TIDMBYOT
RNS Number : 0936Q
Byotrol PLC
15 June 2015
15 June 2014
Byotrol plc
UNAUDITED FINAL RESULTS
FOR THE YEAR ENDED 31 MARCH 2015
Byotrol plc ('Byotrol', the 'Company' or the 'Group'), the
leading AIM listed anti-microbial hygiene company, is pleased to
announce its unaudited final results for the 12 months ended 31
March 2015.
Highlights of the year include:
-- Substantial improvement in financial performance
o Headline revenue of GBP3,252k (2014: GBP3,126k). Excluding the
substantial (and previously disclosed) one-off suspension payment
from a US licensee in FYE 2014, underlying revenue has increased by
over 20%.
o Operating costs reduced further, by 21% to GBP1,565k (2014:
GBP1,973k)
o EBITDA loss (before exceptionals and share option charges)
reduced to GBP418k (2014: GBP744k). Excluding the one-off payment
referred to above, underlying EBITDA loss has been reduced by over
GBP700k in the financial year, a reduction of over 60%
-- Continued steady growth of Professional and Petcare businesses.
-- Substantial improvements and investment in breadth and quality of technology
o To fit new, oncoming EU regulatory and labelling regimes and
to address US domestic markets
o To increase product range away from original core Byotrol
technology - new biocides and new formulations
o Supported by range of new technical development partners
across all three business segments
-- New, peer-reviewed test protocol for long-lasting
anti-microbial products now published by British Standards
Institute and sponsored by Byotrol. The first of its kind in Europe
and a key step in defending and growing our market position
-- New marketing initiatives in Healthcare (particularly via a
joint marketing agreement with ISS Facilities Services -
Healthcare) and Consumer (via a series of technical development
relationships with large chemical companies, including Solvay, the
international chemical group)
Commenting on the results and prospects, David Traynor, Chief
Executive of Byotrol, said:
We are pleased with progress this year. Financial performance is
improving, our technology is now better in efficacy and breadth and
we are building a network of high-quality partnerships in sales,
marketing and product development. We expect to make further
progress in all these areas in the coming year.
Enquiries:
Byotrol plc 01925 742 000
David Traynor - Chief Executive
Dawn Marshall - Group Marketing
Controller
finnCap Ltd 020 7220 0500
Geoff Nash
Carl Holmes
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
Chairman's Statement
After a busy year which included a merger and a share placing, I
might be expected to say that we have concentrated only on
rationalisation and consolidation while we sort out legacy issues,
invest the money and prepare ourselves for the future. I am pleased
to say that we have had no such year at Byotrol.
We have indeed completed the rationalisation and reshaping of
the combined Company, but we have spent just as much energy on our
sales effort. An increase in like-for-like sales of 20% would
normally be commendable enough but this was achieved against the
backdrop of incredible upheaval in the European Regulations which
govern the use of our products particularly in the food industry in
the UK.
Matching our endeavours in sales was our effort in product
development. The new regulations come with the burden of having to
change the chemistry and labelling of most of our products. This is
expensive, time-consuming and distracting. I am pleased to report
that nearly all of the changes are now implemented, and I fully
expect this to benefit our revenues.
When looking at Byotrol's 2014/2015 figures, we can apply a
little arithmetic in order to assess our outlook. After deducting
the technology costs we are at about the breakeven point. I choose
to look at the technical spend as an investment for the future
income stream that it should produce and on this basis, we are for
the first time looking like a company that has come of age. In the
next year our technical spend should be lower, or will at least be
partly covered by Joint Development Agreements with partners and
our revenues should continue to increase. The trajectory is visibly
in the right direction.
Our changing landscape
Despite the huge regulatory cost which has now been expended,
the overall effect is not necessarily negative. We consider that we
are now ahead of our competitors in several areas. This technical
advance should stand us in good stead and our knowledge and
experience means that our customers are increasingly talking to us
as the experts to listen to. Along with that dialogue comes trust
followed by sales.
Another advantage of the changes is that there will be several
competitors out there who may not be able to afford to comply with
the new regime or who are late or incapable of effecting change.
The immediate advantage is obvious and we are ready to absorb new
business from our competitors. We have the technical expertise and
management available to service higher sales.
Current Areas of focus
A fortuitous outcome from our efforts in developing new
formulations is that we have improved the cleaning capability of
our consumer liquids. Whereas our previous focus was on the
anti-bacterial properties, we now have a world class product with
superior cleaning properties, developed in conjunction with the
international chemical group Solvay, which is also now supporting
us in the commercialisation effort.
