 2018
GBP GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 60,446 35,007 44,478
Other intangible assets 4,724,682 675,461 487,078
Trade and other receivables 455,062 - 425,291
------------------------ ------------------------ ------------------------
5,240,190 710,468 956,847
Current assets
Inventories 326,058 126,416 185,316
Trade and other receivables 1,552,369 695,617 2,025,626
Cash and cash equivalents 3,552,119 4,834,477 3,852,446
------------------------ ------------------------ ------------------------
5,430,546 5,656,510 6,063,388
------------------------ ------------------------ ------------------------
10,670,736 6,366,978 7,020,235
============ ============ ============
LIABILITIES
Non-current liabilities
Other payables 974,818 - -
------------------------ ------------------------ ------------------------
974,818 - -
Current liabilities
Trade and other payables 2,673,182 542,833 593,660
---------------------- ------------------------ ------------------------
2,673,182 542,833 593,660
---------------------- ------------------------ ------------------------
Equity
Share capital 1,077,214 1,007,092 1,007,092
Share premium account 28,548,454 27,468,576 27,468,576
Merger reserve 1,064,712 1,064,712 1,064,712
Retained deficit (23,667,644) (23,716,235) (23,113,805)
------------------------ ------------------------ ------------------------
TOTAL EQUITY 7,022,736 5,824,145 6,426,575
------------------------ ------------------------ ------------------------
TOTAL EQUITY AND LIABILITIES 10,670,736 6,366,978 7,020,235
============ ============ ============
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the 6 month period ending 30 September 2018
Retained earnings
Share Share premium Merger reserve Convertible loan note reserve
capital GBP GBP reserve GBP Total equity
GBP GBP GBP
At 1 April
2017 670,129 22,849,284 1,064,712 69,301 (23,008,423) 1,645,003
Loss for the
period - - - - (804,981) (804,981)
Currency
translation
difference - - - - (10,859) (10,859)
---------------------- ---------------------- ----------------------- ---------------------- ---------------------- ----------------------
Total
comprehensive
loss for the
period - - - - (815,840) (815,840)
Share issue 309,820 4,647,293 - - - 4,957,113
Share issue
costs - (380,858) - - - (380,858)
Share based
payments - - - - 38,727 38,727
Conversion of
convertible
loan notes 27,143 352,857 - (69,301) 69,301 380,000
-------------------- ---------------------- ------------------- ---------------------- ---------------------- -----------------------
Balance as at
30 September
2017 1,007,092 27,468,576 1,064,712 - (23,716,235) 5,824,145
============= =============== ============= =============== =============== ===== ==========
Profit for the
period - - - - 560,042 560,042
Currency
translation
difference - - - 13,778 13,778
---------------------- ---------------------- ----------------------- ----------------------- ---------------------- ----------------------
Total
comprehensive
profit for
the period - - - - 573,820 573,820
Share based
payments - - - - 28,610 28,610
-------------------- ---------------------- ------------------- ---------------------- ---------------------- -----------------------
Balance as at
31 March 2018 1,007,092 27,468,576 1,064,712 - (23,113,805) 6,426,575
============= =============== ============= =============== =============== ===============
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
for the 6 month period ending 30 September 2018
Retained earnings
Share Share premium Merger reserve Other reserves reserve
capital GBP GBP GBP GBP Total equity
GBP GBP
Loss for the
period - - - - (581,323) (581,323)
Currency
translation
difference - - - - (9,180) (9,180)
---------------------- ---------------------- ----------------------- ---------------------- ---------------------- ----------------------
Total
comprehensive
loss for the
period - - - - (590,503) (590,503)
Share issue 70,122 1,079,878 - - - 1,150,000
Share based
payments - - - - 36,664 36,664
-------------------- ---------------------- ------------------- --------------------- ---------------------- -----------------------
Balance as at
30 September
2018 1,077,214 28,548,454 1,064,712 - (23,667,644) 7,022,736
============= =============== ============= ============== ============== ===== ===== ==========
Byotrol plc
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the 6 month period ended 30 September 2018
6 mths 6 mths Year ended
ended ended 31 March
30 30 2018
September September
2018 2017
GBP GBP GBP
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the period before tax (581,323) (804,981) (244,939)
Adjustments for:
Share based payments 36,664 38,727 67,337
Expense on amendment of
convertible
loan note terms - 26,000 26,000
Depreciation 11,143 9,060 18,769
Amortisation 99,786 94,794 156,962
Finance income (33,921) - (3,309)
Finance costs 3,586 44,841 24,540
Disposal of intangibles - - 198,474
Changes in working capital
Decrease in inventories 19,113 74,379 15,479
Decrease in trade and other
receivables 886,727 164,619 (1,590,681)
(Decrease) in trade and other
payables (83,930) (230,337) (156,414)
------------------------ ------------------------ ------------------------
CASH GENERATED / (USED) IN OPERATING
