TIDMBYOT
RNS Number : 7856I
Byotrol PLC
21 June 2011
21 June 2011
Byotrol plc
UNAUDITED PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 MARCH 2011
Byotrol plc ('Byotrol' or 'the Group'), the leading AIM listed
anti-microbial hygiene company, is pleased to announce its
unaudited preliminary results for the 12 months ended 31 March
2011.
Highlights of the year include
-- Negotiating new partnerships with major product supply and
service companies, including Rentokil Initial plc in the UK, to
create long term growth opportunities
-- Successful integration of our Petcare acquisition,
Byofresh
-- Continued investment in the Byotrol technology, supported by
the NWDA grant that was awarded in April 2010
-- The centralisation of the company at Daresbury, bringing
sales and marketing together with the technical operation
-- A successful fund raising in 2010
-- Reduction in annual overhead costs on an ongoing basis of
about GBP475,000
-- Revenues of GBP1,913,213 (2010: GBP3,145,157)
-- Through our joint venture Byotrol Consumer Products Ltd; new
distribution agreements with Robert McBride, Mayborn and PZ
Cussons; a significant extension of our major development agreement
with a US Fortune 150 company; and Byotrol products now available
on the shelves of high profile UK retail outlets including Tesco
and Boots stores
Commenting on the results, Gary Millar, Chief Executive of
Byotrol, said:
"The significant changes to our business in the past year have
created a strong platform for accelerated growth, and to achieve
our goal of reaching positive cash generation at the earliest
opportunity."
Enquiries:
Byotrol plc 01925 742000
Gary Millar - Chief Executive
Richard Bell - Finance Director
Arbuthnot Securities Limited 020 7012 2000
Antonio Bossi
Henry Willcocks
Winningtons 020 3176 4722
Tom Cooper / Paul Vann 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
Chairman's statement
The past year has seen the Group make important progress towards
profitability and cash generation, despite the challenging economic
conditions. Underlying sales grew throughout the year - but total
sales are down because of the market's reaction to the one-off
effect of the swine flu scare in the previous year.
Financial results
During the year, the Group achieved revenues of GBP1,913,213
(2010: GBP3,145,157). The loss for the year amounted to
GBP2,757,638 (2010: GBP1,825,406) after one off costs of GBP210,875
and the result was also impacted by the non-payment of a
contractual royalty payment of GBP200,000. Without the effect of
these items, totalling GBP410,875, the loss would have been
GBP2,346,763. Further details are contained in the Chief
Executive's report. The consolidated statement of financial
position reflects a year-end total assets of GBP4,330,941 (2010:
GBP3,560,529) and the cash at bank and in hand was
GBP1,273,997.
If the one-off effect of the swine flu pandemic sales is
excluded, the underlying product sales growth, excluding Byofresh,
was 27%. Byofresh, in its first full year, contributed sales of
GBP789,366.
Developments
Our new Chief Executive, Gary Millar, has made a strong start.
His priorities are to accelerate sustainable revenue growth, and to
take the business to positive cash generation at the earliest
opportunity. Gary has used his first year to make important changes
in the business, focusing the strategy and concentrating on key
customers who recognise the uniqueness of the Byotrol technology,
whilst strengthening the management team. Highlights of the year
include:
-- Negotiating new partnerships with major product supply and
service companies, including Rentokil Initial plc in the UK, to
create long term growth opportunities
-- Successful integration of our Petcare acquisition,
Byofresh
-- Continued investment in the Byotrol technology, supported by
the NWDA grant that was awarded in April 2010
-- The centralisation of the company at Daresbury, bringing the
sales and marketing together with the technical operation
-- A successful fund raising in 2010
-- Reduction in annual overhead costs on an ongoing basis of
about GBP475,000
Byotrol Consumer Products, our joint venture, has also made
significant progress. This includes:
-- New distribution agreements with Robert McBride, Mayborn and
PZ Cussons. All three companies have commenced sales of products
containing Byotrol, the first two in the UK and the third in West
Africa
-- A significant extension of our major development agreement
with a US Fortune 150 company. This has the potential to be a
landmark deal for the business, and success would bring Byotrol to
consumers in a number of markets globally
-- Byotrol products now available on the shelves of high profile
UK retail outlets including Tesco and Boots stores
People
There were two changes to the Board during the year. Iain Duncan
Smith stood down from the Board in May 2010, as his appointment to
the Cabinet of the new Government required him to relinquish other
business responsibilities. In November 2010, David McRobbie, one of
the founders of the business, left the Company. I would like to
thank both David and Iain for their contributions to the Group.