We encourage our scientific team to think with an inventive mind
and occasionally a "Friday afternoon" idea turns out to be
commercially interesting. It is important for the technical effort
to be focused on meeting the demands of the business, but creative
minds need to be, well, creative. An interest in the Company, the
current market place and commercial reality does need to be
occasionally balanced by some blue sky thinking. Just such an event
has led to a new skin treatment product that has shown so much
promise that we have applied for a patent. This product will have
applications within our existing business for hand sanitisation,
but will also have applications for health and medical purposes
that are currently on the periphery of our core business. For those
areas we will be seeking out partners to help commercialise this
new addition to our range.
Last year we pointed to our Consumer division being an area of
greater importance and this is an important step in that direction.
As before, we point out that development work is slow and the
outcome is uncertain, but when the income rolls in it is likely to
be very significant.
New projects that have got underway recently include the
partnership with ISS and I expect this pattern to continue. ISS
enables us to access the NHS in a way that we simply cannot do on
our own. It makes sense for a small company such as Byotrol to tie
up with larger partners in this way and it is a credit to our team
that they have the talent to forge such relationships.
We also hope to develop partnerships for our Environmental
Protection Agency ("EPA") approved project in USA, to complement
our existing agreement with Advanced Hygienics and several early
stage discussions are underway.
Headwinds and Tailwinds
A Chairman is usually expected to talk about his Company in
glowing terms and point out all of the many possible ways in which
we are going to make more profit in the years to come. I am happy
to do the same and would not be here unless I believed that our
future was very promising. I would add that the Board, senior
executives and indeed all of our employees share the same
outlook.
I would like to take a little time just to balance the
enthusiasm with some of the counter arguments. As shareholders you
want to be able to accurately assess the value of your shares and
an appreciation of the risks is important. Moreover you would
probably feel happier if you knew that your Directors appreciated
the risks inherent in running their particular business and that
they are capable and prepared to tackle the problems.
I do remember a very sensible newspaper article by a well known
entrepreneur that listed the 50 things that a CEO had to worry
about on any given day and these apply to every business. No point
in me listing such worries here, but the more interesting question
is "what are the special risks that we face and what do we do about
them in order to mitigate these risks?"
We have not been shy in pointing out our main worry which is
Regulation. It was the topic of some discussion last year and is
not likely to go away any time soon. We work in the food and health
industries, both of which are highly regulated. The purpose of the
regulations is to protect the consumer, and by and large this is
effective. However, chemicals periodically fall out of favour, and
not always for entirely scientific reasons. It is sometimes a
matter of opinion which becomes noise which becomes concern which
becomes interference from on high. We have little redress but have
to accept the changes and the costs that come our way.
For us to remain in business, we have to adapt. When I first
invested in Byotrol, I had imagined that it was such a safe product
that we would not need to make changes for years to come, but I had
not allowed for the European Union swaying of scientific opinion.
It could happen again and we need to maintain a high level of
technical expertise to stay ahead of the game. I am confident that
our technical expertise is second to none in our chosen area.
The health industry is slow to make decisions. Mostly this
conservative approach serves us well but when better products are
introduced the delay in implementation is frustrating. Just having
a better product is not enough, there is a really hard act to do in
selling anything new to the health industry. We came to the
conclusion that we are just too small to get traction here, and
thus our partnership with ISS, which we hope to see develop
significantly over the coming years.
Our customers require technical advice but do not pay for it. A
simple fact of life, but a very onerous part of the bargain and it
reduces our margins. This is especially true of the food
preparation industry where a new or speciality chemical supplier
such as ourselves has to provide the technical support for one
chemical without having the revenues from a host of other basic
chemicals to subsidise the effort. We have looked at supplying the
full spectrum of chemicals but wish to remain focused on our
speciality for now.
We are a small company. There are several aspects to this but I
will touch on two important areas. Firstly, the costs of the senior
management team and AIM listing are borne by a small sales figure,
inevitably reducing our profitability. Secondly, small upsets can
have a disproportionate effect. This might be from one client
postponing an order, a supply problem for one product, or any one
of the imaginable extraneous things that happen many times over to
any business in the course of a year. We just do not have much
slack to deal with these issues. Our defence against the unexpected
has been our very adaptable management team, and hard work from all
of our staff. On the other hand it will not be lost on our
shareholders that a single big win will have a very beneficial
effect on our finances.
Until recently I would have described Byotrol as a one product
company. This is no longer the case but we do still have only one
or two products in each segment that we operate in. The fact that
we are now operating in so many segments, does tend to reduce the
risk of a problem in any one area.
Incentive Scheme
During this financial year, the Board has put in place
incentives for all employees, using our existing Approved (EMI) and
Unapproved Schemes. The objectives of the Schemes are to attract
and to retain our employees. The treatment for accounting purposes
is in a world of its own. However the practical effect of any share
option award is simple: it is a transfer of value from the
shareholders to the Directors and employees.
