TIDMOPTI
RNS Number : 4309N
OptiBiotix Health PLC
30 September 2021
30 September 2021
OptiBiotix Health plc
("OptiBiotix" or the "Company" or the "Group")
Half Year Report
OptiBiotix Health p lc (AI M: OPTI), a life sciences busi ness d
eveloping compou n ds to tackle obesity, cardiovascular disease and
diabetes, a nnounces its results for the six months ended 30 June
2021.
Highlights
-- Strong first half of trading with sales of LP(LDL) (R) and
SlimBiome(R) of GBP1.076m, a 44.5% increase over H1:2020
-- A 59.6% increase in gross profit and 4.8% increase in gross margins
-- Sales up by 57.5% in ProBiotix division to GBP536,225 (H1 2020: GBP340,429)
-- Sales up by 35.6% in PreBiotics division to GBP539,819 (H1 2020: GBP398,271)
-- A group net trading profit of GBP110,893
-- A scalable business model growing sales and margins with a
wide portfolio of small and large partners, pharmaceutical
specialists, and established retailers building an international
brand presence
-- Growing sales with existing partners by extending product lines and territories
-- Growing sales with large partners in key strategic markets (e.g India, China, USA)
-- Commercialising next generation products including microbiome
modulators (MM's) biotherapeutics, and growing family of
SweetBiotix(R) products
-- Deals for LP (LDL) (R) /CholBiome(R) signed with Compson
Biotechnology (Taiwan), INSCOBEE INC (South Korea) and Bioscience
Marketing (Malaysia)
-- Launch of SlimBiome Metablic Support on TMall in Taiwan with MaxCare
-- Expansion of the Slimbiome containing products portfolio in
Optipharm with the Optiman brand in July 2021
-- A rrotex Pharmaceutials, Australia's largest privately owned
pharmaceutical company launched a Very Low-Calorie Diet (VLCD)
weight management product featuring SlimBiome product. This is a
new product range offered through pharmacies and online in
Australia
-- Strengthening of Board with Christopher Brinsmead CBE and
Stephen Hammond MP as non-executive Directors
-- René Kamminga joined as Chief Executive Officer of OptiBiotix
Ltd, a wholly owned subsidiary of OptiBiotix Health plc
-- Investment in SkinBioTherapeutics plc has increased from GBP
8,962,564 as of 30 December 2020, to GBP22,948,048 as of June 30
2021
-- Completion of a successful human study (awaiting
publication), in volunteers taking LP(LDL) (R) in a high
cholesterol patient group, showed substantive reductions in total
cholesterol, LDL cholesterol, and Apolipoprotein B (ApoB), a
biomarker increasingly linked to atherogenic risk
-- OptiBiotix recognised as a key player in the global
microbiome market in a number of industry reports
Stephen O'Hara, CEO of OptiBiotix, commented: "This has been
another period of progress for OptiBiotix with strong sales growth
and improving margins allowing the Group to build a recurring
revenue base providing a foundation on which to build a profitable
and valuable business. We believe new product launches in July
2021, the extension of territories with existing partners, the
prospect of agreements with large partners in key strategic
markets, and the growing realisation of our development pipeline,
allow us to look forward with confidence to further commercial
progress of the Group in the current year and beyond.
During this period, the Company made a number of additions to
the board and executive team reflecting the increased focus on
commercialising products with larger partners into high value
strategic markets which value science, clinical studies, and
intellectual property. We anticipate further additions and changes
team in-line with the continued growth and expansion of the
Group.
The Company is now in the strongest position it has ever been in
with a strong team, large and valuable intellectual property
portfolio in the rapidly growing microbiome space, multiple
clinical studies showing product safety and efficacy, recurring
orders, and a valuable asset in OptiBiotix's holding in SBTX.
With industry and consumer interest in the microbiome and gut
health growing OptiBiotix's portfolio of award winning first
generation and industry disruptive second-generation products
places it in a strong position for future growth in this exciting
area of healthcare."
