TIDMBYOT
RNS Number : 5058R
Byotrol PLC
20 November 2012
20 November 2012
Byotrol plc
Interim results for the six months ended 30 September 2012
'Strong progress in revenues and costs'
Byotrol plc ('Byotrol', the 'Group' 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 2012.
Operational highlights include:
-- Landmark commercial licensing agreement with Kimberly Clark
through joint venture Byotrol Consumer Products
-- Revenues increased by 11%
-- Revenues in core UK Food & Beverage up by 88%
-- A significant improvement in gross profit margin to 34% (up by 7 percentage points)
-- A 33% reduction in overhead expenses resulting in a saving of GBP516k in the six month period
-- A 51% improvement in underlying operational result for the period
-- Cash outflow from operating activities, pre-working capital,
has reduced significantly by 58% to GBP551k (2011: GBP1,325k)
-- Byotrol Consumer Products makes its first profit contribution to Byotrol plc
-- New product listings with Office Depot, Greenhams and
Needlers in the UK business to business sector
-- Continued Petcare progress with product launches in China and new listing in Sainsbury's
-- New licensing agreement signed with Afrivet for Petcare,
Veterinary and Agriculture markets in South Africa
Commenting on the results, Gary Millar, Chief Executive of
Byotrol, said:
"Byotrol has had a strong half year. Overall revenues have
continued their upward momentum, and in particular core Food and
Beverage sales in the UK were up by 88%, reflecting the successful
implementation of the refocused strategy.
"Major progress has been made in reducing costs and hence cash
burn. A 33% reduction in fixed costs resulted in significant
improvements in margin and operational result for the period, and
these will continue.
"We have put in place additional building blocks for further
growth, which will be reflected in the second half of the year.
These include new catalogue listings with key facilities management
and business services providers; geographic and product expansion
of our Petcare activities; product launches in several territories
through our agreement with Rentokil Initial; and a strategy to
develop our US business supported by unique claims.
"We are delighted with progress in our consumer products joint
venture Byotrol Consumer Products ("BCP"). Kimberly Clark has
signed a global licensing deal with BCP following completion of a
two year technical validation program. This is in addition to
further excellent progress in BCP's agreement with the McBride
Group for the additional supply of products to Tesco plc, and a
maiden profit contribution from BCP to Byotrol plc."
Enquiries:
Byotrol plc Tel - 01925 742 000
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Gary Millar - Chief Executive
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Ralph Kugler - Chairman
--------------------------------- -----------------------------
Duncan Grosvenor - Finance
Director
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finnCap Ltd - Nominated Adviser Tel - 020 7220 0500
--------------------------------- -----------------------------
Geoff Nash
--------------------------------- -----------------------------
Christopher Raggett
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Winningtons Tel - 020 3176 4722
--------------------------------- -----------------------------
Tom Cooper / Paul Vann 0797 122 1972
--------------------------------- -----------------------------
tom.cooper@winningtons.co.uk
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Notes to Editors
Byotrol plc (BYOT.L), quoted on AIM, is a leading anti-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 delighted to present positive results for the six months
ended 30 September 2012. During this period we have continued the
revenue growth momentum achieved in the latter half of the
preceding period, whilst at the same time putting in place
additional growth platforms.
Simultaneously we have implemented our leaner innovation
strategy outlined in our previous annual report, aimed at radically
addressing our cost base and driving margins forward. I am
particularly pleased to report we are ahead of expectation on our
fixed costs targets and delivering the significant margin
improvement anticipated. Both of these have contributed to a marked
improvement in the underlying operational result, with the loss
reduced by more than half.
These changes, and other operational efficiency measures, are
essential to achieving our objective of sustained profitability.
Simultaneously, we have continued to invest in our technology and
business development capability to ensure a refreshed product
pipeline and an improved ability to drive the top line.
Revenues for the period were GBP1.03m (2011: GBP0.92m)
representing 11% growth. The reported loss for the period was
GBP0.68m (2011: loss of GBP1.38m) demonstrating a 51% improvement.
The balance sheet at 30 September 2012 had cash and cash
equivalents of GBP0.78m (2011: GBP0.47m).
Margins for the period were significantly improved at 34% (2011:
27%) as the beneficial results of the operational actions taken
towards the end of the previous year have started to feed through.