It is a quirk of modern day Corporate Governance that
shareholders may vote on many activities each year at the AGM but
do not have any power, let alone oversight, in the process whereby
their ownership of the Company can be diluted in favour of the
employees. The Board believes that we have acted proportionately in
carrying out this exercise and the details are set out in the
Annual Report. The intricacies of the Annual Report can hide the
full effect of the Share Options, so I will add my own perspective
here for you to consider.
Prior to July 2014 options were outstanding over 8.2 million
shares, equating to less than 4% of our issued share capital.
Nearly all of these options were held by ex-employees and they have
very little current value.
In July 2014 the Board awarded options over a total of 16.66
million shares to current employees and Directors. This equates to
7.5% of our current issued share capital of 225 million shares. The
options are all exercisable at a strike price of 3.5p but vest in
tranches depending on the share price reaching 5p, 7.5p or 10p. If
we assume that all employees stay with us and that our share price
rises to 10p and that they all choose to exercise their options
awarded in July 2014 in full then it might be constructive to see
what effect that has on our shareholders. The Company will receive
cash of GBP581,000 and will issue 16.66 million shares. Now,
assuming that the Company uses this money to buy back those shares
in the market, then the number of new shares issued falls to 10.85
million, which means that our existing shareholders will have been
diluted by 4.8%.
Just as important as the scenario where we all do well is to
look at mediocre performance. No employee will benefit unless our
share price reaches at least 5p, an increase of 66% over the price
at which we raised funds in 2014. Even at that level the rewards to
the employees are modest and the dilution to our shareholders is
less than 1%. There is no free ride and in fact employees only
benefit in a meaningful way if the shareholders do very well.
AGM
The percentage of our shareholders who take the time to vote
each year is high and I am heartened to see this. I am just as
pleased to see shareholders at our AGM. This year the Board have
agreed to hold the AGM in our offices at Daresbury again, thereby
giving shareholders an opportunity to see the whole company in
action, and if any shareholder is interested they can be shown
around our laboratory as part of their visit and as always we
welcome the questions and suggestions from our shareholders. Please
do come and see us at our AGM later in the summer.
Nicholas Martel
Chairman
Chief Executive's report
The past year has seen good progress for Byotrol, following on
from our major restructuring towards the end of the prior financial
year. Like-for-like sales are up, costs are down and EBITDA losses
are narrowing nicely, especially in underlying trading terms.
The team has managed this despite a period of major regulatory
change in our core markets, requiring a series of new product
developments and reformulations (which I describe in more detail
below). This has been time-consuming and expensive but we believe
that our technical position across our whole portfolio is now
stronger than ever before and that will really help us grow further
in the coming year.
One important technical progression was that we have now had
published by British Standards Institute a peer-reviewed and
research-backed testing protocol for long-lasting anti-microbial
products. This test is the first of its kind in the UK and will
really help us to validate our product claims, defend ourselves
against inferior products and challenge competitors.
Financial Overview
Our financial statements may be a little confusing for
non-accountants, as they still bear the effects of the restatement
made for the prior period and the skewing impact of a large one-off
payment made by a US licencee to our consumer products subsidiary
in H1 2014.
These factors obscure a significant improvement in underlying
trading over the last year. Excluding (a) the substantial (and
previously-disclosed) one-off licence suspension payment from a US
licensee in FYE 2014 and (b) share option charges:
-- Underlying revenue increased by over 20% to GBP3,252k
-- Operating expenses before share-based compensation, decreased
by 21% from GBP1,973k to GBP1,565k
-- Underlying EBITDA loss reduced by over 60% to GBP418k
-- Loss per share reduced by 42% from 0.60p to 0.35p.
Markets
Professional
Year on year revenues increased by 25% from GBP1,619k to
GBP2,021k and gross profit by 141% from GBP234k to GBP563k.
We continue to improve the quality of earnings in this segment
by focussing on a smaller number of higher volume customers, with a
reduced number of products, and by introducing some limited price
rises. These measures have brought some success, with a pleasing
rise in repeat business, despite a very competitive market
environment.
Within Professional we have been focussing primarily on the food
manufacturing and services sector in the UK, building in particular
on our products' superior and long-lasting abilities to kill and
manage listeria - the cause of more deaths from food poisoning in
the UK than any other foodborne bug.
As a response to recent - and upcoming - regulatory change we
have introduced new formulations to our food customers with revised
concentrations of our standard biocides and also with totally new
active ingredients. This has needed substantial technical and
marketing investment, especially on external testing to validate
product claims, and indeed we expect to be spending more in the
oncoming year, but we are pleased with the market response so far
and are hoping to grow market share as a result.
