TIDMBYOT
RNS Number : 6328F
Byotrol PLC
19 June 2012
19 June 2012
Byotrol plc
AUDITED PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 MARCH 2012
Byotrol plc ('Byotrol', the 'Company' or 'the Group'), the
leading AIM listed anti-microbial hygiene company, is pleased to
announce its audited preliminary results for the 12 months ended 31
March 2012.
Highlights of the year include
-- Revenues of GBP1.96m (2011: GBP1.93m)
-- Strong second half revenue growth of 12%
-- Petcare revenues up 12% with expansion into Asian markets
-- Reduction in annual overhead costs on an ongoing basis of about GBP0.75m for 2012/13
-- A successful fund raising of GBP2.46m in 2011
-- Cash at year end ahead of expectation at GBP1.62m
-- Cash used in operating activities has reduced to GBP1.78m (2011: GBP3.1m)
-- Significant improvements in operational effectiveness
-- Launch of Rentokil Initial plc UltraProtect (TM) range ,
powered by Byotrol, in the UK, France and Germany
-- Adoption across entire Holland America fleet of cruise liners
to combat Norovirus in high contact touch areas
-- Through our joint venture Byotrol Consumer Products Ltd;
further product extensions with Tesco plc, via Robert McBride plc,
and Boots. An extension to the Joint Development Agreement with our
Fortune 150 Company.
Commenting on the results, Gary Millar, Chief Executive of
Byotrol, said:
"We have maintained the momentum of positive change in our
business and are starting to deliver the anticipated results of our
refocused strategy. I am confident the business is well placed to
achieve its goal of reaching positive cash generation at the
earliest opportunity."
Enquiries:
Byotrol plc 01925 742000
Gary Millar - Chief Executive
Richard Bell - Finance Director
Duncan Grosvenor - Head of
Finance
finnCap Ltd 020 7220 2000
Geoff Nash
Christopher Raggett
Simon Starr
Winningtons 020 3176 4722
Tom Cooper / Paul Vann 0797 122 1972
tom.cooper@winningtons.co.uk
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 2011/12 financial year has been one of encouraging progress
for Byotrol, albeit at a slower pace than we anticipated at the
start of the year. The sales profile during the year reflects these
changes, with stronger growth in the second half of 2011-12 and
good momentum carried into the new financial year.
The more focused strategy implemented in the previous year has
led to a stronger performance. One off sales activity has been
replaced by sustainable repeat business with strategic customers.
Important new supply agreements have been implemented, notably with
Rentokil Initial, and new agreements with Office Depot and Marks
& Spencer that have the potential for good growth.
Revenues in our joint venture, Byotrol Consumer Products
Limited, grew strongly in the year from a low base. The work with
our Fortune 150 partner has progressed well, resulting in a further
JDA at the start of 2012, with an expectation that the current
phase of work will be completed by the second half of the year.
Following the integration of the Petcare business and the
achievement of planned synergies, good growth was achieved in the
year.
Margins were lower than budgeted for in the year at 21.7% (2011:
35.9%). This was caused partly by product mix, and by investment in
major efficiency initiatives. These measures, including a
significant reduction in the cost base, streamlining of the supply
chain and sourcing, and reductions in overall headcount, have
resulted in a much lower ongoing cost base which will benefit
margins from the start of the new financial year.
All of our operations have now been consolidated at our
Daresbury site along with the innovation resource, which has
enhanced effectiveness at lower cost. There is a growing
recognition of the uniqueness and benefits of Byotrol, as
exemplified by the contract with Rentokil and the positioning of
their UltraProtect(TM) brand with Byotrol. This recognition was
capped by Byotrol's success in winning the prestigious Chemicals
North-West 2012 Innovation Award.
My thanks, and those of the board, go to Gary Millar and all the
Byotrol team for their hard work and achievements in the past year.
Much progress has been made, and the board firmly believes that the
Group will show substantial progress in 2012/13, moving to cash
generation from operations at the earliest opportunity.
Ralph Kugler
Chairman
Chief Executive's report
I am delighted to present our results for the year ended 31
March 2012. The year under review clearly demonstrates that
Byotrol's refocused commercial strategy is starting to deliver the
anticipated results, with more repeatable and sustainable revenues
with our key partners, further improvements in Byotrol's
operational capability and supply chains, continued investment in
technology development and the cessation of under-performing
arrangements. Although progress has been slower than expected in
difficult financial conditions, I am confident that the business is
now in a position to achieve its stated aim of sustainable
profitability.