Elsewhere, we continue to eliminate all non-essential cost from the
business, which together with expected second half growth and
continued EBITDA improvement will further improve our operational
cash performance.
Over the period we have continued to work to identify partners
with significant geographic and sector reach, and we have
successfully put in place new supply and/or licensing agreements.
At the same time we have supported the roll out of previously
announced deals focused on more effective distribution partners, to
help maximise the adoption of our market leading technology.
I am pleased therefore to be able to report continued good
progress in each of our core sectors and in particular the quality
of partners with whom we are routinely engaging. The growing number
of market-leading hygiene enterprises who are prepared to put
Byotrol's technological advantage at the heart of their marketing
platforms is a key indicator of progress towards our achieving the
strategic objective of making Byotrol the ingredient brand of
choice for anti-microbial protection.
Markets
Business services
During the period we have seen further progress following the
launch of UltraProtect, our co-branded offering with Rentokil
Initial. Following the previously reported introduction of
UltraProtect in UK, France and Germany, further launches have taken
place in Scandinavia.
Whilst early sales have been modest, we remain encouraged by the
plans for the wider country roll-out of UltraProtect across the
Rentokil Initial group in 2013 and by the potential for market,
product and geographic expansion opportunities in addition to those
within the 14 country agreement reached in July 2011.
During the period we were chosen as a partner for Office Depot's
UK facilities management supply initiative and included as the lead
hygiene supplier in their recently launched catalogue. This is a
significant development as it provides access to 5,000 contracted
Office Depot customers and over 500,000 customers via their Viking
catalogue range.
At the same time we were listed with Bunzl Greenhams, one of the
UK's leading suppliers of hygiene consumables. Both these catalogue
listings were firsts for Byotrol and our inclusion opens up
multiple channels to further business to business
opportunities.
In the leisure sector we built on the adoption of Byotrol in
high contact areas on cruise liners with the further adoption of
our hand hygiene products by the Holland America fleet.
Consumer products
During the period we announced a landmark commercial licensing
deal between Kimberly Clark and Byotrol Consumer Products, our
joint venture with ?What If! Ventures. This was the result of a two
year programme of technical and marketing collaboration and
represents an unequivocal endorsement of the technical credentials
of the Byotrol technology. This is the most significant example of
our strategy of positioning Byotrol as the "Intel of Hygiene" by
partnering with one of the world's largest and best recognised
companies.
BCP has continued to build upon its successful supply position
with Tesco (via the McBride Group) with further extensions to its
successful 24 hour antibacterial offering and a new all-purpose
antibacterial bathroom product launch.
In the period BCP has contributed an operating profit to Byotrol
plc for the first time.
Our Petcare business reported significant progress with a
refreshed range of products for Pets at Home; a new partnership
agreement leading to the introduction of three product SKU's in
Sainsbury's; a licensing deal for Veterinary and Agricultural
products via AfriVet in sub Saharan Africa and a Petcare product
range launched in China. This progress will help mitigate the
one-off effect of overstocking, which impacted sales, at one UK
customer.
Food & Beverage
We have made excellent progress in the UK food sector where
Byotrol is considered a ground breaking hygiene technology with
applications across the food processing chain. Working closely with
partners to implement the Food Standards Agency 'Safer Food Better
Business' initiative, we have seen increased adoption of Byotrol -
whether in helping combat Campylobacter in poultry, Listeria in
food processing, or the hygiene challenges within supermarkets.
Our strategy in UK food of building more sustainable and
repeatable end-user demand is now delivering on its potential. We
are delighted to have significantly improved on the previous year
on year revenue growth with an impressive 88% growth in the period
under review. This has been achieved with increased direct sales to
major food processors, including the Bakkavor, Vion and Tulip food
groups and we are particularly pleased to have established an
initial supply position in the UK with the global food processor
ADM.
We have also put in place more effective distributor agreements,
particularly our inclusion in the Needlers catalogue for the first
time. Within the retail environment we continue to support the
Marks & Spencer's Deli roll out programme and are well
positioned for further store-wide adoption. Our focus now is to
continue to build upon this successful UK model and replicate it in
other geographies.
Healthcare
During the period we undertook a strategic market assessment of
geographies, prospective partners and new routes to the wider
healthcare market. We have put in place non-exclusive arrangements
to service the NHS in the UK and have augmented our Healthcare
business development resource to drive growth.
