TIDMBYOT
RNS Number : 2302W
Byotrol PLC
16 November 2010
16th November 2010
Byotrol plc
Interim results for six months ended 30 September 2010
Byotrol plc ('Byotrol' or the 'Company'), the developer of anti microbial
hygiene technologies, is pleased to announce its unaudited Interim results for
the six months ended 30 September 2010.
Operational highlights include:
· Successful placing to raise GBP3.7m net of expenses
· 5% increase in like for like product sales, excluding the effects of swine
flu demand on 2009 sales
· Restructuring of sales, marketing and technology capability
· 25% reduction in like for like overhead costs
· Restructuring of US operations
· Encouraging progress in Consumer Products
Commenting on the results, Gary Millar, Chief Executive of Byotrol, said:
"Whilst total revenues for the period show a decline, this resulted directly
from the exceptional increase in demand, related to swine flu, for hand hygiene
B2B products in the comparable reporting period last year. More encouragingly,
underlying product sales continued to grow and, having secured additional
funding, we have enhanced our technical marketing capability to position us
strongly to execute our strategy. The strengthening of the Balance Sheet and the
re-focussing of the business at a time when the 'value proposition' of Byotrol
is being increasingly appreciated bodes well for the future."
Enquiries:
Gary Millar - Chief Executive 0161 277 9518
Ralph Kugler - Chairman
Stephen Falder - Deputy Chairman
Richard Bell - Finance Director
Byotrol plc
Antonio Bossi 020 7012 2000
Henry Willcocks
Arbuthnot Securities
Nominated Adviser
Tom Cooper / Paul Vann 020 3176 4722
Winningtons 0797 122 1972
Notes to Editors
Byotrol plc (BYOT.L), quoted on AIM, is a leading microbial technology hygiene
company, operating globally in the Healthcare, Food and Consumer sectors,
providing a low toxicity product with a broad-based and long lasting efficacy
across all microbial classes; bacteria, viruses, fungi, moulds, mycobacteria and
algae.
Powerful, long lasting and gentle, Byotrol's products can be used stand alone or
as an ingredient brand where, as a complementary addition within existing
products, Byotrol can significantly improve their performance in personal
hygiene, domestic and industrial disinfection, odour control, food production
and food management.
Founded in 2005, the Company has prioritised the development of a technology
that creates easier, safer and cleaner lives through partnering with providers
of essential goods and services. Byotrol is the catalyst behind the global
'Hygiene Revolution'.
For more information, please go to www.byotrol.co.uk
Chief Executive's Report
I am pleased to present our results for the first half year. As incoming Chief
Executive I have used my first few months to review the company's operations,
and with the balance sheet now strengthened, to put in place the necessary
changes that will lead to stronger performance in the future.
Overall revenues for the first half year were GBP922,270. This compares to
GBP1,995,375 in the same period last year, which was boosted by the exceptional
demand related to the swine flu pandemic scare, particularly for hand hygiene
B2B products.
Underlying product sales, excluding licence receipts and the impact of the swine
flu pandemic, show growth from GBP550,000 to GBP580,000 compared to the same
period last year, on a like-for-like basis. The Byofresh business, acquired in
February 2010, has completed its integration satisfactorily and sales continue
to progress well.
First half revenues comprise product sales of GBP891,357 (2009: GBP1,540,395),
licence fees of GBP26,548 (2009: GBP450,000) and royalties of GBP4,365 (2009:
GBP4,980). The reported loss for the period was GBP1,260,304 (2009: loss of
GBP590,211); the increase in the loss is a direct outcome of the exceptional
swine flu impact of a year ago. The balance sheet is strong with cash and cash
equivalents of GBP3,186,887 (2009: GBP1,678,343), following the successful fund
raising undertaken in August 2010.
