TIDMBYOT
RNS Number : 3481T
Byotrol PLC
19 November 2013
19 November 2013
Byotrol plc
Interim results for the six months ended 30 September 2013
Byotrol plc ('Byotrol', the 'Group' or the 'Company'), the
developer of anti-microbial technologies, is pleased to announce
its unaudited Interim results for the six months ended 30 September
2013.
Financial Highlights
On the new consolidated basis and compared to the restated six
months to 30 September 2012:
-- Turnover for the combined Group increased by 7% to GBP1,712k (2012: GBP1,604k)
-- Gross profit increased to GBP941k
-- Administrative costs reduced by 7% from GBP1,422k to GBP1,321k
-- EBITDA loss for the six months has reduced from GBP519k to GBP392k
-- Significant scope for further cost savings
Operational highlights include:
-- Financial performance improved
-- Acquisition of non-controlling interest in Byotrol Consumer Products Ltd (post period end)
-- Restructuring of the Group to create leaner, more focused platform for growth
-- Completed roll-out of surface cleaning across 510 Marks & Spencer stores
-- Further product launches expected in Consumer Products division
-- Progress in healthcare sector: Byotrol hand hygiene products listed in the NHS supply chain
Commenting on the results, David Traynor, Chief Executive of
Byotrol, said:
"Byotrol's financial performance continues to improve. Our
professional and consumer businesses are both growing and our
product range is increasing.
"The combination - and subsequent reorganisation - of Byotrol's
professional and consumer product businesses will create a leaner,
stronger platform for growth. We believe we are now making good
progress in creating a business best-suited to delivering on the
potential of our technology."
Enquiries:
Byotrol plc Tel - 01925 742 000
--------------------------------- -----------------------------
David Traynor - Chief Executive
--------------------------------- -----------------------------
Ralph Kugler - Chairman
--------------------------------- -----------------------------
Duncan Grosvenor - Finance
Director
--------------------------------- -----------------------------
finnCap Ltd - Nominated Adviser Tel - 020 7220 0500
--------------------------------- -----------------------------
Geoff Nash
--------------------------------- -----------------------------
Christopher Raggett
--------------------------------- -----------------------------
Winningtons Tel - 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 anti-microbial
technology company, operating globally in the Food, Industrial,
Healthcare 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 within existing products,
where 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 developed the technology that
creates easier, safer and cleaner lives.
For more information, please go to www.byotrol.co.uk
Chief Executive's Report
I am pleased to present Byotrol's unaudited interim results for
the six months to 30 September 2013. These are the first set of
results since my appointment as Chief Executive on 9 October 2013
and the first set of results since formally bringing together
Byotrol's consumer and business-to-business activities, which
occurred post period end.
Financial Overview
On 9 October 2013 Byotrol plc completed the acquisition of the
non-controlling interests in its consumer products joint venture,
Byotrol Consumer Products Ltd ("BCP"), that it did not already own.
Our results are presented showing the combined position for the
Group, including BCP from 1 April 2013, as required by IFRS 10
Consolidated Financial Statements, which was applied for the first
time in the period. We have also restated the comparable period
from 1 April 2012 to 30 September 2012 to give a true comparison on
a like-for-like basis.
The combined position post the acquisition of BCP transforms
Byotrol plc's financial profile.
Headline numbers for the 6 months ended 30 September 2013 on a
non-consolidated basis (and as described in note 1 to the accounts)
are as follows:
-- The impact of BCP on revenue for the period resulted in an
increase of 55% from GBP1,101k to GBP1,712k
-- Gross margins increased from 30% to 55%
-- Operating losses - before cost synergies - reduced by 28%
from GBP541k to GBP392k
Based on the new consolidated reporting, and compared to the
restated prior period, highlights include:
-- Turnover for the combined Group increased by 7% from GBP1,604k to GBP1,712k
-- Excluding the US, Professional and Petcare combined turnover increased by 11% to GBP1,058k
-- Gross profit increased from GBP930k to GBP941k
-- Administrative costs reduced by 7% from GBP1,422k to GBP1,321k
-- EBITDA loss for the six months has reduced from GBP519k to GBP392k
There will be considerable synergies from the acquisition of the
non-controlling interest. On the revenue line we see genuine
potential from combining Byotrol plc's technical skills and
institutional relationships with BCP's marketing and innovation
skills. On costs we see substantial scope for reduction without
harming the Group's prospects. We have already identified more than
GBP500,000 of annualised savings.