Byotrol team
The Byotrol team has worked tirelessly during the period and
continues to demonstrate an exemplary level of dedication and
professionalism, and I am extremely proud of their achievements. We
have continued to reshape and up-skill the team which is well
placed to rise to the market challenges and opportunities
presented.
During the period our Board structure was also reshaped with the
retirements of Stephen Falder, Adrian Smith and Richard Bell, who
has continued as Company Secretary, and the appointment of Duncan
Grosvenor as Finance Director.
Outlook
The business has performed well in difficult market conditions.
Byotrol has continued its sales growth momentum and is now seeing
the clear benefits of the operational improvements and significant
cost reductions put in place over the last 12 months, and is well
on track to achieve our near term objective of break even.
At the same time we have established further growth platforms
through a number of new or improved commercial agreements and key
catalogue listings whilst further bolstering our business
development capacity.
The team is excited by the progress made in this first half and
the quality of commercial partners that we have added to our client
list. We look forward to building upon this performance and expect
further progress in the second half of the year.
Gary Millar
Chief Executive
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF COMPRENSIVE INCOME
For the 6 months ended 30 September 2012
Notes 6 mths ended 6 mths ended Year ended
30 September 30 September 31 March
2012 2011 2012
GBP GBP GBP
Revenue 3 1,027,100 923,384 1,962,813
Cost of sales (674,094) (674,877) (1,535,905)
Gross profit 353,006 248,507 426,908
Administration expenses excluding
depreciation and amortisation (1,056,479) (1,572,663) (3,104,366)
Share based payments (27,039) - 63,593
Share of joint venture profit/(loss)
before tax 108,284 (5,557) (20,488)
Loss before interest, depreciation,
amortisation and tax (622,234) (1,329,713) (2,634,353)
Amortisation (30,374) (26,476) (56,564)
Depreciation (24,814) (24,995) (51,061)
Finance income 569 447 197
Finance costs (534) (237) (15,143)
Loss before tax credit (677,387) (1,380,974) (2,756,924)
Tax credit - - -
Loss for the financial period
attributable to owners of the
parent (677,387) (1,380,974) (2,756,924)
OTHER COMPREHENSIVE INCOME, NET
OF TAX
Currency translation difference 36,006 4,492 (6,382)
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD ATTRIBUTABLE TO OWNERS
OF THE PARENT (641,381) (1,376,482) (2,763,306)
Loss per share 4
Basic per share (pence) (0.47) (1.25) (2.23)
Diluted per share (pence) (0.47) (1.25) (2.23)
The loss for the period arises from the Group's continuing
operations
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2012
As at 30 As at 30 As at 31
September September March
2012 2011 2012
GBP GBP GBP
ASSETS
Property, plant and equipment 106,420 154,675 126,744
Intangible assets 458,819 463,191 463,790
565,239 617,866 590,534
Current assets
Inventories 464,015 669,915 392,616
Trade and other receivables 1,342,499 1,911,795 1,611,329
Cash and cash equivalents 781,538 475,633 1,624,620
2,588,052 3,057,343 3,628,565
TOTAL ASSETS 3,153,291 3,675,209 4,219,099
LIABILITIES
Current liabilities
Trade and other payables 503,410 866,862 841,579
Obligations under finance leases - 6,597 5,013
Joint venture 217,608 582,092 325,892
721,018 1,455,551 1,172,484
Equity attributable to owners
of the parent
Share capital 358,949 276,957 358,949
Share premium account 18,154,985 15,959,603 18,154,985
Merger reserve 1,064,712 1,064,712 1,064,712
Translation reserve 29,624 - (6,382)
Retained earnings (17,175,997) (15,081,614) (16,525,649)
TOTAL EQUITY 2,432,273 2,219,658 3,046,615
TOTAL EQUITY AND LIABILITIES 3,153,291 3,675,209 4,219,099
Byotrol plc
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the 6 months ended 30 September 2012
6 mths ended 6 mths ended Year ended
30 September 30 September 31 March
2012 2011 2012
GBP GBP GBP
Cash flow from operating activities
Loss before tax for the period (677,387) (1,380,974) (2,756,924)
Adjustments for:
Share based payments 27,039 - (63,593)
Depreciation 24,814 24,995 51,061
Amortisation 30,374 26,476 56,564
Loss on disposal of fixed assets 8,872 - 4,409
Finance income (569) (447) (197)
Finance costs 534 237 15,143
Foreign exchange gains and losses 36,006 4,492 (6,417)
Share of (profit)/ loss of joint
