TIDMBYOT
RNS Number : 9302K
Byotrol PLC
27 April 2020
Byotrol plc ("Byotrol" or the "Group")
Trading Update
Byotrol, the specialist infection prevention and control
technology company, is pleased to announce an update on
trading.
We continue to experience exceptional demand for our
technologies across all our markets due to the covid19 pandemic. We
expect this to continue for at least the first quarter of FY2021
and likely beyond, and are now expecting to benefit significantly
from a secular shift towards the heightened importance of infection
prevention, cleanliness and hygiene, whether personal,
institutional or environmental.
Current trading
We entered the new financial year with a strong order book
exceeding GBP2m and expect to generate record sales from products
(i.e. excluding licenses, royalties and technical development
deals) in the first quarter of the year. There are also many
additional orders still being assessed for deliverability against
the supply chain constraints being experienced across our whole
industry sector.
The management team is also working on a number of longer-term
product supply contracts and technology licenses, including for
Byotrol24 in the US.
Results for the year ended 31 March 2020
Results for the year ended 31 March 2020 are subject to audit
and are expected to show the following highlights:
-- Revenues of approximately GBP6.0m. This excludes a material
but delayed new license contract that was eventually closed in
mid-April and that will now contribute to FY2021
-- Adjusted EBITDA (pre exceptionals) of around GBP0.25m
-- An exceptional gain of approximately GBP0.4m, as previously
announced, resulting from the renegotiation and early closure of
the earn-out with the vendors of Medimark Scientific Limited
Gross cash balances at 31 March 2020 were GBP1.7m. Net of the
Group's invoice discount facility of GBP0.3m, net cash balances
were GBP1.4m. An additional GBP0.3m cash was received on 2 April,
2020 having been due on 31 March, relating to a stage payment for a
previously-announced technology development agreement.
Outlook
Whilst we expect the current very high levels of demand to ease
at some stage over the course of FYE 2021, we also expect:
-- business and consumers to take more proactive responsibility
for protecting individuals against infection risk, leading to
sustained demand for anti-microbials
-- further acceptance of the role of regulators as opinion
leaders on safe and efficacious anti-microbial chemistries, for
which we are well-positioned
-- international supply chains to improve and reduce the very
high current level of unfulfilled orders
Byotrol has been positioning for such trends for many years and
expects them to favour technologies like ours, presenting
exceptional growth opportunities for the Group.
The Directors believe that Byotrol is very well placed to
benefit from current trends. We now expect FY2021 to be one of
significant growth in both revenue and EBITDA.
David Traynor, Chief Executive of Byotrol, commented:
"We continue to operate at full capacity, making and selling as
much product as we can as quickly as we can in these difficult
times.
Our technologies are getting interest from all over the world
now. We are increasingly well positioned for further growth post
Covid19 and are enthused and optimistic about the opportunities
ahead ."
Enquiries:
Byotrol plc
David Traynor - Chief Executive Officer
Nic Hellyer - Chief Financial Officer 01925 742 000
finnCap
Geoff Nash/Kate Bannatyne - Corporate Finance 020 7220 0500
Richard Chambers - ECM
This announcement is released by Byotrol plc and, prior to
publication, the information contained herein was deemed to
constitute inside information under the Market Abuse Regulations
(EU) No. 596/2014. Such information is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Financial expectations noted above are preliminary, and subject
to year-end financial close and audit review processes.
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a specialist infection
prevention and control company, operating globally in the
Healthcare, Industrial, Food and Consumer sectors, providing low
toxicity products with a broad-based and targeted efficacy across
all microbial classes; bacteria, viruses, fungi, moulds,
mycobacteria and algae.
Byotrol's products can be used stand-alone or as ingredients
within existing products, where they can significantly improve
their performance, especially in personal hygiene, domestic and
industrial disinfection, odour control, food production and food
management.
Byotrol develops and commercialises technologies that create
easier, safer and cleaner lives for everyone.
For more information, please go to byotrol.co.uk
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END
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