On behalf of the Board, I would also like to record our sincere
thanks to all the Byotrol team for their efforts during the past
year. We are proud of the significant progress they have achieved,
despite the challenging external conditions.
Current trading outlook
The Group continues to strengthen under the leadership of Gary
Millar. Whilst progress has been slower than planned, a number of
new propositions bring the prospect of a significant increase in
sustainable revenue and cash generation in the coming year. The
timing and quantum of these opportunities will impact the Group's
cash requirements, which are continually monitored by the Board.
The current growth outlook remains positive, despite the continuing
global economic uncertainty.
Ralph Kugler
Chairman
Chief Executive's report
This is my first report as CEO of Byotrol plc, having been
appointed in April 2010. The period under review demonstrates a
year of real progress as we seek to transform our business into a
profitable and cash generative enterprise. We have achieved several
key operational milestones against a challenging market environment
and there is a transformational sense about the business.
Consequently I would like to start by thanking the Byotrol team who
have worked tirelessly throughout the year to help bring about the
changes necessary in order to achieve these objectives.
Overview
Product sales for the year were GBP1,897,899, and include an
important increase in repeatable end-user demand. The development
of sustainable sales growth is a priority towards our goal of
achieving break even and positive cash generation at the earliest
opportunity.
On a like for like basis, underlying revenues grew by an
encouraging 27%, excluding the one-off swine flu effect in the
previous year. In addition we had the first full year benefit of
sales from our acquired Petcare business, Byofresh. Both of these
income streams represent a more predictable and stable demand that
is central to achieving our overall goals.
Margins achieved during the year were 35.9%. Throughout the year
we have maintained a close focus on expenses including achieving a
targeted annual reduction in overheads of c. GBP475,000.
We have changed our strategic direction on Healthcare to move
away from an exclusive arrangement with one partner, in order to
open up new opportunities more rapidly. This resulted in reduced
licence and royalty income of GBP33,314 compared to last year
(2010:GBP525,797). As a result, and despite good overhead control,
the effect of lower overall volumes, the reduction in Healthcare
royalties (caused by the non payment by Synergy Health of a
contractual royalty payment of GBP200,000) and some one-off costs
(comprising restructuring costs of GBP110,875 and an increased
share scheme charge of GBP100,000 relating to the acquisition of
Byofresh) led to increased losses of GBP2,757,638. Without the
effect of these items, totalling GBP410,875, the loss would have
been GBP2,346,763.
I am nonetheless pleased to report real and continued progress
in each of our core market sectors towards the goal of Byotrol
being the leading global ingredient brand for microbial control.
The past year has produced a series of highlights that underpin
this ambition. These are detailed in the sector review below.
During the course of this first year I have also made a number
of operational changes in order to enhance our overall
effectiveness. These include augmenting our sales and marketing
capability, the development of new relationships with larger scale
distribution partners, achievement of external verification of
Byotrol's unique competitive advantage, and articulation of this
into a compelling business case for change. We have also
restructured our USA operations and extended into other
territories, including Africa. Due to continued tight focus on cost
control, this has largely been achieved whilst maintaining current
headcount. We have expanded our technical capability with the
benefit of a substantial GBP443,000 grant over a 3 year period and
have been able to further invest in technology and IP protection -
the lifeblood of our business.