Over recent months, I have focused on ensuring that our strategy is capable of
achieving our medium term financial goals of profitability and positive cash
generation by March 2012, via:
· A sharp focus on our core markets - Consumer, Food & Beverage, Healthcare
and Industrial & Agriculture
· Building our technology pipeline and technical marketing capability; and
· A relentless focus on operational excellence
Underpinning this is my conviction that Byotrol's technological superiority is a
game-changing opportunity. The technology is world class, and I am highly
motivated to realise the profit potential that this offers.
Key Decisions Taken
I have taken several key decisions to position the Company well for accelerated
growth:
· fundamental reorganisation of sales, marketing and technology capability
· newly appointed sales and marketing director of Byotrol Technology
· recently recruited high calibre sales and marketing personnel from the food
and beverage sector
· using benefits of the NWDA GRAND award, we have enhanced our technological
skill base
· sharp focus on efficiency and cost control with a 25% reduction in
like-for-like administrative costs
· planned amalgamation of our two North West sites into one location at the
Daresbury Science and Innovation Centre in March 2011
· A restructuring of US operations
These key decisions will enable us to focus on those market sectors where we can
unambiguously demonstrate product performance superiority, and provide customer
relevant solutions. I am confident that this will allow us to convert additional
opportunities into revenues.
Markets
Consumer products
Good progress continues to be made in this sector, which we serve via Byotrol
Consumer Products (BCP) our joint venture with ?What If! Ventures, with our goal
of delivering Byotrol technology to consumers worldwide in partnership with
major brands has developed on a number of fronts.
Specifically, we announced in July 2010 that we had reached agreement with
Robert McBride to develop certain antimicrobial products powered by Byotrol for
supermarket own brands. This joint development programme continues and we are
working towards bringing products onto shelves in the UK in the first six months
of 2011.
Also our previously announced collaboration with PZ Cussons progresses well with
an anticipated launch of antimicrobial products in sub Saharan Africa.
In addition we are working with the Mayborn Group, owners of the leading Tommee
Tippee TM brand, for a range of baby care products.
We have also been successful in progressing our standstill/technical exploration
agreement with a Fortune 150 international hygiene and consumer products
business into potential joint development agreements. These would be to develop
products for several global consumer markets.
Food & Beverage
As stated above, this sector experienced exceptional increase in demand for hand
hygiene B2B products in the comparable reporting period last year.
The food & beverage sector is strategic for Byotrol, and our marketing effort
continues to focus on building higher quality, repeatable end-user demand.
Our strategy of partnering with a limited number of distributors continues. We
have underpinned this by a repositioning of our core product range, with greater
emphasis on the differentiated nature of Byotrol technology, whilst engaging at
the highest levels with opinion formers in the food hygiene sector. Early
successes include the recent capture of a major hand hygiene account in the food
processing segment. This has been achieved by a product repositioning and more
targeted marketing which clearly demonstrates superior performance and maps the
economic benefits of Byotrol's unique proposition onto unmet customer needs.
Healthcare
We continue to support our licensee, Synergy Health plc, in their exclusive
territories, although in the UK, royalty growth remains below expectations.
However, the changed political climate has opened up new opportunities to engage
in discussions within the NHS and with the Department of Health on the clear
economic benefits Byotrol offers.
The decline in licence income for the period was largely a result of Synergy
opting not to extend their exclusivity to include certain European countries.
Consequently new distribution options are now available to exploit these
opportunities.
Industrial & Agriculture
We continue to make good progress in these sectors. Our focus is on bringing
the benefits of Byotrol into high care niche areas of agriculture, where long
lasting low hazard antimicrobial performance brings significant benefit. Recent
advances made in South Africa are particularly pleasing.
R&D
Over the last few months we have built our world class technology resource by
strengthening our microbiological and formulation chemistry capability at our
Daresbury facility. As already announced, Byotrol technology was recently
recognised by the award of a prestigious NWDA GRAND 3 year grant of GBP443,000,
and this will part fund our current and next generation technology development
pipeline, to reinforce Byotrol's position as a leading anti-microbial technology
company.