venture (108,284) 5,557 20,488
Increase in joint venture account (74,598) (62,234) (73,810)
Changes in working capital
(Increase)/decrease in inventories (71,399) (104,550) 172,749
Decrease in trade and other receivables 343,431 67,256 479,298
(Decrease)/increase in trade and
other payables (338,169) 345,655 320,372
Net cash used in operating activities (799,336) (1,073,537) (1,780,857)
Income taxes received - - -
Net cash used in operating activities (799,336) (1,073,537) (1,780,857)
Cash flows from investing activities
Payments to acquire property, plant
and equipment (27,112) (30,363) (32,872)
Payments to acquire intangible assets (25,403) (64,212) (94,899)
Proceeds from sale of property,
plant and equipment 13,747 - -
Receipts on behalf of joint venture - 371,131 -
Interest received 569 447 197
Net cash used in investing activities (38,199) 277,003 (127,574)
Cash flows from financing activities
Proceeds of issue of ordinary shares - - 2,459,747
Share issue costs - - (182,373)
Capital element of finance lease (5,013) (1,593) (3,177)
Interest paid (534) (237) (15,143)
Net cash (outflow)/inflow from financing (5,547) (1,830) 2,259,054
Net (decrease)/ increase in cash
and cash equivalents (843,082) (798,364) 350,623
Cash & cash equivalents at the beginning
of the financial period 1,624,620 1,273,997 1,273,997
Effect of foreign exchange rates - - -
Cash & cash equivalents at the end
of the financial period 781,538 475,633 1,624,620
Byotrol plc
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the 6 months ended 30 September 2012
Share Share Merger Translation Retained
Capital Premium Reserve Reserve Deficit Total
GBP GBP GBP GBP GBP GBP
Balance at 1 April
2011 276,957 15,959,603 1,064,712 - (13,705,132) 3,596,140
Placing of shares - - - - - -
Placing costs - - - - - -
Loss for the period - - - - (1,380,974) (1,380,974)
Other comprehensive
income, net of
tax: - - - - - -
Currency translation
difference - - - - 4,492 4,492
Total comprehensive
loss for the period - - - - (1,376,482) (1,376,482)
Share based payments - - - - - -
Balance at 30
September 2011 276,957 15,959,603 1,064,712 - (15,081,614) 2,219,658
Placing of shares 81,992 2,377,755 - - - 2,459,747
Placing costs - (182,373) - - - (182,373)
Loss for the period - - - - (1,380,442) (1,380,442)
Other comprehensive
income net of
tax: - - - - - -
Currency translation
difference - - - (6,382) - (6,382)
Total comprehensive
loss for the period - - - (6,382) (1,380,442) (1,386,824)
Share based payments - - - - (63,593) (63,593)
Balance at 31
March 2012 358,949 18,154,985 1,064,712 (6,382) (16,525,649) 3,046,615
Loss for the period - - - - (677,387) (677,387)
Other comprehensive
income net of
tax: - - - - - -
Currency translation
difference - - - 36,006 - 36,006
Total comprehensive
loss for the period - - - 36,006 (677,387) (641,381)
Share based payments - - - - 27,039 27,039
Balance at 30
September 2012 358,949 18,154,985 1,064,712 29,624 (17,175,997) 2,432,273
Byotrol plc
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2012
1 Basis of preparation
The interim financial statements have 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 2012 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 2013.
The interim financial statements are unaudited and were approved by
the Directors on 19 November 2012. The information set out herein
is abbreviated and does not constitute statutory accounts within
the meaning of Section 434 of the Companies Act 2006. The results
for the year ended 31 March 2012 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 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 2012, but had, at the period end, cash reserves and net
assets of GBP781,538 and GBP2,432,273. Byotrol plc has prepared
interim financial statements on a going concern basis, which
assumes the Group will continue in operational existence for the
foreseeable future. The Group's ability to meet its future funding
and working capital requirements, and therefore continue as a going
concern, is dependent upon 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 interim financial statements. The projections
take into account the new business opportunities highlighted in the
Chief Executive's Report, the timing and quantum of which will
affect the Group's cash requirements, which are continually
monitored by the Board. In addition the forecasts take into
consideration continuation of the achieved cost savings as
reported.
