Byotrol re-shuffles board after end of financial year

The AIM-traded firm said sales in the 12 months ended 31 December totalled £4.6m, including £4.3m from product sales and £0.3m from intellectual property sales and royalties.

Its gross margin on product sales improved significantly, to 41% from 37% in the prior financial year, due to product line rationalisation and multiple improvements in operating processes.

Adjusted EBITDA losses were £0.8m, and the cash balance at period-end was £0.7m, which increased to over £0.8m after the payment of a key debtor just after the end of the year.

The intellectual property side of Byotrol's business was progressing positively, the board said, particularly in the United States.

It said it expected formal approval from the Environmental Protection Agency for ‘Byotrol24’, with enhanced long-lasting efficacy claims against viruses, in the summer.

Byotrol added that it was also expecting its previously-announced sub-licensee to commence a market launch in the US under its own branding shortly after approval.

The company's other intellectual property initiatives, including its participation in Solvay's Actizone, were said to be on plan.

Byotrol said it remained confident in delivering “significant” growth in the current financial year and returning to profitability.

The exact timing of the company's final results would depend on the audit process, with the board currently assuming completion in August.

Additionally, Byotrol announced changes to its board structure in a bid to reflect the increasing importance of product sales to its results.

Dr Trevor Francis, previously its chief technology officer and then a non-executive director, would become non-executive chairman with immediate effect.

Previous executive chairman and nine-year chief executive officer David Traynor would remain on the board full-time as an executive director.

Traynor would focus on solidifying, commercialising, and developing the company's intellectual property portfolio and building commercial alliances across the company's business activities, the board said.

All other board positions would remain the same, with a search underway to add an additional independent non-executive director to the board.

“I am looking forward to overseeing the continued development of Byotrol and supporting the executive team of chief executive officer Vivan Pinto, chief financial officer Chris Sedwell, and executive director David Traynor,” said incoming non-executive chairman Trevor Francis.

“Since the acquisition of Medimark Scientific, a lot of good progress has been made within the company, especially in operating processes and I am convinced we now have the right structure and team to drive the business forward and create value for all stakeholders.”

At 1317 BST, shares in Byotrol were down 6.11% at 1.69p.

Reporting by Josh White for Sharecast.com.