These changes are fundamental to the success of our strategy.
They have been undertaken in challenging market conditions and are
already leading to a stronger business performance. The Byotrol
team has worked ceaselessly throughout the year to help bring about
these improvements, and I would like to thank them for their
unstinting commitment.
Overview
Product sales for the year were GBP1.96m (2011: GBP1.90m),
representing a 3.2% year on year improvement, but more importantly
driven by second half growth of 12% with good momentum carried
forward into the 2012/13 financial year. This was supported by a 9%
increase in direct sales into the UK food sectors where our
strategy of wider adoption of Byotrol is proving successful.
We also continued to see good progress within our Petcare
business with year on year revenue growth of 12%. Both of these
income streams offer a more predictable and stable demand that is
central to achieving our overall goals.
During the year we have taken action to reduce inventory
holdings, coupled with a clear focus on creating a leaner
organisation with less cash employed in working capital and
significantly lower fixed costs. These benefits are already
starting to show in financial performance since the period end.
Throughout the year we have maintained a close focus on expenses
and cash management and have maintained the underlying savings
gained last year. The focus on cash management led to the cash
balance of GBP1.62m at the year-end which was ahead of our budget
expectation. We have continued to invest in our technical and
operational capability and to restructure the business into a
leaner operation. We have targeted an annual reduction in costs
from the restructuring of cGBP0.75m, and we anticipate improvement
in overall margins by up to 15% in 2012/13.
We strengthened our balance sheet during the year raising
GBP2.46m through a share placing at a time of significant market
uncertainty. The continued support of our shareholders endorses our
belief that Byotrol's refocused strategy bodes well for the
future.
Operational effectiveness
During the period we have implemented a more focused and leaner
enterprise. A new enterprise resource planning system provides more
transparent management information, which we are using to guide
decision making on market sector and product profitability.
During the year we relocated our sales and administration
functions to the Daresbury Science and Innovation Campus, where our
research and development laboratories were already based. This has
resulted in our being able to realise a number of headcount
efficiencies. In addition it has provided an environment where the
innovation which characterises our business is enhanced through
greater co-operation and integration between our marketing and
technical teams.
We continue to invest in technology and IP protection to enhance
our technical capability. Our commitment to innovation has led to
Byotrol receiving industry accolades for its revolutionary
technology. During the year, Byotrol received the prestigious
'Chemicals North-West 2012 Innovation Award' and was shortlisted
for a number of other awards. I remain enthused by the real and
continued progress towards each of our strategic initiatives and
our goal of making Byotrol the leading global ingredient brand for
microbial control.
Core market sector review
Industrial
During the year we signed a potentially transformational
contract with Rentokil Initial plc and worked successfully with
them to launch their UltraProtect(TM) hygiene product range, which
was achieved in Q1 2012. The four year contract is for the supply
of hand hygiene and surface sanitisation products across 16
European countries with the Initial Hygiene division ('Initial').
Initial provides hygiene services to a range of clients including
Government, health and commercial organisations. This deal
represents not only a landmark commercial deal for Byotrol, but is
a hugely significant validation by a leading services organisation
of the unique benefits of Byotrol technology.
This progress is particularly pleasing as we reported last year
a significantly more focused marketing strategy based on third
party endorsement of Byotrol's unique product attributes - Better,
Faster, Kinder, Safer. Initial has put these claims at the heart of
their UltraProtect(TM) rangepowered by Byotrol, exemplifying our
strategy of creating Byotrol as the 'Intel of Hygiene'.
Progress with UltraProtect(TM) is encouraging and the potential
exists for wider adoption of Byotrol across the Rentokil Initial
group. This could lead to market, product and geographic expansion
opportunities incremental to the 16 country agreement reached in
July 2011. Under the agreement with Rentokil, we expect to see
revenues for UltraProtect(TM) increase in both 2012 and 2013.
Consumer Products
We continue to make significant progress in the consumer sector,
which we serve via Byotrol Consumer Products (BCP), our joint
venture with ?What If! Ventures. The momentum achieved following
the successful launch of products last year with a range of leading
consumer suppliers has been maintained and further product
extensions, in particular with Tesco (via Robert McBride) and
Boots, were introduced.