This announcement contains information which, prior to its
disclosure, was considered inside information for the purposes of
the UK Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.
For further information, please contact:
OptiBiotix Health plc www.optibiotix.com
Neil Davidson, Chairman Contact via Walbrook
below
Stephen O'Hara, Chief Executive
Cairn Financial Advisers LLP (NOMAD) Tel: 020 7213 0880
Liam Murray / Jo Turner / Ludovico Lazzaretti
Cenkos Securities plc (Broker) Tel: 020 7397 8900
Callum Davidson / Neil McDonald
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Mob: 07876 741 001
Anna Dunphy
Chairman's and Chief Executive's Statement
We are pleased to present OptiBiotix Health plc's interim
results for the six month period ended 30 June 2021.
Trading during the first six months of this year has been
strong. The Group saw sales of LP(LDL) (R) and SlimBiome(R) as an
ingredient or final product of GBP1.076m, representing a 44.5%
increase over the H1 period last year.
Each division continues to make progress with sales in ProBiotix
of GBP536,225, up 57.5% (H1 2020: GBP340,429), PreBiotics sales of
GBP539,819, up 35.6% (H1 2020: GBP398,271), and a 4.8% increase in
margins compared to the same period last year. As in previous
years, there was no substantive contribution in the period from
license or royalty payments which tend to be received in the second
half of the year. The Group believes it is in a strong position to
meet or exceed its full year sales forecast.
The strong sales growth is especially pleasing given the
continued uncertain global economic environment and challenges of
the subsequent waves of COVID-19, particularly in countries like
India and the USA, in the first six months of the year.
Strategic overview
OptiBiotix operates in the human microbiome space, an exciting
area of healthcare expected to grow at a CAGR of over 22% between
2020 and 2025 (Mordor Intelligence 2019). The Group is at a
strategic inflection point with brand recognition and growing sales
from its global network of partners from its lead first generation
products and early commercial traction with its second generation
products. First generation products were designed with a low
development risk with the aim of establishing the Group and its
products whilst second generation products are step changes in
innovation, which if successful, have a large potential upside. The
Group continues to build value through both sets of products and
its holding in separately listed SkinBioTherapeutics plc
(SBTX).
The Group is making strong progress against the aims it set out
in the first half of the year :-
I. Growing sales with existing partners by extending product
lines and territories. These include:-
a. The launch of Bioslim, a Very Low-Calorie Diet (VLCD) weight management product with Arrotex Pharmaceutials, Australia's largest privately owned pharmaceutical company and the Optiman brand containing OptiBiome in July 2021 with Optipharm.
b. The extension of Holland & Barretts SlimExpert own brand
range of SlimBiome(R) from three to eight in March 2021.
c. Territory expansion for DS-01 containing LP(LDL) (R) with
Seed Health to support their ambitious growth plans.
II. Growing sales with large partners in key strategic markets (e.g India, China, USA etc).
a. These bring volume sales, international reach, and enhance
brand credibility but take longer to negotiate given the often
lengthy due diligence process.
III. Changing the sales mix to increase sales of final products.
IV. Renegotiating costs of goods as volumes increase to gain volume discounts.
V. Commercialising its next generation products including
microbiome modulators (MM's) biotherapeutics, and its growing
family of SweetBiotix(R) products.
Our first generation products are now increasingly becoming
associated with international retail and pharmaceutical partners
and established brands, which create further interest, and demand
in other markets. As we grow sales and profitability in our first
generation products, extend our reach into new application areas
and territories, and commercialise next generation products the
scale of our opportunity enlarges. Consumer and industry interest
in the microbiome and 'gut health' is growing and its link with a
wide range of chronic illnesses is becoming more defined.
OptiBiotix is well placed to exploit this emerging opportunity with
its products and with it the potential for a significant
enhancement in the value of the Group.