Core market sector review
Food and Beverage supply chain
During the course of the year we have achieved two strategic
objectives: the unequivocal, evidence-based, demonstration of
Byotrol's unique competitive advantage, and a marked improvement in
the management of our channels to market.
Extensive comparative testing, both in-use and in independent
laboratories, has now shown that Byotrol products offer a
demonstrable performance improvement over current competing
products in both consumer and business markets. Ground breaking
work with two leading testing organisations, Campden BRI and
BluTest laboratories, has reinforced Byotrol's innovative residual
performance against a broad range of organisms outperforming the
market leaders in both sectors. Based on this very important
advantage, we have sharpened our demand management strategy for the
Food and Beverage sector.
Consequently, our strategy of working in partnership with those
companies that recognize these unique qualities of Byotrol, and are
capable of delivering them on a national scale, has led to a
refocusing on partnerships with large-scale businesses. In
particular, I am pleased that our growing relationships with expert
product supply and service providers, including Rentokil Initial
plc, has started to demonstrate the potential of Byotrol technology
in the form of sustained and repeatable revenue. This deploys our
resources in the most effective and focussed way, dovetails well
with our high growth and licensing strategy; the results of which
we anticipate seeing in the coming year.
In support of this we have significantly increased our marketing
communications activities. A new clear, third party endorsed,
campaign - Better, Faster, Kinder, Safer - presents the in-use
benefits of Byotrol in a highly favourable comparison to competing
technologies. This has created a marketing platform that drives a
compelling business case for change.
In the broader beverage market sector, in particular the water
cooler segment, Byotrol's unique technology brings demonstrable
benefits in replacing existing harsh chemicals. We are working with
the leading supplier to this industry to provide safer alternative
hygiene products and new materials for this growing
opportunity.
Consumer Products
I am delighted by the progress made this year in our consumer
products business joint venture, Byotrol Consumer Products Limited
(BCP). Our strategy of creating Byotrol as the "Intel of Hygiene"
by partnering on a co-branded basis with some of the world's
largest companies and best known brands is bearing fruit. During
the year BCP entered into a number of major new agreements which
have resulted in the successful launch of Byotrol branded products
in the UK, USA and sub-Saharan Africa.
The Mayborn Group successfully launched a range of Byotrol
co-branded baby care products alongside their market leading Tommee
Tippee brand, using a Closer to Nature marketing initiative. This
highlights the extraordinarily gentle characteristics of Byotrol
technology, whilst emphasising Byotrol's leading antimicrobial
credentials in the most sensitive of uses. This product offers a
real alternative to chlorine-based products, with the attendant
ecological advantages.
P Z Cussons successfully launched a "3 in 1" all purpose cleaner
containing Byotrol in sub Saharan Africa, co-branded with their
market leading 'Morning Fresh' brand, emphasising the versatile use
of Byotrol's powerful disinfectant properties in the most
challenging of environments.
Following our announcement that BCP had entered into a supply
agreement with Robert McBride Limited, the market-leading supplier
of private label products to supermarkets, Tesco successfully
launched a co-branded 24 hour germ protection, antibacterial
trigger spray in the UK and Ireland, based on Byotrol's
independently verified long lasting capability.
It was particularly pleasing to see that Boots, having already
successfully launched a co-branded hand mousse containing Byotrol,
have now extended their range, by incorporating Byotrol into a new
co-branded foot care product range.
During the year, the 6 month standstill agreement signed with a
global Fortune 150 multinational for $250,000 in December 2009 was
extended for a further 3 months with an additional $125,000
consideration paid. This significant collaboration underpins our
growing reputation as a force in the consumer sector. Following the
end of the reporting period there was further excellent progress
with this organisation reflected by a significant joint research
project agreement, with consideration to be paid to BCP of up to
$1,000,000 to fund a major development programme in the EU and the
USA.
We are highly excited by the commitments made, and the potential
being crystallised for Byotrol in branded consumer markets.
During the course of the year we also achieved the successful
integration of our Petcare business Byofresh. This sector now
enjoys the benefits of economies through our company wide supply
chain and back office support as well as the retail marketing
expertise of our consumer products joint venture partner.