The savings include the transfer of our coverage of US accounts
to the UK. We maintain strong relationships with existing US
customers from the UK and do not expect the change to reduce sales
or to harm our attempts to get US regulatory approvals for our
products. Once we have those approvals we will review the best way
to manage our US business.
Markets
As part of the new consolidation of accounts we are presenting
segmental information on a new basis - Professional
(business-to-business), Petcare and Consumer. We are intending to
provide more detail within these segments in future reporting, once
systems are in place to record segmental performance in detail.
Professional
Along with Petcare, this segment was the focus of Byotrol plc's
business prior to the acquisition of the non-controlling interest
of BCP. In the period, our Professional business accounted for 45%
of the combined Group's turnover.
We are pleased to report continued growth in this segment in H1,
though not at the level anticipated.
In food and beverage, we successfully completed the roll-out of
surface cleaning products into 510 Marks & Spencer stores
(M&S). M&S is a thought-leader in food hygiene in the UK
and Byotrol's technology has now been adopted across its entire
in-store operations. We see many opportunities for developing this
relationship and are building on this success with further recent
wins at Cranswick plc, Bakkavor plc and Needlers, the UK's leading
independent PPE supplier to the food industry.
In business services, there are early signs of progress,
particularly with Office Depot and its facilities management supply
business. Our relationship with Rentokil is constructive but the
sales performance of Ultraprotect continues to be much slower than
expected.
In healthcare, we are starting to take some significant steps
forward:
-- Byotrol hand hygiene products are now listed in the NHS
supply chain, the first time that non-alcohol hand sanitisers have
been endorsed for NHS use
-- Our hand hygiene products have been launched with Winch
Pharma into UK healthcare under the Athenian brand
-- Formal testing of our healthcare range is now underway in two
UK hospitals and initial results are promising. The tests are being
conducted in partnership with ISS, one of the world's leading
facility services companies and very active in UK healthcare
Petcare
Over the period, Byotrol's Petcare segment accounted for 20% of
turnover in the Group. Petcare covers both professional products
(e.g. for use in veterinary practices) and consumer products, as
sold through outlets such as Pets at Home, the national pet
supplies retailer.
In general, the business continues to consolidate its position
with its key customers. Highlights include:
-- Steady international growth, including expansion in Japan
through partner Good Smile International and new product launches
in South Africa into pet retail and veterinary distribution
channels
-- Retail growth in Asia with the Byopet brand in Pet Lovers
Centre in Singapore and Malaysia, and a range relaunch of CarexPro
with our partners Sunon in China, due on shelf imminently
-- Consistent sales performance of three new Petface products in Sainsbury's stores
Consumer Products
In the period our Consumer Products business contributed 36% to
the combined business' turnover, boosted by a substantial one-off
payment from Kimberly-Clark Inc as part of the renegotiation of the
license agreement signed with BCP in 2012.
Business highlights include continued progress at Tesco (via our
license with Robert McBride plc) where Tesco is now actively
considering further Byotrol-based product launches, including a new
campaign around norovirus. We have also signed a new licence and
development deal for products to be launched in 2014 into mass
market sport retailers.
As previously reported, we were disappointed by Kimberly-Clark's
review of the product launch plans agreed with BCP, following their
change of strategy. We have since been investing heavily in our
technology and expertise, especially in US consumer markets, where
we are actively targeting new partnerships.