Commercial Overview
The Group provided a commercial update in August (RNS: 5/8/21)
and as such this section provides a general update on areas not
previously covered. The Group is increasing brand and product
awareness in key strategic markets and has signed deals with
Compson Biotechnology (Taiwan), INSCOBEE INC (South Korea) and
Bioscience Marketing (Malaysia) - all for LP(LDL) (R) /CholBiome
(R) . These agreements have been reached to build LP LDL(R) and
CholBiome's reputation and brand awareness in Asia and open up the
potential for cross boarder e-commerce trading in China. These
agreements are complemented by the launch of SlimBiome Metablic
Support on TMall in Taiwan with MaxCare in May 2021. TMall is part
of the Alibaba group, an online platform which allows both Chinese
and international companies to sell their products in mainland
China, Hong Kong, Macau, and Taiwan, and the 3(rd) most visited
website in the world and the 1(st) most visited website in China
https://en.wikipedia.org/wiki/Tmall . These create multiple routes
of entry into the large and complex Chinese market.
We are particularly pleased with the large number of industry,
retail nominations, and awards, we have won for our products in
different territories around the world: see link
https://www.optibiotix-ir.com/content/investors/annual_report
Industry awards increase brand and product awareness which in
turn increases partners' interest, leading to OptiBiotix being
recognised as a key player in the global microbiome market in a
number of industry reports.
Investors will note the gradual migration of the Group's awards
and nominations from science to ingredients, and increasingly to
final products, as we look to provide more high value
differentiated final solutions. This focus will continue throughout
2021 and into 2022 in line with our strategy of growing LPLDL (R)
and SlimBiome (R) as ingredients brands through a business to
business (B2B) network of partners giving us the confidence to
invest in building our own brand finished product solutions (e.g.
GoFigure, CholBiome, SlimBiome Medical) with our ingredients at the
core. Sales of final product typically have higher prices and
margin increasing turnover and profitability and act as a pull
through for ingredient sale creating a dual effect. As the Group
moves towards a greater focus on direct to consumer final product
sales it will increase its investment in product marketing.
Results
OptiBiotix results for six months ended June 30 2021 are set out
below.
The results show revenue for the six months of GBP1.076m (2020:
GBP744,821) representing a 44.5% increase over the H1 period last
year and ahead of the Group's expectations for the first six months
of the year .
Each division continues to make progress with sales in ProBiotix
of GBP536,225, up 57.5% (H1 2020: GBP340,429) and PreBiotics sales
of GBP539,819, up 35.6% (H1 2020: GBP398,271) compared to the same
period last year with gross margins increasing from 39.2% to 44%.
As in previous years, there was no substantive contribution in this
period from license or royalty payments which tend to be received
in the second half of the year and increase margins. The Group has
renegotiated a number of agreements with both suppliers and
customers in H1 2021 which will impact on margins in H2 and more
substantially in full year 2022 and beyond.
Administrative expenses were GBP1,071,015 (2020: GBP896,268)
with GBP174,780 non-cash expenses representing depreciation,
amortisation and share based payment charges (2020: GBP162,840).
The increase in administrative expenses (GBP174,747) was a result
of one-off recruitment and search fees for René Kamminga, an
innovations director, a business development director for North
America, and consultancy fees for Chris Nother plus additional
staff costs (GBP52,000) for Dr Taru Jain (Business Development
Director Asia) and Aneta Zlotkowska (Head of Quality). Despite
these costs, of which GBP117,000 are not recurring, the operating
loss for the first six months of the year was GBP596,784, a small
decrease on the same period last year (2020: GBP599,194). This was
compensated for by proceeds of GBP900,936 (H1 2020: GBP746,751)
received from the disposal of shares in SkinBioTherapeutics plc
('SBTX') giving a net trading profit of GBP110,893. This figure
does not include any change in the value of the Group's SBTX
investment which has increased from GBP 8,962,564 as of 31 December
2020, to GBP22,947,992 as of June 30 2021.
As at 30 June 2021, the Group had a GBP993,014 cash balance.
Once R&D tax credits are claimed and recoverable VAT repayments
are added, the balance would be GBP1.21m.