During the year, significant resource has been invested in
moving the initiative with our Fortune 150 consumer partner from
the developmental to the commercial phase. A Joint Development
Agreement ('JDA') between our Fortune 150 partner and BCP was
announced in May 2011. The goal of this agreement was to develop a
range of products containing Byotrol's unique technology for global
consumer markets. In January 2012, BCP agreed terms for a six month
extension of the JDA for which BCP received a further US$0.3m. This
followed the achievement of all technical milestones and the
successful assessment of Byotrol's technological performance in the
May 2011 JDA. The two companies are now completing consumer
research and commercial analysis with the prospect of a full
commercial agreement thereafter.
During the course of the year we also maintained the excellent
progress following the successful integration of our Petcare
business. In particular, we expanded our geographic reach into Asia
with appointment of distributors in Singapore, Thailand and Japan.
Progress there is encouraging and contributed to the year on year
revenue growth of 12%.
These advances generated an improved performance from the joint
venture resulting in a 100% increase in its revenues to GBP0.62m on
a reduced cost base and an associated improvement of GBP0.16m, or
88%, on the loss for the year, as reflected in our accounts.
Food and beverage
I am pleased to report that we have achieved real success in
this core market sector with a 9% year on year revenue growth.
Progress has been particularly evident in our direct sales into the
UK and Ireland food processing supply chain, where key food groups,
including the Bakkavor group, have increasingly adopted Byotrol as
the anti-microbial technology of choice.
Our gross margins in servicing this sector, particularly via
distribution partners, have come under pressure during the period.
As a result we have taken action to accelerate our lean supply
approach with more efficient operational execution, including the
adoption of agreed minimum order quantities, delivery lead-times
and stocking policies with key customers.
We were delighted to be chosen as the total hygiene solution for
the Marks & Spencer's in-store Deli pilot project launched
earlier this year. This has progressed well and Byotrol will now be
introduced into further stores as this program is rolled out across
stores nationwide. During the period we also signed a new agreement
with Office Depot to service this, and the broader facilities
management sector, which has the potential for good growth.
Healthcare
During the period we executed our change in strategic direction
with the cessation of a previously under-performing licensing
arrangement. Healthcare remains an important target sector for
Byotrol, and we have been working to develop a new strategy and
routes to market. The uncertainty around funding changes within the
NHS has made this a challenge for our UK operations but discussions
are progressing with a number of interested parties.
Consequently Byotrol is well positioned to develop additional
routes to market in the Healthcare sector, both in the UK and
internationally, and to realise the level of adoption we believe is
possible.
Agriculture and Leisure
Agriculture sales development continues to show steady growth,
particularly in South Africa. On a broader front, Byotrol continues
to be recognised as the leading, preventative, anti-microbial
solution to emerging pathogens threatening food safety. This
recognition was confirmed during the year when Byotrol was
identified as the primary anti-microbial contributor to the UK Food
Standards Agency retail initiative in combating the rise in
Campylobacter in the food chain.
In the Leisure sector, Byotrol has now been endorsed across the
entire fleet of cruise line operator Holland America as the
anti-microbial control of choice against Norovirus. Initially
adopted in high contact touch areas, we are now seeking to expand
this across other areas of infection control on these specified
ships and onto other cruise operators.
People
Finally I would like to pay tribute to the entire Byotrol staff
for their hard work this year. We have achieved a number of our
strategic goals, and that is down to their efforts. We remain on a
journey as we seek to transform our business, and I remain
confident that we have the people, commitment and appetite to
deliver the commercial success which we all believe Byotrol
technology merits.
The improvements to our business over the year have strengthened
our position and the Company is well placed to achieve our goal of
reaching positive cash generation at the earliest opportunity.