In healthcare we have taken three key steps to improve the
business. Firstly, and following the completion of successful
trials in five UK hospitals, we have reached agreement with ISS
Healthcare, part of the ISS Group, to enter into an exclusive
supply and joint marketing agreement for long-lasting floor and
surface cleaning products. This means that we will jointly be
selling our products into the UK NHS for use by both ISS and NHS
operatives. Projected sales are uncertain but we believe we now
have the right partner to work with in UK healthcare.
Secondly we have agreed with Rentokil to turn our historic
supply agreement into a focussed licence contract in washrooms and
serviced offices under Rentokil Initial's Ultraprotect range of
hand hygiene products. We believe this new focus will help both
sales and margins.
Finally we are making good progress in developing a new combined
anti-bacterial and sporicidal formulation in conjunction with a
technical development partner that has an established salesforce in
this area.
We continue to sell our Professional products into industrial
and other sectors, but in the spirit of focus, now largely do so on
a reactive basis.
Petcare
Year on year revenues increased markedly, by 30%, from GBP721k
to GBP938k, with gross profit increasing by 40% from GBP209k to GBP
293k.
We continue to work very well in in partnership with key
accounts, namely pet speciality retailer Pets at Home and branded
distributor Petface, the latter of which has now launched Byotrol
products in several new territories with Tesco Central Europe.
Exports continue to grow steadily and we are starting to see
progress in South Africa with a new licencee, Pharma Marketing
International, who now sell the Pet Patrol brand into retail
multiples; Spar, Game and Pick n Pay.
In our interim report (to 30 September 2014) we reported some
quality issues with a supplier in China. These issues have now been
resolved and the remedial costs have been absorbed.
Shareholders will note that gross margins in our petcare
business have increased year on year from 29% to 31%. This reflects
a policy of de-listing lower margin products.
Consumer
Headline year on year revenues fell substantially, by 63%, from
GBP786k to GBP292k. However, excluding the previously-disclosed
one-off licence suspension payment made by a US licencee to the
Company in H1 2014, year on year revenues fell by 19%.
This was a difficult year in Consumer, impacted by UK
supermarket price wars, by promotional activity of branded
competitor products and of course by well-publicised issues at our
main UK supermarket outlet. On top of this, our sales initiative in
continental EU with the wipes manufacturer Albaad struggled in the
face of EU regulatory change and our limited product range.
However we remain very upbeat about the potential in this
segment and continue to expend sales and technical resource:
-- The UK supermarket environment is improving - branded player
promotions are lessening and high quality own-label activity is
increasing. On this basis we have now agreed to extend by a further
12 months the licences in UK trigger sprays with Robert McBride
plc.
-- We have completed formulation work on a Byotrol based liquid
disinfectant approved under EU regulatory rules that we can now
market alongside our wipes product. This is a major step forward
for the business; we are very excited about the prospects for this
initiative.
-- The process towards an EPA listing remains ongoing. It is
taking longer than expected as we get into the complexity with the
EPA and its nominated testing laboratories, but we still remain
confident of passing the remaining tests. We continue to seek
technical and commercial partners in the US to exploit the
technology and have already agreed a small deal in the US domestic
market with Oregon-based Advanced Hygienics to act as an agent for
the new products. As part of that deal Advanced Hygienics is
contributing to our EPA registration costs
Regulatory environment in Europe
The regulatory environment within Europe's biocides industry is
changing significantly. At the core of this is the Biocide Products
Regulations, under which the European Union is intending to
harmonise the market in Europe for biocidal active substances and
products containing them. This means industry participants will be
required to (a) register all their formulations with the EU and (b)
use only active ingredients specifically approved by the EU
authorities.
Other new areas of regulation in the EU include specific
guidelines for biocide use in the food industry and new labelling
regimes for all chemical products according to potential hazard
rather than assessment of risk. The timetable for full
implementation is spread over a number of years although some rules
have already come into force.
The costs of all these changes are still relatively unclear,
especially for SMEs like ourselves, although they are likely to be
substantial. However we have made good progress in absorbing the
changes within our lean financial structure and have performed well
in upgrading our products, reducing any product labelling issues
and building alliances with chemical suppliers to support
registration processes.
This upgrading process is ongoing, so we have also now hired
into the company senior, dedicated regulatory resource to guide us
through the process. Given the skill-set now in the company, we see
the changes as an opportunity to build market share and indeed
benefit from a widely-expected wave of consolidation in the
biocides industry.
