Byotrol Plc (AIM: BYOT), the specialist infection prevention and control company, is pleased to announce today its interim results for the six months ended 30 September 2020.
Significant improvement in financial performance:
• Sales trebled to £6.7m compared to £2.2m in H1 2020 (and £6.1m for the full year to 31 March 2020)
• Gross profit on product sales increased to £2.3m from £0.9m
• Adjusted EBITDA* increased to £1.2m compared to a loss of £0.4m in H1 2020
• Net cash and cash equivalents of £1.7m at period end after substantial investment in stock
• Balance sheet strengthened by repayment of all financial debt
All strategic initiatives progressing to plan:
• Completion of licensing-out of Byotrol24 surface sanitizer to Integrated Resources Inc. in the US -expected to provide significant returns to Byotrol for minimal ongoing US costs
• Solvay has globally launched Actizone 24 hour surface sanitizer, referring to it as a "blockbuster technology"
• Grant of £350,000 secured for seaweed research programme
Market demand for our products remains high and we continue to expect future demand to settle substantially above pre-COVID levels. The outlook for our industry is highly positive and Byotrol's positioning within it remains very strong.
John Langlands, non-executive Chairman of Byotrol commented:
"This was a very strong first half performance. The business has delivered sustainable profits, benefitting from our long term strategy and of course the significant demand for our infection control products arising from the COVID-19 pandemic. Our employees all delivered under very difficult circumstances as we faced restrictions in movement and shortages in raw materials.