Our JDA with Albaad in household wipes is progressing but has
been slowed down by some challenges. Whilst this is relatively
common in development deals, we are a little behind plan and are
working hard with Albaad to resolve the issues. We are still
optimistic that the partnership will bear fruit in calendar year
2014.
Outlook
We are very pleased to have removed the unhelpful split between
consumer and professional markets within our Group. This structure
was impeding growth and generating unnecessary cost and overlap
between the two companies, issues that are now swiftly being
corrected.
We are also very pleased to welcome significant new shareholders
in the form of the What If group investors. We know we will benefit
from their marketing expertise and outstanding corporate network,
as has BCP in the past.
We see many opportunities for high margin growth across our
portfolio. With our new, leaner, simpler organisation we remain
optimistic about the future and the growth opportunities ahead. At
the same time, the business faces pressures, not least from the
costs and complications involved in the continually-changing and
complex European regulatory environment.
Finally I would like to thank the Byotrol team for the continued
progress of the business and for their professionalism and energy
as we integrate BCP fully into Byotrol plc. I have every confidence
in their abilities to help make our company a success.
David Traynor
Chief Executive
19 November 2013
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the 6 months ended 30 September 2013
6 mths ended 6 mths ended Year ended
30 September 30 September 31 March
2013 2012 2013
GBP GBP GBP
Revenue 1,712,359 1,604,315 3,048,270
Cost of sales (770,549) (674,094) (1,563,342)
Gross profit 941,810 930,221 1,484,928
Administration expenses excluding
depreciation and amortisation (1,321,502) (1,422,111) (2,975,182)
Share based payments (13,051) (27,039) (73,983)
Loss before interest, depreciation,
amortisation and tax (392,743) (518,929) (1,564,237)
Amortisation (34,580) (30,374) (63,194)
Depreciation (20,814) (24,814) (45,602)
Finance income - 569 3,157
Finance costs (9,596) (534) (1,605)
Loss before taxation (457,733) (574,082) (1,671,481)
Taxation - - -
Loss for the financial period (457,733) (574,082) (1,671,481)
Loss attributable to:
Owners of the parent (607,428) (677,387) (1,738,160
Non controlling interest 149,695 103,305 66,679
(457,733) (574,082) 1,671,481
OTHER COMPREHENSIVE INCOME, NET
OF TAX
Currency translation difference 10,212 36,006 4,717
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD (447,521) (538,076) (1,666,764)
Owners of the parent (597,216) (641,381) (1,733,443)
Non controlling interest 149,695 103,305 66,679
Owners of the parent (447,521) (538,076) (1,666,764)
Loss per share
Basic per share (pence) (0.41) (0.47) (1.21)
Diluted per share (pence) (0.41) (0.47) (1.21)
The loss for the period arises from the Group's continuing
operations
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2013
As at 30 As at 30 As at 31
September September March
2013 2012 2013
GBP GBP GBP
ASSETS
Property, plant and equipment 157,557 106,420 77,565
Intangible assets 482,312 458,819 479,379
639,869 565,239 556,944
Current assets
Inventories 434,498 464,015 510,937
Trade and other receivables 764,460 1,210,921 1,056,323
Cash and cash equivalents 585,106 903,851 358,440
1,784,064 2,578,787 1,925,700
TOTAL ASSETS 2,423,933 3,144,026 2,482,644
LIABILITIES
Current liabilities
Trade and other payables 1,771,145 1,397,523 1,817,885
Equity attributable to owners
of the parent
Share capital 374,073 358,949 358,949
Share premium account 18,562,358 18,154,985 18,154,985
Merger reserve 1,064,712 1,064,712 1,064,712
Translation reserve 8,548 29,624 (1,665)
Retained earnings (18,893,451) (17,285,246) (18,299,075)
1,116,240 2,323,024 1,277,906
Non controlling interests (463,452) (576,521) (613,147)
TOTAL EQUITY 652,788 1,746,503 664,759
TOTAL EQUITY AND LIABILITIES 2,423,933 3,144,026 2,482,644