Board and management
We continue to evolve the management team and Board in line with
the stage of the Group's development with a number of additions to
the board and executive team since the start of the year. These are
all part of a number of changes reflecting the transition of the
Group into a commercial business and increased focus on selling
final products solutions into high value markets which value
science, clinical studies, and intellectual property.
Christopher Brinsmead CBE and Stephen Hammond MP joined the
Board as non-executive directors at the start of the year bringing
senior executive experience in the pharmaceutical, healthcare, fund
management and investment banking sectors respectively. Dr Taru
Jain joined OptiBiotix's management team in March 2021 to focus on
business development and growing sales in the strategically
important Indian and Asian markets . She has over 10 years of
experience across the Indian healthcare value chain as well as
primary knowledge of the demand pattern of the prescription and
pharmacy over the counter (OTC) market.
René Kamminga joined as Chief Executive Officer ("CEO") of
OptiBiotix Ltd, a wholly owned subsidiary of OptiBiotix Health plc
in April 2021 and brings more than 25 years' experience in the sale
of speciality ingredients and products. Rene joined us from the
position of Vice President of Business Development and Chief
Commercial Officer of the Nutraceuticals division of KD Pharma
Group where he was integral in developing and delivering on a
strategy of moving the business from bulk ingredients to finished
product solutions. The appointment of Rene as CEO of OptiBiotix
Ltd, and search for a CEO of ProBiotix Health Ltd reflects the
Group's strategy in appointing experienced industry business
leaders who can take ownership of the strategy, P&L
responsibility, and development of the business into a highly
profitable and major player in the microbiome market in the years
ahead.
The Group also appointed Christopher Nother on a six-month
part-time consultancy basis to support the growth of LP(LDL) (R) in
pharma, either as an OTC product used by itself or in combination
with existing treatments (e.g. statins), or a drug biotherapeutic
in markets outside the USA. Chris identified opportunities in
taking OTC products like the CholBiome range into the high value
evidence based pharmaceutical market and continues to work for
OptiBiotix on a success fee basis.
We anticipate further additions and changes to both the
executive and non-executive team in-line with the continued growth
and expansion of the Group. These are likely to include a
development/innovations director, a business development director
for the strategically important North American market, a CEO for
ProBiotix Health, and a scientific and technical support
specialist. Aneta Zlotkowska, Head of Quality & Operations,
will be leaving us at the end of the year as the Group completes
its BRC certification.
These changes are all part of a strategy to bring in industry
leaders and specialist expertise to support the Group's growth
plans and capitalise on the opportunities created by our growing
pipeline of products.
The Group has identified the retention and attraction of key
personnel staff as a principal risk as reported in its 2020 annual
report. As interest in the microbiome grows and competitor
companies look to either acquire businesses or expertise this risk
increases. The Group has commissioned PWC to review its existing
arrangements and develop proposals to mitigate the risk and align
value creation with remuneration consistent with companies on the
AIM market at a similar stage of development.
Outlook
The Group is in a strong position to meet or exceed its full
year sales forecast as it continues to build brand awareness and
expand sales of its first-generation products whilst building the
scientific and clinical evidence base needed to de-risk its
innovative second-generation products. We are particularly pleased
with the number of partners extending their product ranges
(Optipharm, H&B) and territories (Optipharm, Seed Health) which
shows confidence in the products and brand and helps to grow a
recurring revenue base providing a foundation on which to build a
valuable and sustainable business.
The Group has a clear direction of travel in its two-stage
strategy of building brand presence and early sales of its first
generation LP(LDL) (R) and SlimBiome(R) products whilst parallel
tracking the development of its more innovative second-generation
products offering potentially larger returns. The strategy has been
designed with the divisions acting as the commercial arms of the
Group led by industry leaders focused on building sales and
profitability whilst the Group acquires and develops technologies
to build the product pipeline providing the scientific and clinical
studies, publications and regulatory approvals. Having two separate
wholly owned product legal entities within the Group plc
(OptiBiotix Limited and Probiotix Health Ltd) and a substantive
investment in a third, (SBTX), gives OptiBiotix shareholders a
position in multiple opportunities within the emerging microbiome
space. As each of these divisions grow revenues and profitability
there is potential for an independent exit or separate listing as
has been achieved with Skinbiotherapeutics plc (SBTX). As part of
this process of building financial independence of each division
and
the shift towards final product solutions we are integrating
consumer goods costs and sales into the divisional structures. This
will give a more accurate reflection of each divisions trading
position as an independent legal entity and reduce the possibility
of creating conflict between B2B and B2C partners as OptiBiotix
sells more final product solutions.