On the basis of these projections and having undertaken
sensitivity analysis in respect of future sales growth and planned
cost savings, the Directors are satisfied that the Group can meet
its operational requirements and discharge its liabilities as and
when they fall due. Accordingly they continue to adopt the going
concern basis in preparing the interim report and accounts. In
addition, as a matter of prudence negotiations are currently being
undertaken to obtain additional working capital facility to support
the future growth of the business and current indications are that
these will come to a satisfactory conclusion.
The Directors therefore have a reasonable expectation that the
Group has adequate resources to continue in operational existence
for the foreseeable future and for this reason they continue to
adopt the going concern basis of accounting.
3 Segmental information
The Group has three reportable segments, being 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 assets and
liabilities were all derived from its principal activities.
Continuing operations
Product sales Licence fees Royalties Total
6 months ended 30 September 2012 GBP GBP GBP GBP
REVENUE
External revenue 1,027,100 - - 1,027,100
Total revenue 1,027,100 - - 1,027,100
RESULT
Segment result (785,703) - - (785,703)
Investment income 569 - - 569
Share of joint venture profit 108,281 - - 108,281
Finance costs (534) - - (534)
Loss before tax (677,387) - - (677,387)
OTHER INFORMATION
Capital additions 52,515 - - 52,515
Depreciation and amortisation 55,188 - - 55,188
ASSETS
Segment assets 3,153,291 - - 3,153,291
Total assets 3,153,291 3,153,291
LIABILITIES
/Segment liabilities 721,018 - - 721,018
Net assets 2,432,273 - - 2,432,273
3 Segmental information (continued)
Continuing operations
Product sales Licence fees Royalties Total
6 months ended 30 September 2011 GBP GBP GBP GBP
REVENUE
External revenue 920,511 2,873 - 923,384
Total revenue 920,511 2,873 - 923,384
RESULT
Segment result (1,378,500) 2,873 - (1,375,627)
Investment income 447 - - 447
Share of joint venture loss (5,557) - - (5,557)
Finance costs (237) - - (237)
Loss before tax (1,383,847) 2,873 - (1,380,974)
OTHER INFORMATION
Capital additions 94,575 - - 94,575
Depreciation and amortisation 51,471 - - 51,471
ASSETS
Segment assets 3,675,209 - - 3,675,209
Total assets 3,675,209 - - 3,675,209
LIABILITIES
Segment liabilities 1,455,551 - - 1,455,551
Net assets 2,219,658 - - 2,219,658
3 Segmental information (continued)
Continuing operations
Product sales Licence fees Royalties Total
Year ended 31 March 2012 GBP GBP GBP GBP
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
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 Kingdom North America Rest of the World Total
6 months ended 30 September 2012 GBP GBP GBP GBP
External revenue 797,923 74,462 154,715 1,027,100
Segment assets 2,976,787 176,504 - 3,153,291
United Kingdom North America Rest of the World Total
6 months ended 30 September 2011 GBP GBP GBP GBP
External revenue 561,494 87,068 274,822 923,384
Segment assets 3,153,926 244,279 277,004 3,675,209
United Kingdom North America Rest of the World Total
Year ended 31 March 2012 GBP GBP GBP GBP
External revenue 1,428,663 186,944 347,206 1,962,813
Segment assets 3,968,371 250,728 - 4,219,099
======= ======= ======= ======= ======= ======= ======= =======
4 Loss per ordinary share
The loss per ordinary share is based on the losses for the
period of GBP677,387 (six months ended 30 September 2011:
GBP1,380,974 loss; twelve months ended 31 March 2012: GBP2,756,924
loss) and the weighted average number of ordinary shares in issue
during the period of 143,579,676 (six months ended 30 September
2011: 110,783,082; twelve months ended 31 March 2012:
123,776,268).
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 2012 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 2013.
6 Interim announcement
The interim report was issued to the Stock Exchange and the
press on 20 November 2012. 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 2012 which comprises the consolidated
statement of comprehensive income, the consolidated statement of
financial position, the consolidated cash flow statement, the
consolidated statement of changes in equity and the related
explanatory 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 2012 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
19 November 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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