By co-locating our sales and marketing resources alongside this centre of
technical excellence, we will position Byotrol to exploit the game changing
opportunity that our unique anti microbial proposition presents.
Byotrol team
I want to thank David McRobbie Chief Executive of Byotrol Inc. and executive
director of Byotrol plc, for his significant effort and commitment in developing
the Byotrol business. David has informed the Company that it is his wish to
resign from the Company to pursue broader interests. David leaves with our best
wishes having been a founder member of the Byotrol business and with the
Company's thanks for his significant contribution.
I would also like to thank the rest of the Byotrol team for their continued
dedication and professionalism as we seek to transform the future of our
business.
Gary Millar
Chief Executive
16th November 2010
Byotrol plc
UNAUDITED CONSOLIDATED INCOME STATEMENT
for the 6 months ended 30 September 2010
+--------------------------------+-----+-------------+-------------+-------------+
| | | 6 Mths | 6 Mths | Year |
| | | ended | ended | ended |
| | | 30-Sep-10 | 30-Sep-09 | 31-Mar-10 |
| | | GBP | GBP | GBP |
+--------------------------------+-----+-------------+-------------+-------------+
| Revenue | | 922,270 | 1,995,375 | 3,145,157 |
+--------------------------------+-----+-------------+-------------+-------------+
| Cost of sales | | (551,542) | (812,760) | (1,527,263) |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Gross profit | | 370,728 | 1,182,615 | 1,617,894 |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Administration expenses | | (1,339,543) | (1,477,024) | (2,926,581) |
| excluding depreciation and | | | | |
| amortisation | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Share based payments | | (158,803) | (150,064) | (298,993) |
+--------------------------------+-----+-------------+-------------+-------------+
| Share of joint venture loss | | (97,063) | (124,866) | (162,156) |
| before tax | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Loss before interest, | | (1,224,681) | (569,339) | (1,769,836) |
| depreciation, amortisation and | | | | |
| tax | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Amortisation | | (22,004) | (8,134) | (18,659) |
+--------------------------------+-----+-------------+-------------+-------------+
| Depreciation | | (23,834) | (15,320) | (40,026) |
+--------------------------------+-----+-------------+-------------+-------------+
| Finance income | | 541 | 2,586 | 3,217 |
+--------------------------------+-----+-------------+-------------+-------------+
| Finance costs | | (6) | (4) | (102) |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Loss before tax credit | | (1,269,984) | (590,211) | (1,825,406) |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Tax credit | | 9,680 | - | - |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | (1,825,406) |
| Loss for the financial period | | (1,260,304) | (590,211) | |
| attributable to owners of the | | | | |
| parent | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| OTHER COMPREHENSIVE INCOME, NET OF | | | |
| TAX | | | |
+--------------------------------------+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Currency translation | | (11,342) | (23,839) | (19,726) |
| difference | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| TOTAL COMPREHENSIVE LOSS FOR | | (1,271,646) | (614,050) | (1,845,132) |
| THE YEAR ATTRIBUTABLE TO | | | | |
| OWNERS OF THE PARENT | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Loss per share | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| Basic per share (pence) | | (1.42) | (0.71) | (2.18) |
+--------------------------------+-----+-------------+-------------+-------------+
| Diluted per share (pence) | | (1.42) | (0.71) | (2.18) |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
| | | | | |
+--------------------------------+-----+-------------+-------------+-------------+
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2010
+------------------------------+------+--------------+--------------+--------------+
| | | 30 | 30 | 31 March |
| | | September | September | 2010 |
| | | 2010 | 2009 | |
| | | | | GBP |
| | | GBP | GBP | |
+------------------------------+------+--------------+--------------+--------------+
| ASSETS | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Property, plant and | | 145,581 | 155,594 | 159,519 |
| equipment | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Intangible assets | | 412,351 | 131,932 | 354,495 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | 557,932 | 287,526 | 514,014 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Current assets | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Inventories | | 686,929 | 407,641 | 682,418 |
+------------------------------+------+--------------+--------------+--------------+
| Trade and other receivables | | 1,513,697 | 1,848,889 | 1,597,882 |
+------------------------------+------+--------------+--------------+--------------+