ACTIVITIES 357,845 (582,898) (1,487,782)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire subsidiary (554,176) - -
(net of cash acquired)
Payments to acquire property,
plant and equipment (13,644) - (19,180)
Payments to acquire intangible
assets (81,736) 79,268 (151,527)
Finance income 4,150 - 3,309
------------------------ ------------------------ ------------------------
NET CASH USED IN INVESTING
ACTIVITIES (645,406) (79,268) (167,398)
------------------------ ------------------------ ------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on issue of ordinary
shares - 4,957,112 4,957,113
Share issue costs - (380,858) (380,858)
Interest paid (3,586) (19,841) (22,636)
------------------------ ------------------------ ------------------------
NET CASH INFLOW /(OUTFLOW) FROM
FINANCING (3,586) 4,556,413 4,553,619
------------------------ ------------------------ ------------------------
Net increase/(decrease) in cash
and cash equivalents (291,147) 3,894,247 2,898,439
Cash and cash equivalents at the
beginning of the financial year 3,852,446 951,088 951,088
Effect of foreign exchange rate
changes (9,180) (10,858) 2,919
------------------------ ------------------------ ------------------------
Cash and cash equivalents at the
end of the financial year 3,552,119 4,834,477 3,852,446
============ ============ ============
Byotrol plc
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the 6 month period ended 30 September 2018
1. Basis of preparation
The financial statements have been prepared in accordance with
the AIM rules, international financial reporting standards ("IFRS")
as adopted by the European Union that are applicable to the Group's
statutory accounts for the year ended 31(st) March 2018 and the
applicable provisions of the Companies Act 2006. The interim
financial statements are unaudited and were approved by the
Directors on 17th December 2018. The information set out herein is
abbreviated and does not constitute statutory accounts within the
meaning of Section 434 of the Companies Act 2006. The results for
the year ended 31 March 2018 are in abbreviated form and have been
extracted from the published financial statements. These were
audited and reported upon without qualification by Mazars LLP and
did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006. Statutory accounts for the financial year ended
31 March 2018 have been filed with the Registrar of Companies.
The Group has not applied IAS 34, Interim Financial Reporting,
which is not mandatory for UK Groups, in the preparation of these
interim financial statements.
The Company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are listed on
AIM, a market operated by The London Stock Exchange. The
consolidated financial information of Byotrol plc is presented in
Pounds Sterling (GBP), which is also the functional currency of the
parent.
2. Going concern
The Group has continued to incur losses in the period to 30
September 2018, but had, at the period end, cash reserves and net
assets of GBP3,552,119 and GBP7,022,736. Byotrol plc has prepared
interim financial statements on a going concern basis, which
assumes the Group will continue in operational existence for the
foreseeable future. The Group's ability to meet its future funding
and working capital requirements, and therefore continue as a going
concern, is dependent upon the Group being able to generate
recurring and sustainable revenues and free cash flow. The
projections take into account the new business opportunities
highlighted in the Chief Executive's Report, the timing and quantum
of which will affect the Group's cash requirements, which are
continually monitored by the Board.
The Directors are satisfied that the Group can meet its
operational requirements and discharge its liabilities as and when
they fall due. Accordingly they continue to adopt the going concern
basis in preparing the interim report and accounts.
In the event that the Group is unable to achieve its forecast
cash inflows, the Directors have opportunities available to them
which will enable them to reduce costs so that the business can
continue to exist within its current funding arrangements. Based on
this analysis, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future and for this reason they continue to
adopt the going concern basis of accounting.
3. Segmental information
The Group has three reportable segments; being Professional
(including food service, food manufacturing, industrial and health
(human and animal), Consumer and Pet. This disclosure correlates
with the information which is presented to the Group's Chief
Decision Maker, the Board. The Group's revenue, result before
taxation and net assets were all derived from its principal
activities.
The first segment concerns the professional sector incorporating
business to business sales into food and beverage, healthcare and
facilities management. The second segment concerns the consumer
sector and primarily revenue generated from licence agreements with
third parties for the manufacture and sale of products
incorporating Byotrol technology. The third sector is Petcare,
where finished goods are manufactured and sold into the companion
animal sector.
The Group operates in different geographic locations. The
revenue generated from the different geographic locations is
analysed separately into the information below.