Board
In November we were pleased to announce the strengthening of our
Board, with the addition of Dr Trevor Francis as an Executive
Director and Chief Technology Officer. Dr Francis had been working
as a consultant to the Company in various positions over the
previous six years, particularly in consumer product development
and commercialisation. Prior to joining Byotrol, Dr Francis spent
29 years at Unilever where he became Vice President of the Global
R&D Homecare division and Head of the European Fabric
Conditioners & Global Fragrance divisions. We have already
benefited greatly from his presence - in patent development, in new
product development, in building sales and technical alliances and
in navigating through the new regulatory regimes.
Outlook
Whilst the year in review was by no means easy, we are pleased
with what we have achieved. The financial performance is not yet
where we need it to be, but it is steadily improving and the
quality of our products is improving in leaps and bounds.
At the centre of these technical improvements is a fundamental
rethink of our core technology, prompted by market demands and by
regulatory change. Byotrol was for many years a single technology
company, based on a combination of biocides and a silicone polymer.
Having completed many strands of R&D work, we are now a
multi-technology company with several chemistries, designed for -
and tailored to - many different pockets of anti-microbial demand;
we will make much more of this in our marketing in the coming
year.
Having completed the majority of technical work, we are now
turning more aggressively to sales, using our own resources and
those from alliances, agents and exclusive partnerships. We would
certainly like to expand our own in-house sales force
substantially, but we will only increase overheads as sales and
margins allow.
David Traynor
Chief Executive
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2015
Note 2015 2014
------------------------------------- ---- ------------------------ ------------------------
GBP GBP
------------------------------------- ---- ------------------------ ------------------------
REVENUE 2 3,251,512 3,126,406
------------------------------------- ---- ------------------------ ------------------------
Cost of sales (2,103,783) (1,897,744)
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
GROSS PROFIT 1,147,729 1,228,662
------------------------------------- ---- ------------------------ ------------------------
Administrative expenses excluding
depreciation and amortisation (1,565,254) (1,972,762)
------------------------------------- ---- ------------------------ ------------------------
Exceptional items - 103,044
------------------------------------- ---- ------------------------ ------------------------
Share based payments (107,750) (29,703)
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
LOSS BEFORE INTEREST, DEPRECIATION,
AMORTISATION AND TAX (525,275) (670,759)
------------------------------------- ---- ------------------------ ------------------------
Amortisation (66,786) (70,750)
------------------------------------- ---- ------------------------ ------------------------
Depreciation (73,358) (65,615)
------------------------------------- ---- ------------------------ ------------------------
Finance income 966 -
------------------------------------- ---- ------------------------ ------------------------
Finance costs (84,207) (29,325)
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
LOSS BEFORE TAX (748,660) (836,449)
------------------------------------- ---- ------------------------ ------------------------
Taxation - -
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
LOSS FOR THE FINANCIAL YEAR (748,660) (836,449)
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
(Loss)/profit attributable to:
------------------------------------- ---- ------------------------ ------------------------
Owners of Parent (748,660) (986,144)
------------------------------------- ---- ------------------------ ------------------------
Non-controlling interest - 149,695
------------------------------------- ---- ------------------------ ------------------------
(748,660) (836,449)
------------------------------------- ---- ------------------------ ------------------------
OTHER COMPREHENSIVE INCOME, NET
OF TAX
------------------------------------- ---- ------------------------ ------------------------
Currency translation difference (3,284) (40,757)
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
Other comprehensive income/(expense) (3,284) (40,757)
------------------------------------- ---- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ---- ------------------------ ------------------------
TOTAL COMPREHENSIVE LOSS FOR
THE YEAR (751,944) (877,206)
------------------------------------- ---- ------------------------ ------------------------
=========== ===========
------------------------------------- ---- ------------------------ ------------------------
Owners of the parent (751,944) (1,026,901)
------------------------------------- ---- ------------------------ ------------------------
Non-controlling interest - 149,695
------------------------------------- ---- ------------------------ ------------------------
(751,944) (877,206)
------------------------------------- ---- ------------------------ ------------------------
=========== ===========
------------------------------------- ---- ------------------------ ------------------------
Loss per share
------------------------------------- ---- ------------------------ ------------------------
Basic and fully diluted loss
per share - pence 3 (0.35) (0.60)
------------------------------------- ---- ------------------------ ------------------------
The loss before income tax arises from the Group's continuing
operations.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the year ended 31 March 2015
2015 2014
------------------------------ ------------------------ ------------------------
GBP GBP
------------------------------ ------------------------ ------------------------
ASSETS
------------------------------ ------------------------ ------------------------
Non-current assets
------------------------------ ------------------------ ------------------------
Property, plant and equipment 46,364 118,680
------------------------------ ------------------------ ------------------------
Intangible assets 510,641 463,847
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
557,005 582,527
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
Current assets
------------------------------ ------------------------ ------------------------
Inventories 230,022 278,351
------------------------------ ------------------------ ------------------------
Trade and other receivables 926,890 762,113
------------------------------ ------------------------ ------------------------
Cash and cash equivalents 286,731 98,521
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
1,443,643 1,138,985
------------------------------ ------------------------ ------------------------
------------------ ------------------------