| Cash and cash equivalents | | 3,186,887 | 1,678,343 | 766,215 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | 5,387,513 | 3,934,873 | 3,046,515 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| TOTAL ASSETS | | 5,945,445 | 4,222,399 | 3,560,529 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| LIABILITIES | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Current liabilities | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Trade and other payables | | 874,958 | 806,778 | 1,135,703 |
+------------------------------+------+--------------+--------------+--------------+
| Joint venture | | 138,330 | 151,841 | 115,199 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | 1,013,288 | 958,619 | 1,250,902 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Equity attributable to | | | | |
| owners of the parent | | | | |
+------------------------------+------+--------------+--------------+--------------+
| Share capital | | 276,957 | 209,290 | 210,290 |
+------------------------------+------+--------------+--------------+--------------+
| Share premium account | | 15,959,603 | 12,163,897 | 12,290,897 |
+------------------------------+------+--------------+--------------+--------------+
| Merger reserve | | 1,064,712 | 1,064,712 | 1,064,712 |
+------------------------------+------+--------------+--------------+--------------+
| Retained earnings | | (12,369,115) | (10,174,119) | (11,256,272) |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| TOTAL EQUITY | | 4,932,157 | 3,263,780 | 2,309,627 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| TOTAL EQUITY AND LIABILITIES | | 5,945,445 | 4,222,399 | 3,560,529 |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
| | | | | |
+------------------------------+------+--------------+--------------+--------------+
Byotrol plc
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the 6 months ended 30 September 2010
+------------------------------------+-------------+-------------+-------------+
| | 6 Mths | 6 Mths | Year |
| | ended | ended | ended |
| | 30-Sep-10 | 30-Sep-09 | 31-Mar-10 |
| | GBP | GBP | GBP |
+------------------------------------+-------------+-------------+-------------+
| Cash flow from operating | | | |
| activities | | | |
+------------------------------------+-------------+-------------+-------------+
| Loss before tax for the period | (1,269,984) | (590,211) | (1,825,406) |
+------------------------------------+-------------+-------------+-------------+
| Adjustments for: | | | |
+------------------------------------+-------------+-------------+-------------+
| Share based payments | 158,803 | 150,064 | 298,993 |
+------------------------------------+-------------+-------------+-------------+
| Depreciation | 23,834 | 15,320 | 40,026 |
+------------------------------------+-------------+-------------+-------------+
| Amortisation | 22,004 | 8,134 | 18,659 |
+------------------------------------+-------------+-------------+-------------+
| Profit on disposal of fixed assets | - | - | (4,037) |
+------------------------------------+-------------+-------------+-------------+
| Finance income | (541) | (2,586) | (3,217) |
+------------------------------------+-------------+-------------+-------------+
| Finance costs | 6 | 4 | 102 |
+------------------------------------+-------------+-------------+-------------+
| Foreign exchange gains and losses | (11,342) | (23,839) | (13,673) |
+------------------------------------+-------------+-------------+-------------+
| Share of loss of joint ventures | 97,063 | 124,866 | 162,156 |
+------------------------------------+-------------+-------------+-------------+
| Increase in joint venture account | (88,016) | (95,593) | (147,864) |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Changes in working capital | | | |
+------------------------------------+-------------+-------------+-------------+
| Increase in inventories | (4,511) | (216,715) | (375,938) |
+------------------------------------+-------------+-------------+-------------+
| (Increase)/decrease in trade and | 98,269 | (824,623) | (595,277) |
| other receivables | | | |
+------------------------------------+-------------+-------------+-------------+
| Increase/(decrease) in trade and | (260,745) | 406,094 | 735,019 |
| other payables | | | |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Net cash used in operating | (1,235,160) | (1,049,085) | (1,710,457) |
| activities | | | |
+------------------------------------+-------------+-------------+-------------+
| Interest paid | (6) | (4) | (102) |
+------------------------------------+-------------+-------------+-------------+
| Income taxes received | 9,680 | - | - |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Net cash used in operating | (1,225,486) | (1,049,089) | (1,710,559) |
| activities | | | |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Cash flows from investing | | | |
| activities | | | |
+------------------------------------+-------------+-------------+-------------+
| Payments to acquire property, | (9,896) | (107,730) | (118,664) |
| plant and equipment | | | |