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
as at 30 September2013
6 mths
ended 6 mths ended Year ended
30 September 30 September 31 March
2013 2012 2013
GBP GBP GBP
Cash flow from operating activities
Loss before tax for the period (457,733) (574,082) (1,671,481)
Adjustments for:
Share based payments 13,051 27,039 73,983
Depreciation 20,814 24,814 45,602
Amortisation 34,580 30,374 63,194
Profit on disposal of fixed assets - - 18,129
Finance income - (569) (3,157)
Finance costs 9,598 534 1,605
Foreign exchange gains and losses 10,217 36,006 7,236
Changes in working capital
Decrease/(increase) in inventories 76,439 (71,399) (118,321)
Decrease/(increase) in trade and
other receivables 291,863 (28,752) 125,846
(Decrease)/increase in trade and
other payables (46,740) (403,500) 10,631
Net cash used in operating activities (47,911) (959,535) (1,446,733)
Income taxes received - - -
Net cash used in operating activities (47,911) (959,535) (1,446,733)
Cash flows from investing activities
Payments to acquire property,
plant and equipment (100,806) (27,112) (28,294)
Payments to acquire intangible
assets (37,513) (25,403) (78,783)
Proceeds from sale of property,
plant and equipment - 13,747 8,579
Interest received - 569 3,157
Net cash used in investing activities (138,319) (38,199) (95,341)
Cash flows from financing activities
Proceeds of issue of ordinary
shares 483,374 - -
Share issue costs (60,880) - -
Capital element of finance lease - (5,013) (5,013)
Interest paid (9,598) (534)) (1,605)
Net cash inflow/(outflow) from
financing 412,896 (5,547) (6,618)
Net increase/(decrease) in cash
and cash equivalents 226,666 (1,003,281) (1,548,692)
Cash & cash equivalents at the
beginning of the financial period 358,440 1,907,132 1,907,132
Effect of foreign exchange rates - - -
Cash & cash equivalents at the
end of the financial period 585,106 903,851 358,440
UNAUDITED CONSLIDATED STATEMENT OF CHANGES IN EQUITY
for the 6 months ended 30 September 2013
Share Share Merger Trans-lation Retained Non controlling
Capital Premium Reserve Reserve Deficit Total interest Total
GBP GBP GBP GBP GBP GBP GBP GBP
Balance at 1
April 2012 358,949 18,154,985 1,064,712 (6,382) (16,634,898) 2,937,366 (679,826) 2,257,540
Loss for the
period - - - - (677,387) (677,387) 103,305 (574,082)
Other
comprehensive
income, net of
tax: - - - - - - - -
Currency
translation
difference - - - 36,006 - 36,006 - 36,006
Total
comprehensive
loss for the
period - - - 36,006 (677,387) (641,381) 103,305 (538,076)
Share based
payments - - - - 27,039 27,039 - 27,039
Transactions
with owners - - - - 27,039 27,039 - 27,039
Balance at 30
September
2012 358,949 18,154,985 1,064,712 29,624 (17,285,246) 2,323,024 (576,521) 1,746,503
Loss for the
period - - - - (1,060,773) (1,060,773) (36,626) (1,097,399)
Other
comprehensive
income net of
tax: - - - - - - - -
Currency
translation
difference - - - (31,289) - (31,289) - (31,289)
Total
comprehensive
loss for the
period - - - (31,289) (1,060,773) (1,092,062) (36,626) (1,128,688)
Share based
payments - - - - 46,944 46,944 - 46,944
Transactions
with owners - - - - 46,944 46,944 - 46,944
Balance at 31
March 2013 358,949 18,154,985 1,064,712 (1,665) (18,299,075) 1,277,906 (613,147) 664,759
Loss for the
period - - - - (607,428) (607,428) 149,695 (457,733)
Other
comprehensive
income, net
of
tax: Currency
translation
difference - - - 10,212 - 10,212 - 10,212
Total
comprehensive
loss for the
period - - - 10,212 (607,428) (597,216) 149,695 (447,521)
Placing of
shares 15,124 468,250 - - - 483,374 - 483,374
Placing costs (60,877) - - - (60,877) - (60,877)
Share based
payments - - - - 13,051 13,051 - 13,051
Transactions
with owners 15,124 407,373 - - 13,051 435,548 - 435,548
Balance at 30
September
2013 374,073 18,562,358 1,064,712 8,548 (18,893,451) 1,116,240 (463,452) 652,788
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the 6 months ended 30 September 3013
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 2013 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 2014.