------------------------------ ------------------------ ------------------------
TOTAL ASSETS 2,000,648 1,721,512
------------------------------ ------------------------ ------------------------
================ ================
------------------------------ ------------------------ ------------------------
LIABILITIES
------------------------------ ------------------------ ------------------------
Current liabilities
------------------------------ ------------------------ ------------------------
Trade and other payables 850,159 1,101,759
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
850,159 1,101,759
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
Long term liabilities
------------------------------ ------------------------ ------------------------
Convertible loan notes 328,625 310,699
------------------------------ ------------------------ ------------------------
----------------------- -----------------------
------------------------------ ------------------------ ------------------------
328,625 310,699
------------------------------ ------------------------ ------------------------
----------------------- -----------------------
------------------------------ ------------------------ ------------------------
Equity attributable to
owners of the parent
------------------------------ ------------------------ ------------------------
Share capital 562,587 458,420
------------------------------ ------------------------ ------------------------
Share premium account 21,639,595 20,586,758
------------------------------ ------------------------ ------------------------
Merger reserve 1,064,712 1,064,712
------------------------------ ------------------------ ------------------------
Other reserves 23,595 26,879
------------------------------ ------------------------ ------------------------
Retained deficit (22,468,625) (21,827,715)
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
821,864 309,054
------------------------------ ------------------------ ------------------------
Non-controlling interests - -
------------------------------ ------------------------ ------------------------
TOTAL EQUITY 821,864 309,054
------------------------------ ------------------------ ------------------------
------------------------ ------------------------
------------------------------ ------------------------ ------------------------
TOTAL EQUITY AND LIABILITIES 2,000,648 1,721,512
------------------------------ ------------------------ ------------------------
=============== ===============
------------------------------ ------------------------ ------------------------
UNAUDITED CONSOLIDATED CHANGES IN EQUITY
for the year ended 31 March 2015
Retained earnings
Share Share Premium Merger Reserve Other Reserves reserve Non-controlling
Capital GBP GBP GBP GBP Sub-total interests Total equity
GBP GBP GBP GBP
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
At as 1 April
2013 358,949 18,154,985 1,064,712 (1,665) (18,299,075) 1,277,906 (613,147) 664,759
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Loss for the
year (986,144) (986,144) 149,695 (836,449)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Currency
translation
difference (40,757) (40,757) (40,757)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
------------------ ------------------ ---------------------- ----------------- -------------------- ------------------ ----------------- ------------------
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Total
comprehensive
loss for the
year - - - (40,757) (986,144) (1,026,901) 149,695 (877,206)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Share Issue 15,124 468,250 483,374 483,374
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Share Issue
Costs (60,877) (60,877) (60,877)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Purchase of
non-controlling
interest 84,347 2,024,400 (2,572,199) (463,452) 463,452
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Issue of
convertible
loan notes 69,301 69,301 69,301
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Share based
payments 29,703 29,703 29,703
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
------------------ ----------------- ------------------- ----------------- -------------------- -------------------- ------------------ -------------------
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Equity as at 31
March 2014 458,420 20,586,758 1,064,712 26,879 (21,827,715) 309,054 - 309,054
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
============= =============== ============= =============== =============== =============== =============== ===============
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Loss for the
year (748,660) (748,660) (748,660)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Currency
translation
difference (3,284) (3,284) (3,284)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
------------------ ------------------ ---------------------- ------------------ -------------------- ------------------ ----------------- ------------------
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Total
comprehensive
loss for the
year (3,284) (748,660) (751,944) (751.944)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Share issue 104,167 1,145,833 1,250,000 1,250,000
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Share issue
costs (92,996) (92,996) (92,996)
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Share based
payments 107,750 107,750 107,750
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
------------------ ----------------- ------------------- ----------------- -------------------- -------------------- ------------------ -------------------
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
Equity as at 31
March 2015 562,587 21,639,595 1,064,712 23,595 (22,468,625) 821,864 - 821,864
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
============= =============== ============= =============== =============== =============== =============== ===============
---------------- ------------------ ------------------ ---------------------- ------------------ -------------------- -------------------- ------------------ -------------------
UNAUDITED CONSOLIDATED CHANGES IN EQUITY
for the year ended 31 March 2015
Convertible loan note reserve
Translation reserve GBP Other reserves
Other reserves comprise of GBP GBP
-------------------------------------- ---------------------- ----------------------------- -----------------------
At 1 April 2013 (1,665) (1,665)
-------------------------------------- ---------------------- ----------------------------- -----------------------
Currency translation difference (40,757) (40,757)
-------------------------------------- ---------------------- ----------------------------- -----------------------
Other comprehensive income
-------------------------------------- ---------------------- ----------------------------- -----------------------
---------------------- ---------------------- -----------------------
-------------------------------------- ---------------------- ----------------------------- -----------------------
Total comprehensive income for the