+------------------------------------+-------------+-------------+-------------+
| Payments to acquire intangible | (79,860) | (31,333) | (98,071) |
| assets | | | |
+------------------------------------+-------------+-------------+-------------+
| Proceeds from sale of tangible | - | - | 17,347 |
| fixed assets | | | |
+------------------------------------+-------------+-------------+-------------+
| Acquisition of trade and assets, | - | - | (184,911) |
| net of cash acquired | | | |
+------------------------------------+-------------+-------------+-------------+
| Interest received | 541 | 2,586 | 3,217 |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Net cash used in investing | (89,215) | (136,477) | (381,082) |
| activities | | | |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Cash flows from financing | | | |
| activities | | | |
+------------------------------------+-------------+-------------+-------------+
| Proceeds of issue of ordinary | 4,000,000 | - | - |
| shares | | | |
+------------------------------------+-------------+-------------+-------------+
| Share issue costs | (264,627) | - | - |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Net cash inflow from financing | 3,735,373 | - | - |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Net increase/(decrease) in cash | 2,420,672 | (1,185,566) | (2,091,641) |
| and cash equivalents | | | |
+------------------------------------+-------------+-------------+-------------+
| Cash & cash equivalents at the | 766,215 | 2,863,909 | 2,863,909 |
| beginning of the financial period | | | |
+------------------------------------+-------------+-------------+-------------+
| Effect of foreign exchange rates | - | - | (6,053) |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
| Cash & cash equivalents at the end | 3,186,887 | 1,678,343 | 766,215 |
| of the financial period | | | |
+------------------------------------+-------------+-------------+-------------+
| | | | |
+------------------------------------+-------------+-------------+-------------+
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
as at 30 September 2010
+----------------+---------+------------+-----------+--------------+-------------+
| | Share | Share | Merger | Retained | Total |
| | Capital | Premium | Reserve | Earnings | GBP |
| | GBP | GBP | GBP | deficit | |
| | | | | GBP | |
+----------------+---------+------------+-----------+--------------+-------------+
| | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Balance at 1 | 209,290 | 12,163,897 | 1,064,712 | (9,710,133) | 3,727,766 |
| April 2009 | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Loss for the | - | - | - | (590,211) | (590,211) |
| period | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Exchange | - | - | - | (23,839) | (23,839) |
| difference | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Share based | - | - | - | 150,064 | 150,064 |
| payments | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Balance at 30 | 209,290 | 12,163,897 | 1,064,712 | (10,174,119) | 3,263,780 |
| September 2009 | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Placing of | 1,000 | 127,000 | - | - | 128,000 |
| shares | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Loss for the | - | - | - | (1,235,195) | (1,235,195) |
| period | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Exchange | - | - | - | 4,113 | 4,113 |
| difference | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Share based | - | - | - | 148,929 | 148,929 |
| payments | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Balance at 31 | 210,290 | 12,290,897 | 1,064,712 | (11,256,272) | 2,309,627 |
| March 2010 | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Placing of | 66,667 | 3,933,333 | - | - | 4,000,000 |
| shares | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Placing costs | - | (264,627) | - | - | (264,627) |
+----------------+---------+------------+-----------+--------------+-------------+
| Loss for the | - | - | - | (1,260,304) | (1,260,304) |
| period | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Exchange | - | - | - | (11,342) | (11,342) |
| difference | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Share based | - | - | - | 158,803 | 158,803 |
| payments | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| Balance at 30 | 276,957 | 15,959,603 | 1,064,712 | (12,369,115) | 4,932,157 |
| September 2010 | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
| | | | | | |
+----------------+---------+------------+-----------+--------------+-------------+
Notes to the Interim Financial Statements
for the period to 30 September 2010
1 Basis of preparation
This interim statement has been prepared in accordance with the AIM rules and
the basis of accounting policies set out in the accounts for the year ended 31
March 2010 and on the basis of all International Financial Reporting Standards
("IFRS") as adopted by the European Union that are expected to be applicable to
the Group's statutory accounts for the year ended 31 March 2011. The interim
statement is unaudited and was approved by the Directors on 16th November 2010.