As we move through 2021, we will continue to grow revenues,
manage costs, improve margins, and invest in extending
opportunities for our first generation products markets and drive
the commercialisation of our exciting second generation products
with manufacturing and application partners. We will continue to
explore opportunities for LP(LDL) (R) in high value pharmaceutical
markets, where science and clinical studies are highly valued, and
extend its reach into new application areas. These include funding
a PhD studentship and clinical study into the role of the
microbiome in stress, anxiety, and sleep disorders with the
University of Southampton and University of Trento, and continuing
to develop applications for LPLDL(R) in dairy, which represents
over 85% of the global probiotic market. We are starting to see the
benefits of achieving FDA GRAS, with our partner in Uruguay,
Grancha Pocha, launching a yoghurt containing LPLDL(R) in H2, and
Sacco growing sales of LP(LDL) (R) with dairy customers around the
world. We see similar growth opportunities for SlimBiome(R) by
extending the range of products containing SlimBiome(R) with
existing and new partners, and leveraging our industry recognition
as an innovator in the microbiome field by developing new
applications for the health and wellbeing and the sports nutrition
market.
Internationally, having established manufacturing partners in
India, we anticipate commercial progress in this market in H2 2021,
and potentially in other key strategic markets such as China and
the USA, although these will take more time to develop fully. We
are particularly focused on large companies who are leading brands
in healthcare, hospitals, pharma, healthcare or E-commerce within
their own country, or with our second generation products on global
partners in manufacturing or producers of dairy, beverage, or
consumer products who could benefit from replacing existing sugar
or sweeteners with healthier options . The key partner
characteristics are country recognition and a network which allows
the opportunity to quickly scale up sales if the products are
successful.
The continued strong growth in our revenues in H1 2021 is
encouraging as the Group builds a recurring revenue base which is
increasing as partners launch new products, extend territories, and
build brand presence. We believe these product launches, the
extension of territories with existing partners, the prospect of
agreements with corporate partners in key strategic markets, the
continuing flow of new agreements and product launches, the growing
realisation of the development pipeline, and the strengthening of
our Board and senior management with industry expertise, allows us
to look forward with confidence to the further progress of the
Group in the current year and beyond.
As we consider the future, we are pleased to see growing
consumer and industry interest in the human microbiome presenting
us with a market opportunity that is large and expanding.
OptiBiotix has had over 100 items of coverage in industry journals,
trade magazines, feature magazines etc to the end of August 2021.
These are not always seen by investors as they are industry focused
given the B2B nature of the current business but are important in
establishing OptiBiotix and its products as innovators in the
industry and attracting partner interest. As we shift the focus
from ingredients to final product solutions we will direct our
marketing efforts at the consumer and have a number of radio
interviews planned throughout cholesterol month in October.
We are particularly pleased that a number of large partners have
identified the presence of scientific and clinical studies and an
extensive IP portfolio as key differentiating features in this
evolving market, and OptiBiotix as a priority partner as they look
to enter the microbiome space. The Group is ideally positioned to
exploit these opportunities with first generation products which
impact on major chronic lifestyle diseases, industry recognition as
a key industry player in the microbiome space, and next generation
products of SweetBiotix(R) and MM's providing a step change in
existing sugar and sweeteners and the potential to modify the
microbiome in a highly targeted way. Our family of SweetBiotix(R)
products has attracted a lot of industry interest with a US partner
bearing the costs for product manufacturing one type of
SweetBiotix(R) whilst paying annual royalty fees. This is a clear
indication of the precommercial value placed on this step change in
technology. After a number of technical challenges we were
particularly pleased to achieve progress in the first half of the
year with our MM's, which should allow us to manufacture these at
scale. This creates the potential to manufacture prebiotic products
which can change the relative abundance of specific microbial
species linked to disease. If the microbiome is the future of
healthcare then the ability to precision engineer the microbiome
and change the relative amounts of specific bacteria in a highly
targeted way is an important step in developing products which can
prevent or treat disease and/or enhance the effectiveness of
existing drug treatments.