Continuing operations
Professional Consumer Pet Total
6 months ended 30 GBP GBP
September 2018 GBP GBP
REVENUE
United Kingdom 663,574 83,462 138,541 885,577
North America 2,313 364,629 2,462 369,404
Rest of World 3,536 - 178,561 182,097
------------------------ ------------------------ ------------------------ ------------------------
Total revenue 669,423 448,091 319,564 1,437,078
Cost of sales (465,258) (20,630) (183,951) (669,839)
------------------------ ------------------------ ------------------------ ------------------------
Gross profit 204,165 427,461 135,613 767,239
=========== =========== =========== ===========
Centrally incurred income and expenditure not attributable to individual segments:
Sales and
marketing costs (404,695)
Research and
development costs (267,626)
Other
administrative
costs (441,346)
Costs directly
attributable to
acquisition of
subsidiary (117,637)
Depreciation and
amortisation (110,929)
Share based
charges (36,664)
Expense on
amendment of
convertible loan
note terms -
Finance income 33,921
Finance costs (3,586)
------------------------
Loss before tax (581,323)
===========
Continuing operations
Professional Consumer Pet Total
6 months ended GBP GBP GBP GBP
30 September
2017
REVENUE
United Kingdom 534,185 87,196 120,087 741,468
North America 601 22,401 - 23,002
Rest of World 12,052 - 157,554 169,606
------------------------ ------------------------ ------------------------ ------------------------
Total revenue 546,838 109,597 277,641 934,076
Cost of sales (417,983) - (172,709) (590,692)
------------------------ ------------------------ ------------------------ ------------------------
Gross Profit 128,855 109,597 104,932 343,384
=========== =========== =========== ===========
Central income and expenditure not attributable to individual segments:
Sales and
marketing
costs (322,566)
Research and
development
costs (194,905)
Other
administrative
costs (417,472)
Depreciation
and
amortisation (103,854)
Share based
charges (38,727)
Expense on
amendment of
convertible
loan note
terms (26,000)
Finance income -
Finance Costs (44,841)
------------------------
(804,981)
===========
Continuing operations
Professional Consumer Pet Total
Year ended 31 GBP GBP GBP GBP
March 2018
REVENUE
United Kingdom 890,584 172,450 282,535 1,345,569
North America 3,037 1,320,275 - 1,323,312
Rest of World 22,899 - 448,251 471,150
------------------------ ------------------------ ------------------------ ------------------------
Total revenue 916,520 1,492,725 730,786 3,140,031
Cost of sales (742,245) - (387,103) (1,129,348)
------------------------ ------------------------ ------------------------ ------------------------
Gross Profit 174,275 1,492,725 343,683 2,010,683
=========== =========== =========== ===========
Central income and expenditure not attributable to individual segments:
Sales and
marketing
costs (549,326)
Research and
development
costs (450,561)
Other
administrative
costs (1,094,461)
Depreciation
and
amortisation (175,731)
Expense on
amendment of
convertible
loan note
terms (26,000)
Share based
payments (67,337)
Finance income 3,309
Finance Costs (24,540)
Research and
development
(R&D) tax
credits 129,025
------------------------
(244,939)
===========
4. Loss per share
The loss per ordinary share is based on the losses for the
period of GBP581,323 (six months ended 30 September 2017:
GBP804,981; twelve months ended 31 March 2018: GBP244,939) and the
weighted average number of ordinary shares in issue during the
period of 408,507,564 (six months ended 30 September 2017;
287,992,349, twelve months ended 31 March 2018: 345,229,785).
The loss for the period and the weighted average number of
ordinary shares for calculating the diluted earnings per share for
the six months ended 30 September 2018 and for the comparative
periods are identical to those used for the basic earnings per
share. This is because the outstanding share options would have the
effect of reducing the loss per ordinary share and would therefore
not be dilutive.
5. Taxation
No liability to UK corporation or overseas income taxes arises
for the period due to losses incurred. The Directors have assessed
the position in relation to deferred tax and concluded that no
provision or asset should be created at this stage in respect of
deferred tax in view of the timescale and uncertainty of the
recovery of tax losses. This position will be reviewed again at 31
March 2019.
6. Business Combination
On 24(th) August 2018, the parent entity acquired 100% of the
issued share capital of Medimark Scientific Limited.
Acquisition related costs of GBP117,637 that were not directly
attributable to the issue of shares included in other
administrative costs in the consolidated statement of comprehensive
income and in the operating cashflow in the cashflow statement.
The fair values of the assets and liabilities acquired are still
being reviewed and therefore for this interim report provisional
assessments have been made.
7. Interim announcement
The interim report was released on 18 December 2018. It is also
available on the Company's website, www.byotrol.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BIBDDSGBBGIR
(END) Dow Jones Newswires
December 18, 2018 02:00 ET (07:00 GMT)
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