Healthcare
There is an important opportunity in this sector, particularly
in the UK where an austere spending environment and increased
concerns about hospital-acquired infections aligns directly with
the core long lasting and powerful disinfecting benefits of
Byotrol. I am delighted that Byotrol was the winner of the NHS
Smart Solutions awards for its use as a whole room disinfectant in
the control of hospital acquired infections.
During the course of the year we decided to pursue a different
strategy, when our licensed partner Synergy Health plc elected not
to exercise an option to purchase further territorial exclusivity.
At the end of the reporting period, we mutually agreed to end the
exclusive arrangement with Synergy Health plc. Both parties will
continue to collaborate on a non-exclusive basis.
As a result, Byotrol is now well positioned to develop
additional routes to market in the Healthcare sector, both in the
UK and internationally, and to start to gain real traction in
healthcare sales.
Agriculture and Leisure
Agriculture sales development continues to show steady UK growth
augmented by market entry and exciting potential in both South
Africa and the USA.
In the Leisure sector, Byotrol's powerful characteristics are
being trialled by a global cruise line operator as a more effective
alternative to alcohol-based remedies against the Norovirus risk.
Initial results are extremely encouraging.
People and infrastructure
Reflecting Byotrol's ongoing transformation from a start up
biotech business to an international technology company, we have
taken the decision to relocate our sales and administration
functions to the Daresbury Science and Innovation Campus, where our
research and development laboratories are already located. This
will result in a number of efficiencies, as well as increased
networking opportunities for our sales and technical teams. Our UK
manufacturing continues, under licence, in central Manchester.
During the year, my predecessor as CEO, David McRobbie, returned
to head up our USA operations. David has since left Byotrol, and we
have taken this opportunity to restructure the US activities. I
want to thank David for his work with the Company, and to wish him
well for the future.
Finally I would like to reiterate my thanks to the entire
Byotrol staff for their hard work this year. We have a formidable
product with very great potential. Despite the challenges we have
faced in transforming our business, there is a real sense of
excitement that the potential of Byotrol is now beginning to be
realised, and I am confident that we have the team in place to
continue to deliver success.
The significant changes to our business in the past year have
created a strong platform for accelerated growth, and to achieve
our goal of reaching positive cash generation at the earliest
opportunity.
Gary Millar
Chief Executive
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2011
Note 2011 2010
GBP GBP
REVENUE 1 1,931,213 3,145,157
Cost of sales (1,238,067) (1,527,263)
-------------------- --------------------
GROSS PROFIT 693,146 1,617,894
Administrative expenses excluding
depreciation and amortisation (2,858,205) (2,926,581)
Share based payments (334,028) (298,993)
Share of joint venture loss before
tax (177,565) (162,156)
-------------------- --------------------
LOSS BEFORE INTEREST,
DEPRECIATION, AMORTISATION AND
TAX (2,676,652) (1,769,836)
Amortisation (47,423) (18,659)
Depreciation (46,105) (40,026)
Finance income 3,685 3,217
Finance costs (823) (102)
-------------------- --------------------
LOSS BEFORE TAX CREDIT (2,767,318) (1,825,406)
Income tax credit 2 9,680 -
-------------------- --------------------
LOSS FOR THE FINANCIAL YEAR (2,757,638) (1,825,406)
-------------------- --------------------
OTHER COMPREHENSIVE INCOME, NET OF
TAX
Currency translation difference (25,250) (19,726)
-------------------- --------------------
Other comprehensive income (25,250) (19,726)
-------------------- --------------------
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT (2,782,888) (1,845,132)
============ ============
Basic and fully diluted loss per share -
pence 3(2.77) (2.18)
The loss before income tax credit arises from the Group's
continuing operations.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2011
2011 2010
GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 149,307 159,519
Intangible assets 425,455 354,495
---------------- ------------------
574,762 514,014
--------------- ------------------
Current assets
Inventories 565,365 682,418
Trade and other receivables 1,916,817 1,597,882
Cash and cash equivalents 1,273,997 766,215
------------------ -------------------
3,756,179 3,046,515
------------------ ------------------
TOTAL ASSETS 4,330,941 3,560,529