We look forward to growing sales of first generation products as
we scale our business model and strengthen our position in this new
and exciting area of science which has the potential to
revolutionise the future of healthcare.
On behalf of everyone at OptiBiotix Health we would like to
thank our investors for their continued support and look forward to
an exciting future.
N Davidson and S O'Hara
30 September 2021
Consolidated Statement of Comprehensive Income
For the six months to 30 June 2021
6 months to 6 months to Year to
30 June 30 June 31 December
2021 2020 2020
Unaudited Unaudited Audited
Continuing operations GBP GBP GBP
Revenue 1,076,044 744,821 1,523,247
Cost of sales (601,813) (447,747) (643,428)
-------------- -------------- --------------
Gross Profit 474,231 297,074 879,819
Share based payments 30,144 42,762 127,248
Depreciation and amortisation 144,636 120,078 247,895
Other administrative costs 896,235 733,428 1,616,069
Administrative expenses (1,071,015) (896,268) (1,991,212)
-------------- -------------- --------------
Operating loss (596,784) (599,194) (1,111,393)
Finance income / (costs) (23,186) (64,682) (44,856)
Gain on disposal of associate - - 4,165,223
Gain on investments 14,165,501 - 2,955,739
Profit on disposal of investments 720,863 48,967 48,967
Share of loss from associate - - (303,448)
-------------- -------------- --------------
Profit/(Loss) before Income
tax 14,266,394 (614,909) 5,710,232
Income tax 2,638 9,246 91,635
-------------- -------------- --------------
Profit/(Loss) for the period 14,269,032 (605,663) 5,801,867
Other Comprehensive Income - - -
-------------- -------------- --------------
Total comprehensive income
for the period 14,269,032 (605,663) 5,801,867
Total comprehensive income
attributable to the owners
of the group 14,269,032 (605,456) 5,801,867
Non-controlling interest - (207) -
14,269,032 (605,663) 5,801,867
Earnings/(loss) per share
Basic & Diluted - pence 4 16.23p (0.70)p 6.65p
Basic & Diluted before 14.88p (0.70)p 6.07p
Profit on investment revaluation
- pence
Consolidated Statement of Financial Position
As at 30 June 2021
Notes As at As at As at
30 June 2021 30 June 2020 31 December
Unaudited Unaudited 2020
Audited
ASSETS GBP GBP GBP
Non-current assets
Intangibles 2,726,349 2,728,393 2,735,621
Property, plant & equipment - 393 -
Investments 5 22,947,992 2,395,022 8,962,564
-------------- -------------- --------------
25,674,341 5,123,808 11,698,185
-------------- -------------- --------------
CURRENT ASSETS
Inventories 86,323 112,726 184,236
Trade and other receivables 1,285,689 394,857 645,823
Current tax asset 115,772 226,194 310,435
Cash and cash equivalents 993,014 1,469,147 864,680
-------------- -------------- --------------
2,480,798 2,202,924 2,005,174
-------------- -------------- --------------
TOTAL ASSETS 28,155,139 7,326,732 13,703,359
EQUITY
Shareholders' Equity
Called up share capital 6 1,758,812 1,758,812 1,758,812
Share premium 2,537,501 2,537,501 2,537,501
Share based payment reserve 897,451 782,821 867,307
Merger relief reserve 1,500,000 1,500,000 1,500,000
Convertible Loan Note Reserve 92,712 92,712 92,712
Retained Earnings 19,328,000 (1,098,381) 5,058,968
-------------- -------------- --------------
26,114,476 5,573,465 11,815,300
Non Controlling Interest 35,782 35,576 35,782
-------------- -------------- --------------
Total Equity 26,150,258 5,609,041 11,851,082
-------------- -------------- --------------
LIABILITIES
Current liabilities
Trade and other payables 643,489 419,916 518,995
-------------- -------------- --------------
643,489 419,916 518,995
-------------- -------------- --------------
Non - current liabilities
Deferred tax liability 558,885 548,863 561,523
Borrowings 802,507 748,912 771,759
-------------- -------------- --------------