Gary Millar
Chief Executive
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2012
Note 2012 2011
GBP GBP
REVENUE 1 1,962,813 1,931,213
Cost of sales (1,535,905) (1,238,067)
-------------------- --------------------
GROSS PROFIT 426,908 693,146
Administrative expenses excluding depreciation
and amortisation (3,104,366) (2,858,205)
Share based payments 63,593 (334,028)
Share of joint venture loss before tax (20,488) (177,565)
LOSS BEFORE INTEREST, DEPRECIATION, AMORTISATION
AND TAX (2,634,353) (2,676,652)
Amortisation (56,564) (47,423)
Depreciation (51,061) (46,105)
Finance income 197 3,685
Finance costs (15,143) (823)
-------------------- --------------------
LOSS BEFORE TAX CREDIT (2,756,924) (2,767,318)
Income tax credit - 9,680
-------------------- --------------------
LOSS FOR THE FINANCIAL YEAR (2,756,924) (2,757,638)
-------------------- --------------------
OTHER COMPREHENSIVE INCOME, NET OF TAX
Currency translation difference (6,382) (25,250)
-------------------- --------------------
Other comprehensive income (6,382) (25,250)
-------------------- --------------------
TOTAL COMPREHENSIVE LOSS FOR THE YEAR ATTRIBUTABLE
TO EQUITY HOLDERS OF THE PARENT (2,763,306) (2,782,888)
==================== ====================
Basic and fully diluted loss per share - pence
3 (2.23) (2.77)
The loss before income tax credit arises from the Group's
continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2012
2012 2011
GBP GBP
ASSETS
Non-current assets
Property, plant and equipment 126,744 149,307
Intangible assets 463,790 425,455
---------------- ------------------
590,534 574,762
--------------- ------------------
Current assets
Inventories 392,616 565,365
Trade and other receivables 1,611,329 1,916,817
Cash and cash equivalents 1,624,620 1,273,997
------------------ -------------------
3,628,565 3,756,179
------------------ ------------------
TOTAL ASSETS 4,219,099 4,330,941
============== ================
LIABILITIES
Current liabilities
Trade and other payables 841,579 521,207
Obligations under finance leases 5,013 8,190
Joint venture 325,892 205,404
------------------ -------------------
1,172,484 734,801
------------------ -------------------
Equity
Share capital 358,949 276,957
Share premium account 18,154,985 15,959,603
Merger reserve 1,064,712 1,064,712
Cumulative translation reserve (6,382) -
Retained deficit (16,525,649) (13,705,132)
-------------------- --------------------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE
PARENT COMPANY 3,046,615 3,596,140
-------------------- --------------------
TOTAL EQUITY AND LIABILITIES 4,219,099 4,330,941
================ ================
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2012
Share Premium
Share Account Merger Reserve Cumulative Retained Deficit
Capital GBP GBP Translation GBP Total
GBP Reserve GBP
GBP
At 1 April
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
Issue of
shares 81,992 2,377,755 - - - 2,459,747
Placing costs (182,373) - - - (182,373)
Loss for the
year - - - - (2,756,924) (2,756,924)
Other
comprehensive
income, net of
tax:-
Currency
translation
difference - - - (6,382) - (6,382)
------------------ ------------------ ------------------ ----------------- ------------------- -------------------
Total
comprehensive
loss for the
year - - - (6,382) (2,756,924) (2,763,306)
------------------ ------------------ ------------------ ------------------ ------------------- ----------------
Share based
payments - - - - (63,593) (63,593)
------------------ ------------------ ------------------ ------------------ ------------------- ------------------
At 31 March
2012 358,949 18,154,985 1,064,712 (6,382) (16,525,649) 3,046,615
=============== =============== =============== =============== =============== ===============
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2012
2012 2011
GBP GBP
CASH FLOW FROM OPERATING ACTIVITIES
Loss for the year before tax (2,756,924) (2,767,318)
Adjustments for:
Share based payments (63,593) 334,028
Depreciation 51,061 46,105
Amortisation 56,564 47,423
Loss/(Profit) on disposal of property,
plant and equipment 4,409 (2,886)
Finance income (197) (3,685)
Finance costs 15,143 823
Exchange gain or loss (6,417) (24,576)
Share of loss from joint ventures 20,488 177,565
Increase in joint venture account (73,810) (87,360)
Changes in working capital
Decrease in inventories 172,749 117,053
Decrease / (increase) in trade and other
receivables 479,298 (318,935)
Increase / (decrease) in trade and other
payables 320,372 (614,496)
-------------------- --------------------
CASH USED IN OPERATING ACTIVITIES (1,780,857) (3,096,259)
Income taxes credit received - 9,680
-------------------- --------------------
NET CASH USED IN OPERATING ACTIVITIES (1,780,857) (3,086,579)
-------------------- --------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire property, plant and
equipment (32,872) (27,757)
Proceeds from sale of property, plant
and equipment - 4,250
Payments to acquire intangible assets (94,899) (118,383)
Finance income 197 3,685
-------------------- --------------------
NET CASH USED IN INVESTING ACTIVITIES (127,574) (138,205)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on issue of ordinary shares 2,459,747 4,000,000
Share issue costs (182,373) (264,627)
Capital element of finance lease rental
payments (3,177) (1,310)
Interest paid (15,143) (823)
-------------------- --------------------
NET CASH INFLOW FROM FINANCING 2,259,054 3,733,240
Net increase in cash and cash equivalents 350,623 508,456
Cash & cash equivalents at the beginning
of the financial year 1,273,997 766,215
Effect of foreign exchange rate changes - (674)
-------------------- --------------------
Cash & cash equivalents at the end of
the financial year 1,624,620 1,273,997
================ ================
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2012
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.