The interim financial statements are unaudited and were approved by
the Directors on 18 November 2013. 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 2013 are in abbreviated form and have
been extracted from the published financial statements and adjusted
to reflect the impact of IFRS 10 Consolidated 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. Statutory accounts for the
financial year ended 31 March 2013 have been filed with the
Registrar of Companies.
The Group has not applied IAS 34, Interim Financial Reporting,
which is not mandatory for UK Groups, in the preparation of these
interim financial statements.
The company is a limited liability company incorporated and
domiciled in England & Wales and whose shares are 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.
In the current year, the Group has applied for the first time
IFRS 10. The impact of the application of this standard is set out
below.
Impact of the application of IFRS 10 Consolidated Financial
Statements
IFRS 10 replaces the parts of IAS27 Consolidated and Separate
Financial Statements that deal with consolidated financial
statements and SIC-12 Consolidation - Special Purpose Entities.
IFRS 10 changes the definition of control such that an investor has
a control over an investee when a) it has power over the investee,
b) it is exposed, or has rights, to variable returns from its
involvement with the investee and c) has the ability to use its
power to affect its returns. Previously, control was defined as the
power to govern the financial and operating policies of an entity
so as to obtain benefits from its activities
Specifically, the Group has, at the balance sheet date, a 50%
ownership interest in Byotrol Consumer Products Limited. Byotrol
Consumer Products Limited markets the Byotrol technology to the
consumer sector and was reliant on the continued investment in
development of Byotrol technology to further develop its revenue
and returns. The level of investment in technology development
directly affected the revenue and returns generated by Byotrol
Consumer Products Limited.
The Directors of the Company made an assessment as at the date
of initial application of IFRS 10 (i.e. 1 January 2013) as to
whether or not the Group has control over Byotrol Consumer Products
Limited in accordance with the new definition of control and the
related guidance set out in IFRS 10. The Directors concluded that
it has had control over Byotrol Consumer Products Limited since its
incorporation in 2007. Therefore, in accordance with the
requirements of IFRS 10, Byotrol Consumer Products Limited has been
a subsidiary of the Company since 2007. Previously, Byotrol
Consumer Products Limited was treated as a joint venture and
accounted for using the equity method of accounting.
Comparative amounts for the prior period and the related amount
as at 1 April 2012 have been restated in accordance with the
relevant transitional provisions set in IFRS 10.
Impact of loss for the period on the application of IFRS 10:
6 mths ended
30 September
2013
GBP
Increase in revenue 611,123
Increase in administrative expenses (311,733)
Decrease in profit from joint
venture (149,695)
Increase in profit for the period 149,695
2 Going concern
The Group has continued to incur losses in the period to 30
September 2013, but had, at the period end, cash reserves and net
assets of GBP585,106 and GBP652,788. 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 professional,
consumer and pet. This disclosure correlates with the information
which is presented to the Group's Chief Decision Maker, the CEO.
The segments reflect the industry sectors within which the Group
generates its revenue.