The information set out herein is abbreviated and does not constitute statutory
accounts within the meaning of Section 435 of the Companies Act 2006. The
results for the year ended 31 March 2010 are in abbreviated form and have been
extracted from the published financial statements. These were audited and
reported upon without qualification by Baker Tilly UK Audit LLP and did not
contain a statement under Section 498(2) or (3) of the Companies Act 2006. The
audit report did however include an emphasis of matter paragraph in respect of
going concern.
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 quoted 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 2010, but
had, at the period end, significant cash reserves and net assets of
GBP4.9million. In view of the losses sustained, the directors have prepared
cash flow forecasts for the Group that reflect the Group's forecast revenues,
costs and financing. It is envisaged by the directors that these forecast cash
flow streams, together with current cash reserves will provide adequate funds
for Byotrol plc and all its subsidiary companies for the foreseeable future.
The financial statements have therefore been prepared on a going concern basis.
3 Segmental information
The Group has three reportable segments, being Product sales, License fees and
Royalties. This disclosure correlates with the information which is presented to
the Group's Chief Decision Maker, the CEO. The Group's revenue, result before
taxation and net assets were all derived from its principal activities.
The joint venture is included in the product sales segment. Segmental
information is presented using Group policies.
+-----------------+-------------+-----------+-----------+----------+-------------+
| | Continuing operations | |
+-----------------+-------------------------------------+------------------------+
| | Product | Licence | Royalties | Total |
| | sales | fees | | |
+-----------------+-------------+-----------+----------------------+-------------+
| 6 months ended | GBP | GBP | GBP | GBP |
| 30 September | | | | |
| 2010 | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
| REVENUE | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| External | 891,357 | 26,548 | 4,365 | 922,270 |
| revenue | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Total revenue | 891,357 | 26,548 | 4,365 | 922,270 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| RESULT | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Segment result | (1,301,432) | 26,548 | 4,365 | (1,270,519) |
+-----------------+-------------+-----------+----------------------+-------------+
| Investment | 541 | - | - | 541 |
| income | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Finance costs | (6) | - | - | (6) |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Loss before tax | (1,300,897) | 26,548 | 4,365 | (1,269,984) |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| OTHER | | | | |
| INFORMATION | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Capital | 89,756 | - | - | 89,756 |
| additions | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Depreciation | 45,838 | - | - | 45,838 |
| and | | | | |
| amortisation | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| ASSETS | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Segment assets | 5,913,768 | 26,548 | 5,129 | 5,945,445 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Total assets | 5,913,768 | 26,548 | 5,129 | 5,945,445 |
+-----------------+-------------+-----------+----------------------+-------------+
| | ======= | ======= | ======= ======= | ====== |
| | ======= | ======= | | = = |
| | | | | ====== |
+-----------------+-------------+-----------+----------------------+-------------+
| LIABILITIES | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Segment | 1,013,288 | - | - | 1,013,288 |
| liabilities | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Net assets | 4,900,480 | 26,548 | 5,129 | 4,932,157 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | | |
+-----------------+-------------+-----------+-----------+----------+-------------+
3 Segmental information (continued)
+-----------------+-----------+-+----------+-+-----------+----------+-----------+
| | Continuing operations | |
+-----------------+--------------------------------------+----------------------+
| | Product | Licence | Royalties | Total |
| | sales | fees | | |
+-----------------+-------------+------------+----------------------+-----------+
| 6 months ended | GBP | GBP | GBP | GBP |
| 30 September | | | | |
| 2009 | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
| REVENUE | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| External | 1,540,395 | 450,000 | 4,980 | 1,995,375 |