1,361,392 1,297,775 1,333,282
-------------- -------------- --------------
TOTAL LIABILITIES 2,004,881 1,717,691 1,852,277
-------------- -------------- --------------
TOTAL EQUITY AND LIABILITIES 28,155,139 7,326,732 13,703,359
Consolidated Statement of Changes in Equity
For six months to 30 June 2021
Called Share Share-based Non Merger Retained Convertible Total
up premium Payment controlling Relief Earnings Loan note Equity
Share reserve Interest Reserve
Capital
GBP GBP GBP GBP GBP GBP GBP GBP
------------ -------------- -------------- ------------ ------------ ------------ -------- --------------
Balance at
31 December
2019 1,708,811 1,646,873 740,059 35,782 1,500,000 (492,925) 92,712 5,231,312
Loss for the
period - - - - - (605,456) - (605,456)
Issued share
during the
period 50,001 890,628 - - - - - 940,629
Share based
payment - - 42,762 - - - - 42,762
Non
Controlling
interest - - - (206) - - (206)
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Balance at
30 June
2020 1,758,812 2,537,501 782,821 35,576 1,500,000 (1,098,381) 92,712 5,609,041
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Non
Controlling
Interest - - - 206 - - - 206
Profit for
the period - - - - - 6,157,349 - 6,157,349
share based
payment - - 84,486 - - - - 84,486
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at
31 December
2020 1,758,812 2,537,501 867,307 35,782 1,500,000 5,058,968 92,712 11,851,082
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Profit for
the period - - - - - 14,269,032 - 14,269,032
share based
payment - - 30,144 - - - - 30,144
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at
30 June
2021 1,758,812 2,537,501 897,451 35,782 1,500,000 19,328,000 92,712 26,150,258
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Consolidated Statement of Cash Flows
For the six months to 30 June 2021
Notes 6 months 6 months Year to
to to 31 December
30 June 30 June 2020
2021 2020 Audited
Unaudited Unaudited
GBP GBP GBP
Reconciliation of loss before
income tax to cash outflow
from operations
Operating loss (596,784) (599,194) (1,111,393)
Decrease/ (Increase) in
inventories 97,913 (49,965) (121,475)
(Increase)/decrease in trade
and other
receivables (639,866) 212,451 (37,190)
(Decrease)/increase in trade
and other
payables 124,494 (141,707) (42,630)
Share Option expense 30,144 42,762 127,248
Depreciation - - 393
Amortisation of patents 144,636 120,078 247,502
Net foreign exchange differences 6,511 - 9,484
------------ ------------ ------------
Net cash outflow from operations (832,952) (415,575) (928,061)
Interest received 63 52 98
Tax received 194,663 - -
------------ ------------ ------------
Net cash outflow from operating
activities (638,226) (415,523) (927,963)
Cash flows from investing
activities
Purchase of intangible assets (134,376) (215,693) (350,345)
------------ ------------ ------------
Net cash (outflow)/inflow
from investing activities (134,376) (215,693) (350,345)
------------ ------------ ------------
Cash flows from financing
activities
Share issues - 898,004 940,629
Disposal of Investments 900,936 746,751 746,751
------------ ------------ ------------
Net cash inflow from financing
activities 900,936 1,644,755 1,687,380
------------ ------------ ------------
Increase/(decrease) in cash
and equivalents 128,334 1,013,539 409,072
Cash and cash equivalents
at beginning of year 864,680 455,608 455,608
------------ ------------ ------------
Cash and cash equivalents
at end of year 993,014 1,469,147 864,680
Notes to the Half Yearly Report
For the six months to 30 June 2021
1. General Information
Optibiotix Health Plc is a com pany incorp orated and d omiciled
in England and Wales. The com pan y 's offices are in York. The com
pany is listed on the AIM market of the Lo nd on Stock Exchange
(ticker: OPTI).