The first segment concerns the professional sector incorporating
business to business sales into food and beverage, healthcare and
facilities management. The second segment concerns the consumer
sector and primarily revenue generated from licence agreements with
third parties for the manufacture and sale of products
incorporating Byotrol technology. The third segment concerns the
Pet sector, where finished goods are manufactured and sold into the
companion animal sector.
The Group operates in different geographic locations. The
revenue generated from the different geographic locations is
analysed separately in the information below.
The Group's centrally incurred administrative expenses,
incorporating the ongoing research and development work, operating
income and assets and liabilities cannot be allocated to individual
segments.
Continuing operations
Professional Consumer Pet Total
6 months ended 30 September 2013 GBP GBP GBP GBP
REVENUE
United Kingdom 645,249 131,902 232,151 1,009,302
North America 43,014 451,613 - 494,627
Rest of world 78,869 27,608 101,953 208,430
Total revenue 767,132 611,123 334,104 1,712,359
Cost of sales (536,784) - (233,565) (770,549)
Gross profit 230,348 611,123 100,339 941,810
Centrally incurred income and expenditure not attributable to
individual segments -
Administrative costs - (1,321,502)
Depreciation and amortisation (55,394)
Share based payments (13,051)
Finance income -
Finance costs (9,596)
Loss before tax (457,733)
3 Segmental information (continued)
Continuing operations
Professional Consumer Pet Total
6 months ended 30 September 2012 GBP GBP GBP GBP
REVENUE
United Kingdom 612,896 145,123 248,323 1,006,342
North America 76,446 432,092 - 508,538
Rest of world - - 89,435 89,435
Total revenue 689,342 577,215 337,758 1,604,315
Cost of sales (451,174) - (222,920) (674,094)
Gross profit 238,168 577,215 114,838 930,221
Central income and expenditure not attributable to
individual segments -
Administrative costs - (1,422,112)
Depreciation and amortisation (55,180)
Share based payments (27,039)
Finance income 569
Finance costs (534)
Loss before tax (574,082)
Continuing operations
Professional Consumer Pet Total
Year ended 31 March 2013 GBP GBP GBP GBP
REVENUE
United Kingdom 1,136,693 238,854 536,037 1,911,584
North America 160,843 548,712 - 709,555
Rest of world 113,174 69,953 244,004 427,131
Total revenue 1,410,710 857,519 780,041 3,048,270
Cost of sales (1,009,513) - (553,829) (1,563,342)
Gross profit 401,197 857,519 226,212 1,484,928
Central income and expenditure not attributable to
individual segments -
Administrative costs - (2,975,182)
Depreciation and amortisation (108,796)
Share based payments (73,983)
Finance income 3,157
Finance costs (1,605)
Loss before tax (1,671,481)
4 Loss per ordinary share
The loss per ordinary share is based on the losses for the
period of GBP607,428 (six months ended 30 September 2012:
GBP677,327; twelve months ended 31 March 2013 GBP1,738,160) and the
weighted average number of ordinary shares in issue during the
period of 146,620,414 (six months ended 30 September
2012:142,795,088, twelve months ended 31 March 2013:
142,795,088).
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 2013 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 Post balance sheet events
On 2 October 2013 the Company entered into an agreement to
acquire all of the issued shares that it did not own in its
consumer products joint venture, Byotrol Consumer Products Ltd. The
consideration for the acquisition was the issue of 33,740,000 new
ordinary shares in Byotrol plc ("Consideration Shares"). The
agreement was completed on 9 October 2013.
In the period since the balance sheet date, the Company has
started a process of reorganisation. As part of this process the
Company has incurred costs of GBP115,000. These costs have not been
accrued for in the period to 30 September 2013.
7 Interim announcement
The interim report was issued to the Stock Exchange and the
press on 19 November 2013. A copy will be posted on the Company's
website, www.byotrol.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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Da Giu 2024 a Lug 2024
Grafico Azioni Byotrol (LSE:BYOT)
Storico
Da Lug 2023 a Lug 2024