| revenue | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Total revenue | 1,540,395 | 450,000 | 4,980 | 1,995,375 |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| RESULT | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Segment result | (1,047,773) | 450,000 | 4,980 | (592,793) |
+-----------------+-------------+------------+----------------------+-----------+
| Investment | 2,586 | - | - | 2,586 |
| income | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Finance costs | (4) | - | - | (4) |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Loss before tax | (1,045,191) | 450,000 | 4,980 | (590,211) |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| OTHER | | | | |
| INFORMATION | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Capital | 139,063 | - | - | 139,063 |
| additions | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Depreciation | 23,454 | - | - | 23,454 |
| and | | | | |
| amortisation | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
| ASSETS | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Segment assets | 4,216,672 | - | 5,727 | 4,222,399 |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Total assets | 4,216,672 | - | 5,727 | 4,222,399 |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
| LIABILITIES | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Segment | 958,619 | - | - | 958,619 |
| liabilities | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| Net assets | 3,258,053 | - | 5,727 | 3,263,780 |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-------------+------------+----------------------+-----------+
| | | | | |
+-----------------+-----------+------------+-------------+----------------------+
| | | | | | | | |
+-----------------+-----------+-+----------+-+-----------+----------+-----------+
3 Segmental information (continued)
+-----------------+-------------+-----------+-----------+----------+-------------+
| | Continuing operations | |
+-----------------+-------------------------------------+------------------------+
| | Product | Licence | Royalties | Total |
| | sales | fees | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Year ended 31 | GBP | GBP | GBP | GBP |
| March 2010 | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
| REVENUE | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| External | 2,619,360 | 502,113 | 23,684 | 3,145,157 |
| revenue | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Total revenue | 2,619,360 | 502,113 | 23,684 | 3,145,157 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| RESULT | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Segment result | (2,354,318) | 502,113 | 23,684 | (1,828,521) |
+-----------------+-------------+-----------+----------------------+-------------+
| Investment | 3,217 | - | - | 3,217 |
| income | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Finance costs | (102) | - | - | (102) |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Loss before tax | (2,351,203) | 502,113 | 23,684 | (1,825,406) |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| OTHER | | | | |
| INFORMATION | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Capital | 414,182 | - | - | 414,182 |
| additions | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Depreciation | 58,685 | - | - | 58,685 |
| and | | | | |
| amortisation | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| ASSETS | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Segment assets | 3,540,884 | - | 19,645 | 3,560,529 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Total assets | 3,540,884 | - | 19,645 | 3,560,529 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
| LIABILITIES | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Segment | 1,250,902 | - | - | 1,250,902 |
| liabilities | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| Net assets | 2,289,982 | - | 19,645 | 2,309,627 |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | |
+-----------------+-------------+-----------+----------------------+-------------+
| | | | | | |
+-----------------+-------------+-----------+-----------+----------+-------------+
3 Segmental information (continued)
+-----------+-----------+---------+---------+-----------+--------+
| Geographical segments |
| |
| The Group's operations are located in the United |
| Kingdom and the United States of America. |
| |
| The following table provides an analysis of the |
| Group's sales by geography based upon location of |
| the Group's customers. |
| |
+----------------------------------------------------------------+
| | United | North | Rest | Total | |
| | Kingdom | America | of the | | |
| | | | World | | |
+-----------+-----------+---------+---------+-----------+--------+
| 6 | GBP | GBP | GBP | GBP | |
| months | | | | | |
| ended | | | | | |
| 30 | | | | | |
| September | | | | | |
| 2010 | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| External | 464,268 | 266,665 | 191,337 | 922,270 | |