year (40,757) (40,757)
-------------------------------------- ---------------------- ----------------------------- -----------------------
Issue of convertible loan notes 69,301 69,301
-------------------------------------- ---------------------- ----------------------------- -----------------------
---------------------- ---------------------- -----------------------
-------------------------------------- ---------------------- ----------------------------- -----------------------
Equity as at 31 March 2014 (42,422) 69,301 26,879
-------------------------------------- ---------------------- ----------------------------- -----------------------
============= =============== =============
-------------------------------------- ---------------------- ----------------------------- -----------------------
Currency translation difference (3,284) (3,284)
---------------------------------------- ---------------------- ---------------------- -----------------------
---------------------- ---------------------- -----------------------
---------------------------------------- ---------------------- ---------------------- -----------------------
Total comprehensive income for the year (3,284) (3,284)
---------------------------------------- ---------------------- ---------------------- -----------------------
---------------------- ---------------------- -----------------------
---------------------------------------- ---------------------- ---------------------- -----------------------
Equity as at 31 March 2015 (45,706) 69,301 23,595
---------------------------------------- ---------------------- ---------------------- -----------------------
============= =============== =============
---------------------------------------- ---------------------- ---------------------- -----------------------
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2015
2015 2014
------------------------------------- ------------------------ ------------------------
GBP GBP
------------------------------------- ------------------------ ------------------------
CASH FLOW FROM OPERATING ACTIVITIES
------------------------------------- ------------------------ ------------------------
Loss for the year before tax (748,660) (836,449)
-------------------------------------- ------------------------ ------------------------
Adjustments for:
------------------------------------- ------------------------ ------------------------
Share based payments 107,750 29,703
-------------------------------------- ------------------------ ------------------------
Depreciation 73,357 65,615
-------------------------------------- ------------------------ ------------------------
Amortisation 66,787 70,750
-------------------------------------- ------------------------ ------------------------
Loss on disposal of property,
plant and equipment - 715
-------------------------------------- ------------------------ ------------------------
Loss on write off of intangible
assets - 80,362
-------------------------------------- ------------------------ ------------------------
Finance income (966) -
-------------------------------------- ------------------------ ------------------------
Finance costs 84,207 29,325
-------------------------------------- ------------------------ ------------------------
Loan forgiveness - (684,289)
-------------------------------------- ------------------------ ------------------------
Changes in working capital
------------------------------------- ------------------------ ------------------------
Decrease in inventories 48,329 232,586
-------------------------------------- ------------------------ ------------------------
(Increase) / decrease in trade
and other receivables (164,777) 294,210
-------------------------------------- ------------------------ ------------------------
(Decrease) in trade and other
payables (236,958) (72,594)
-------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
CASH USED IN OPERATING ACTIVITIES (770,931) (790,064)
-------------------------------------- ------------------------ ------------------------
Income taxes credit received - -
------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
NET CASH USED IN OPERATING
ACTIVITIES (770,931) (790,066)
-------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------- ------------------------ ------------------------
Payments to acquire property,
plant and equipment (1,041) (107,445)
-------------------------------------- ------------------------ ------------------------
Proceeds from the sale of property, - -
plant and equipment
------------------------------------- ------------------------ ------------------------
Payments to acquire intangible
assets (113,581) (135,580)
-------------------------------------- ------------------------ ------------------------
Finance income 966 -
-------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
NET CASH USED IN INVESTING
ACTIVITIES (113,656) (243,025)
-------------------------------------- ------------------------ ------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------- ------------------------ ------------------------
Proceeds on issue of ordinary
shares 1,250,000 483,374
-------------------------------------- ------------------------ ------------------------
Share issue costs (92,996) (60,887)
-------------------------------------- ------------------------ ------------------------
Proceeds on issue of convertible
loan notes - 380,000
-------------------------------------- ------------------------ ------------------------
Interest paid (84,207) (29,325)
-------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
NET CASH INFLOW FROM FINANCING 1,072,797 773,172
-------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
Net increase / (decrease) in
cash and cash equivalents 188,210 (259,919)
-------------------------------------- ------------------------ ------------------------
Cash & cash equivalents at
the beginning of the financial
year 98,521 358,440
-------------------------------------- ------------------------ ------------------------
------------------------ ------------------------
------------------------------------- ------------------------ ------------------------
Cash & cash equivalents at
the end of the financial year 286,731 98,521
-------------------------------------- ------------------------ ------------------------
================ ================
------------------------------------- ------------------------ ------------------------
Byotrol Plc
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
For the year ended 31 March 2015
1 Basis of preparation
The 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 2014 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 2015. The
financial statements are unaudited and were approved by the
Directors on 12 June 2014. 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 2014 are in abbreviated form and have been
extracted from the published financial statements. These were
audited and reported upon without qualification by Mazars 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 2014 have been filed with the Registrar of Companies.