============== ================
LIABILITIES
Current liabilities
Trade and other payables 521,207 1,135,703
Obligations under finance leases 8,190 -
Joint venture 205,404 115,199
---------------- ------------------
734,801 1,250,902
--------------- ------------------
Equity
Share capital 276,957 210,290
Share premium account 15,959,603 12,290,897
Merger reserve 1,064,712 1,064,712
Retained deficit (13,705,132) (11,256,272)
-------------------- --------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF
THE PARENT COMPANY 3,596,140 2,309,627
-------------------- --------------------
TOTAL EQUITY AND LIABILITIES 4,330,941 3,560,529
================ ================
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2011
Share Share Premium Merger Retained
Capital Account Reserve Deficit Total
GBP GBP GBP GBP GBP
At 1 April
2009 209,290 12,163,897 1,064,712 (9,710,133) 3,727,766
Issue of
shares 1,000 127,000 - - 128,000
Loss for the
year - - - (1,825,406) (1,825,406)
Other
comprehensive
income, net of
tax:-
Currency
translation
difference - - - (19,726) (19,726)
----------------- ------------------ ------------------ ------------------ ------------------
Total
comprehensive
loss for the
year - - - (1,845,132) (1,845,132)
------------------ ----------------- ------------------ ------------------ ------------------
Share based
payments - - - 298,993 298,993
------------------ ------------------ ------------------ ------------------- -------------------
At 31 March
2010 210,290 12,290,897 1,064,712 (11,256,272) 2,309,627
Issue of
shares 66,667 3,933,333 - - 4,000,000
Placing costs - (264,627) - - (264,627)
Loss for the
year - - - (2,757,638) (2,757,638)
Other
comprehensive
income, net of
tax:-
Currency
translation
difference - - - (25,250) (25,250)
------------------ ------------------ ------------------ ------------------- -------------------
Total
comprehensive
loss for the
year - - - (2,782,888) (2,782,888)
------------------ ------------------ ------------------ ------------------- -------------------
Share based
payments - - - 334,028 334,028
------------------ ------------------ ------------------ ------------------- -------------------
At 31 March
2011 276,957 15,959,603 1,064,712 (13,705,132) 3,596,140
=============== =============== =============== =============== ===============
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2011
2011 2010
GBP GBP
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the year before tax (2,767,318) (1,825,406)
Adjustments for:
Share based payments 334,028 298,993
Depreciation 46,105 40,026
Amortisation 47,423 18,659
Profit on disposal of
property, plant and
equipment (2,886) (4,037)
Finance income (3,685) (3,217)
Finance costs 823 102
Exchange gain or loss (24,576) (13,673)
Share of loss from joint
venture 177,565 162,156
Increase in joint venture
account (87,360) (147,864)
Changes in working capital
Decrease / (increase) in
inventories 117,053 (375,938)
Increase in trade and other
receivables (318,935) (595,277)
(Decrease) / increase in trade
and other payables (606,306) 735,019
-------------------- --------------------
CASH USED IN OPERATING ACTIVITIES (3,088,069) (1,710,457)
Income taxes credit received 9,680 -
-------------------- --------------------
NET CASH USED IN OPERATING
ACTIVITIES (3,078,389) (1,710,457)
-------------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire property,
plant and equipment (118,383) (118,664)
Proceeds from sale of property,
plant and equipment 4,250 17,347
Payments to acquire intangible
assets (37,257) (98,071)
Acquisition of trade and assets,
net of cash acquired - (184,911)
Finance income 3,685 3,217
-------------------- --------------------
NET CASH USED IN INVESTING
ACTIVITIES (147,705) (381,082)
-------------------- --------------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds on issue of
ordinary shares 4,000,000 -
Share issue costs (264,627) -
Interest paid (823) (102)
-------------------- ------------------------
NET CASH INFLOW/(OUTFLOW)
FROM FINANCING 3,734,550 (102)
------------------------ ------------------------
Net increase / (decrease) in cash and
cash equivalents 508,456 (2,091,641)
Cash & cash equivalents at
the beginning of the
financial year 766,215 2,863,909
Effect of foreign exchange
rate changes (674) (6,053)
------------------------ ------------------------
Cash & cash equivalents at
the end of the financial
year 1,273,997 766,215
================ ================
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2010
1. SEGMENTAL INFORMATION
The Group has three reportable segments; being product sales,
licence fees and royalties. 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 joint venture is included in the product sales segment.