| revenue | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| Carrying | 5,204,646 | 292,830 | 447,969 | 5,945,445 | |
| amount | | | | | |
| of | | | | | |
| segment | | | | | |
| assets | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| Capital | 89,756 | - | - | 89,756 | |
| additions | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | United | North | Rest | Total | |
| | Kingdom | America | of the | | |
| | | | World | | |
+-----------+-----------+---------+---------+-----------+--------+
| 6 | GBP | GBP | GBP | GBP | |
| months | | | | | |
| ended | | | | | |
| 30 | | | | | |
| September | | | | | |
| 2009 | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| External | 1,246,138 | 95,474 | 653,763 | 1,995,375 | |
| revenue | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| Carrying | 3,750,284 | 196,733 | 275,382 | 4,222,399 | |
| amount | | | | | |
| of | | | | | |
| segment | | | | | |
| assets | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| Capital | 139,063 | - | - | 139,063 | |
| additions | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | ======= | ======= | ======= | ======= | |
| | ======= | ======= | ======= | ======= | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | United | North | Rest | Total | |
| | Kingdom | America | of the | | |
| | | | World | | |
+-----------+-----------+---------+---------+-----------+--------+
| Year | GBP | GBP | GBP | GBP | |
| ended | | | | | |
| 31 | | | | | |
| March | | | | | |
| 2010 | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| External | 1,980,247 | 213,256 | 951,654 | 3,145,157 | |
| revenue | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| Segment | 2,887,691 | 238,889 | 433,949 | 3,560,529 | |
| assets | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| Capital | 414,182 | - | - | 414,182 | |
| additions | | | | | |
+-----------+-----------+---------+---------+-----------+--------+
| | ======= | ======= | ======= | ======= | |
| | ======= | ======= | ======= | ======= | |
+-----------+-----------+---------+---------+-----------+--------+
4 Loss per ordinary share
The loss per ordinary share is based on the losses for the period of
GBP1,260,304 (six months ended 30 September 2009: GBP590,211 loss; twelve months
ended 31 March 2010 GBP1,825,406 loss) and the weighted average number of
ordinary shares in issue during the period of 88,974,194 (six months ended 30
September 2009: 83,716,411; twelve months ended 31 March 2010: 83,777,781).
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
2010 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 2011.
The tax credit relates to research and development repayment claims received
from HMRC.
6 Interim announcement
The interim report was issued to the Stock Exchange and the press on 16th
November 2010. A copy will be posted on the Company's website.
Independent Review Report to Byotrol plc
Introduction
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2010 which comprises the consolidated income statement, the
consolidated statement of financial position, the consolidated cash flow
statement, the consolidated statement of changes in equity and the accompanying
notes. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements.
This report is made solely to the Company in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "'Review of Interim
Financial Information performed by the Independent Auditor of the Entity" issued
by the Auditing Practices Board. Our review work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.
Directors' Responsibilities
The half-yearly financial report, is the responsibility of, and has been
approved by the directors. The directors are responsible for preparing and
presenting the half-yearly financial report in accordance with the AIM Rules of
the London Stock Exchange.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards and
International Financial Reporting Interpretations Committee pronouncements as
adopted by the European Union. The condensed set of financial statements
included in this half-yearly financial report has been prepared in accordance
with the presentation, recognition and measurement criteria of International
Financial Reporting Standards and International Financial Reporting
Interpretations Committee pronouncements, as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 30 September 2010 is not prepared, in all
material respects, in accordance with the presentation, recognition and
measurement criteria of International Financial Reporting Standards and
International Financial Reporting Interpretations Committee pronouncements as
adopted by the European Union, and the AIM Rules of the London Stock Exchange.
Baker Tilly UK Audit LLP
Chartered Accountants
3 Hardman Street
Manchester
M3 3HF
16th November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
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