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 Segmental information
The Group has three reportable segments, being Professional
(including food service, food manufacturing, industrial and
health), Consumer and Pet. 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 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
------------------------------------------------------------------ ------------- --------- ---------- ------------
Year ended 31 March 2015 GBP GBP GBP GBP
------------------------------------------------------------------ ------------- --------- ---------- ------------
REVENUE
------------------------------------------------------------------ ------------- --------- ---------- ------------
United Kingdom 1,811,812 226,009 716,194 2,754,015
------------------------------------------------------------------ ------------- --------- ---------- ------------
North America 50,550 - - 50,550
------------------------------------------------------------------ ------------- --------- ---------- ------------
Rest of world 159,033 65,756 222,158 446,947
------------------------------------------------------------------ ------------- --------- ---------- ------------
Total revenue 2,021,395 291,765 938,352 3,251,512
------------------------------------------------------------------ ------------- --------- ---------- ------------
Cost of sales (1,458,870) - (644,913) (2,103,783)
------------------------------------------------------------------ ------------- --------- ---------- ------------
Gross profit 562,525 291,765 293,439 1,147,729
------------------------------------------------------------------ ------------- --------- ---------- ------------
Centrally incurred income and expenditure not attributable to
individual segments
------------------------------------------------------------------ ------------- --------- ---------- ------------
Administrative costs (1,565,254)
------------------------------------------------------------------ ------------- --------- ---------- ------------
Exceptional administrative income -
------------------------------------------------------------------ ------------- --------- ---------- ------------
Depreciation and amortisation (140,144)
------------------------------------------------------------------ ------------- --------- ---------- ------------
Share based payments (107,750)
------------------------------------------------------------------ ------------- --------- ---------- ------------
Finance income 966
------------------------------------------------------------------ ------------- --------- ---------- ------------
Finance costs (66,281)
------------------------------------------------------------------ ------------- --------- ---------- ------------
Loss before tax (730,734)
------------------------------------------------------------------ ------------- --------- ---------- ------------
2 Segmental information (continued)
Continuing operations
------------------------------------------------------------ ------------------------------------------- ------------------
Professional Consumer Pet Total
------------------------------------------------------------ ------------- ---------------- ---------- ------------------
12 months ended 31 March 2014 GBP GBP GBP GBP
------------------------------------------------------------ ------------- ---------------- ---------- ------------------
REVENUE
------------------------------------------------------------ ------------- ---------------- ---------- ------------------
United Kingdom 1,448,520 278,909 456,010 2,183,439
------------------------------------------------------------ ------------- ---------------- ---------- ------------------
North America 76,099 451,613 - 527,712
------------------------------------------------------------ ------------- ---------------- ---------- ------------------
Rest of world 94,900 55,239 265,116 415,255
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Total revenue 1,619,519 785,761 721,126 3,126,406
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Cost of sales (1,385,745) - (511,999) (1,897,744)
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Gross profit 233,774 785,761 209,127 1,228,662
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Central income and expenditure not attributable to
individual segments
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Administrative costs (1,972,762)
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Exceptional items 103,044
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Depreciation and amortisation (136,365)
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Share based payments (29,703)
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Finance income -
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Finance costs (29,325)
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
Loss before tax (836,449)
------------------------------------------------------------ ------------- ---------------- ---------- ----------------
3 Loss per ordinary share
The loss per ordinary share attributable to the owners of the
parent is based on the losses for the year ended of GBP748,660
(2014: GBP986,144) and the weighted average number of ordinary
shares in issue during the year of 211,450,294 (
2014:163,854,920).
The loss for the period and the weighted average number of
ordinary shares for calculating the diluted earnings per share for
the year ended 31 March 2015 and for the comparative periods are
identical to those used for the basic earnings per share. This is
because the outstanding share options and convertible loan notes
would have the effect of reducing the loss per ordinary share and
would therefore not be dilutive.
4 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 30
September 2015.
5 Report and Financial Information
It is intended that copies of the financial statements for the
Group for the year ended 31 March 2015 will be posted to
shareholders and on the Company's website during the course of
July.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FTMFTMBTBBJA
Grafico Azioni Byotrol (LSE:BYOT)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Byotrol (LSE:BYOT)
Storico
Da Ott 2023 a Ott 2024