Segmental information is presented using Group policies.
Continuing operations
Business
segments Product sales Licence fees Royalties Total
Year ended 31
March 2011 GBP GBP GBP GBP
REVENUE
External
revenue 1,897,899 26,548 6,766 1,931,213
------------------- ----------------- ----------------- -------------------
- - - -
Total revenue 1,897,899 26,548 6,766 1,931,213
======= ======= ======= ======= ======= ======= ======= =======
RESULT
Segment
result (2,803,494) 26,548 6,766 (2,770,180))
Investment
income 3,685 - - 3,685
Finance costs (823) - - (823))
------------------- ----------------- ----------------- -------------------
- - - -
Loss before
tax (2,800,632) 26,548 6,766 (2,767,318))
======= ======= ======= ======= ======= ====== ======= ======
OTHER
INFORMATION
Capital
additions 155,640 - - 155,640
Depreciation
and
amortisation 93,528 - - 93,528
ASSETS
Segment
assets 4,330,941 - - 4,330,941
------------------- ----------------- -----------------
- - - ------------------
Total assets 4,330,941 - - 4,330,941
LIABILITIES
Segment
liabilities 734,801 - - 734,801
----------------- -------------------
----------------- ------------------ - -
Net assets 3,596,140 - - 3,596,140
======= ======= ======= ======== ======= ======= ======= =======
1 SEGMENTAL INFORMATION (continued)
Continuing operations
Business
segments Product sales Licence fees Royalties Total
Year ended 31
March 2010 GBP GBP GBP GBP
REVENUE
External
revenue 2,619,360 502,113 23,684 3,145,157
------------------
------------------- ----------------- - -------------------
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
income 3,217 - - 3,217
Finance costs (102) - - (102)
------------------
------------------ - ----------------- - -------------------
Loss before
tax (2,351,203) 502,113 23,684 (1,825,406)
======= ======= ======= ======= ======= ======= ======= =======
OTHER
INFORMATION
Capital
additions 414,093 - - 414,093
Depreciation
and
amortisation 58,685 - - 58,685
ASSETS
Segment
assets 3,540,884 - 19,645 3,560,529
-------------------
-------------------- ------------------- - --------------------
Total assets 3,540,884 - 19,645 3,560,529
LIABILITIES
Segment
liabilities 1,250,902 - - 1,250,902
------------------ ------------------
------------------- -- - ----------------- --
Net assets 2,289,982 - 19,645 2,309,627
======= ====== ======= ======= ======= ======= ======= ======
1 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.
Rest of
Geographical United North the
segments Kingdom America World Total
Year ended 31
March 2011 GBP GBP GBP GBP
External revenue 1,175,932 407,037 348,244 1,931,213
Segment assets 3,887,876 443,065 - 4,330,941
======= ======= =======
======= ======= ======= ======= =======
Rest of
United North the
Kingdom America World Total
Year ended 31
March 2010 GBP GBP GBP GBP
External revenue 1,980,247 213,256 951,654 3,145,157
Segment assets 3,321,640 238,889 - 3,560,529
======= ======= ======= ======= =======
====== ======= ======
The group generated total revenues, which comprise both in 2011
and 2010 UK product sales from its largest customer of GBP440,880
(2010: GBP795,755).