The financial information set out in this Half Yearly report
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The group's statutory financial statements
for the period ended 31 December 2020, prepared under International
Financial Reporting Standards ("IFRS"), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain statements under
Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Half Yearly
report can be found on the Company's website at
http://www.optibiotix.com/ .
2. Basis of preparation and significant accounting policies
This Half Yearly report has been prepared using the historical
cost convention, on a going concern basis and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union.
The interim financial statements have been prepared in
accordance with the accounting policies set out in the Annual
Report and Accounts for the year ended 31 December 2020.
3. Segmental Reporting
In the opinion of the directors, the Group has one class of
business, in three geographical areas being that of identifying and
developing microbial strains, compounds and formulations for use in
the nutraceutical industry. The Group sells into three highly
interconnected markets, all costs assets and liabilities are
derived from the UK location.
Revenue analysed by market
Period ended Period ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP GBP GBP
Probiotics 536,225 403,317 821,126
Functional Fibres 539,819 341,504 702,121
------------ ------------ ------------
1,076,044 744,821 1,523,247
Revenue analysed by geographical market
Period ended Period ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP GBP GBP
UK 309,493 271,013 369,892
US 408,366 117,220 654,524
International 358,185 356,588 498,831
------------ ------------ ------------
1,076,044 744,821 1,523,247
During the reporting period one customer represented GBP408,366
(37.9%) of Group revenues. (June 2020: one customer generated
GBP108,560 representing 14.5% of Group revenues)
4. Earnings per Share
Basic earnings per share is calculated by dividing the earnings
attributable shareholders by the weighted average number of
ordinary shares outstanding during the period.
Reconciliations are set out below:
6 Months
to Year to
30 June 6 Months to 31 December
2021 30 June 2020 2020
Unaudited Unaudited Audited
Basic
Earnings attributable
to ordinary shareholders 14,269,032 (605,663) 5,801,867
Weighted average number
of shares 87,940,601 86,379,784 87,207,703
Earnings (Loss) per-share
- pence 16.23p (0.70)p 6.65p
Diluted
Earnings attributable
to ordinary shareholders 14,269,032 (605,663) 5,801,867
Weighted average number
of shares 95,902,844 86,379,784 95,569,946
Earnings/(Loss) per-share
- pence 14.88p (0.70)p 6.07p
As at 30 June 2021 there were 7,632,907 outstanding share
options and 329,336 outstanding share warrants.
5. Investments
Available for sale investments
Carrying value GBP
At 31 December 2019 2,842,834
Revaluations 7,120,962
Share of loss (303,448)
Disposal of shares during the period (697,784)
------------
Carrying amount
At 31 December 2020 8,962,564
Revaluations 14,165,501
Disposal of shares during the period (180,073)
------------
Carrying amount
At 30 June 2021 22,947,992
6. Share Capital
Issued share capital comprises:
6 months 6 months Year to
to 30 June to 30 June 31
2021 2020 December
Unaudited Unaudited 2020
Audited
GBP GBP GBP
Ordinary shares of 2p
each
87,940,601 1,758,812 1,758,812 1,758,812
-------------- -------------- --------------
1,758,812 1,758,812 1,758,812
7. Post balance sheet events
No post balance sheet events.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
IR SEWFIUEFSESU
(END) Dow Jones Newswires
September 30, 2021 02:00 ET (06:00 GMT)
Grafico Azioni Optibiotix Health (LSE:OPTI)
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Grafico Azioni Optibiotix Health (LSE:OPTI)
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