Segmental information is presented using Group policies.
Continuing operations
Business segments Product sales Licence fees Royalties Total
Year ended 31 March GBP GBP GBP GBP
2012
REVENUE
External revenue 1,958,270 4,543 - 1,962,813
-------------------- -------------------- -------------------- --------------------
Total revenue 1,958,270 4,543 - 1,962,813
======= ===== ======= ===== ======= ======= ======= ======
RESULT
Segment result (2,746,521) 4,543 - (2,741,978)
Investment income 197 - - 197
Finance costs (15,143) - - (15,143)
-------------------- -------------------- -------------------- --------------------
Loss before tax (2,761,467) 4,543 - (2,756,924)
======= ===== ======= ===== ======= ======= ======= ======
OTHER INFORMATION
Capital additions 127,771 - - 127,771
Depreciation and
amortisation 107,625 - - 107,625
ASSETS
Segment assets 4,219,099 - - 4,219,099
-------------------- --------------------- -------------------- --------------------
Total assets 4,219,099 - - 4,219,099
----------------- ----------------- ------------------- ------------------
LIABILITIES
Segment liabilities 1,172,484 - - 1,172,484
------------------ -------------------- -------------------- -------------------
Net assets 3,046,615 3,046,615
======= ===== ======= ===== ======= ======= ======= ======
1 SEGMENTAL INFORMATION (continued)
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)
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.
Geographical segments United Kingdom North America Rest of the World Total
Year ended 31 March GBP GBP GBP GBP
2012
External revenue 1,428,663 186,944 347,206 1,962,813
Segment assets 3,968,371 250,728 - 4,219,099
======= ====== ======= ======= ======= ======= ======= =======
United Kingdom North America Rest of the World Total
Year ended 31 March GBP GBP GBP GBP
2011
External revenue 1,175,932 407,037 348,244 1,931,213
Segment assets 3,887,876 443,065 - 4,330,941
======= ======= ======= ======= ======= ======= ======= =======
The group generated total revenues, which comprise both in 2012
and 2011 UK product sales from its largest customer of GBP459,182
(2011: GBP440,880).
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 in 2011 related to
research and development expenditure. At 31 March 2012 the Group
had an unrecognised deferred tax asset relating to unutilised
trading losses and other temporary differences of GBP3,407,190
(2011: GBP3,223,641).
3. LOSS PER SHARE
2012 2011
GBP GBP
Loss on ordinary activities after taxation (2,756,924) (2,757,638)
=========== ===========
Weighted average number of shares (No)
For basic and fully diluted loss per ordinary
share 123,776,268 99,604,998
=========== ===========
Loss per ordinary share - basic and fully
diluted (2.23)p (2.77)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 audited preliminary results for the year ended 31 March 2012
were approved by the Board of Directors on 18 June 2012. 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 2012 and year ended 31
March 2011.
The preliminary announcement is prepared on the same basis as
set out in the statutory accounts for the year ended 31 March 2012.
Those accounts upon which the auditors issued an unqualified
opinion, also had no statement under section 498(2) or (3) of the
Companies Act 2006.
Statutory accounts for the financial year ended 31 March 2011
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
2012 will be delivered to the Registrar of Companies following the
Company's Annual General Meeting.
5. REPORT AND FINANCIAL INFORMATION
Copies of the financial statements for the Group for the year
ended 31 March 2012 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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