2. TAXATION ON ORDINARY ACTIVITIES
There is no tax charge as the Group has made losses in both the
current and the previous year. The tax credit relates to research
and development expenditure. At 31 March 2011 the Group had an
unrecognised deferred tax asset relating to unutilised trading
losses and other temporary differences of GBP3,223,641 (2010:
GBP2,564,873).
3. LOSS PER SHARE
2011 2010
GBP GBP
Loss on ordinary activities after taxation (2,757,638) (1,825,406)
=========== ===========
Weighted average number of shares (No)
For basic and fully diluted loss per ordinary
share 99,604,998 83,777,781
=========== ===========
Loss per ordinary share - basic and fully
diluted (2.77)p (2.18)p
=========== ===========
The weighted average number of shares and the loss for the year
for the purposes of calculating the fully diluted earnings per
share are the same as for the basic loss per share calculation.
This is because the outstanding share options and warrants would
have the effect of reducing the loss per ordinary share and would,
therefore, not be dilutive under the terms of IAS 33.
4. BASIS OF THE ANNOUNCEMENT
The unaudited preliminary results for the year ended 31 March
2011 were approved by the Board of Directors on 20 June 2011. The
preliminary results do not constitute full accounts within the
meaning of section 434 of the Companies Act 2006 but are derived
from accounts for the year ended 31 March 2011 and year ended 31
March 2010.
Statutory accounts for the financial year ended 31 March 2010
have been filed with the Registrar of Companies. The auditors have
reported on those accounts; their report was unqualified, and did
not contain statements under section 498(2) or (3) of the Companies
Act 2006 but did draw attention to matters by way of emphasis
without qualifying their report.
While the financial information included in this preliminary
announcement has been prepared in accordance with the recognition
and measurement criteria of International Financial Reporting
Standards, as adopted by the European Union (EU) (IFRS), this
announcement does not in itself contain sufficient information to
comply with IFRS.
Byotrol plc is a company incorporated and domiciled in the
United Kingdom. The consolidated financial information of Byotrol
plc set out in this announcement is presented in Pounds Sterling
(GBP), which is also the functional currency of the parent.
The statutory accounts for the financial year ended 31 March
2011 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting. The audit of the statutory
accounts for the year ended 31 March 2011 is not yet complete, but
the auditors expect to provide an unqualified opinion but drawing
attention to matters by way of emphasis to going concern for the
reasons more fully set out below.
Going concern
Byotrol plc has prepared accounts 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 being able to generate
sustainable revenues and free cash flow. The directors have
prepared projected cash flow information for the period ending 12
months from the date of approval of these financial statements. The
projections take into account the new business opportunities
highlighted in the Chairman's and Chief Executive's Statements, the
timing and quantum of which will affect the Group's cash
requirements, which are continually monitored by the Board.
On the basis of these projections, the directors have identified
the requirement to obtain further working capital facilities and
negotiations are being undertaken with interested parties. Current
indications are that these will come to a satisfactory conclusion.
Agreement of facilities would, based upon projections prepared by
the group, enable it to continue to meet its debts as they fall due
for at least the next 12 months. Should some of these new business
opportunities not materialise or facilities not be secured, the
Board will put into place cost reduction plans and other actions to
enable the group to meet its debts as they fall due. As at the date
of these accounts, however, there remains some uncertainty over the
timing and completion of these matters.
Should adequate facilities not be secured or trading activities
not meet anticipated targets, then the group may be unable to
realise its assets and discharge its liabilities in the normal
course of business. Whilst there is a material uncertainty in
relation to the timing and completion of the above matters, the
directors are continuing their negotiations with various parties
and, based on indications so far, anticipate a positive outcome and
consider that it is appropriate that the accounts be prepared on a
going concern basis.
5. REPORT AND FINANCIAL INFORMATION
Copies of the financial statements for the Group for the year
ended 31 March 2011 will be available from the Company's registered
office and will be posted to shareholders and on the Company's
website in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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