Byotrol achieves full-year market expectations
By Josh White
Date: Monday 11 Jul 2022
(Sharecast News) - Infection prevention technology developer Byotrol reported full-year sales of £6.3m in a trading update on Monday, consisting of £5.2m from product sales and £1.1m from intellectual property sales and royalties.
The AIM-traded firm said it was adjusted EBITDA positive for the 12 months ended 31 March, before exceptional items, and had cash at year-end of £1.1m.
Its board said that, for the first time, it included a contribution from Solvay for Byotrol's ongoing participation in Solvay's sales of Actizone 24-hour surface sanitiser within intellectual property revenue.
As it had previously announced, it would be a "small quantum", but "a very encouraging" first financial step.
Since the year ended, the company noted that it had closed two "significant" new intellectual property agreements.
The first was a multi-year, three-way, exclusive agreement between the company, its United States licensee Integrated Resources International (IRI), and a "significant" unnamed US distribution company.
It said the agreement would involve sub-registering with the US Environmental Protection Agency (EPA), and then sell the Byotrol24 surface sanitiser under local branding into US professional markets.
Should formal registration be achieved - expected within 12 months - sales by IRI to the US distributor would accrue additional royalties to Byotrol.
The company said it expected to have further clarity on that when it reports its audited results for the year.
It said the second post-year end deal was a seven year licence in alcohol-free hand sanitisers with Rentokil Initial.
The agreement was a non-exclusive licence of rights to the firm's proprietary hand sanitising formulation for distribution by Rentokil under its own brand into serviced washrooms, primarily in the UK and Europe
"We are pleased to confirm that our results for the past year will meet expectations as described in our trading update of early March," said chief executive officer David Traynor.
"We are also pleased to announce further progress in licensing and intellectual property, with two new agreements with best-in-class names in their respective markets, and confirmation that Solvay's Actizone24 product is now gaining commercial traction."
Traynor said underlying market trends remained "very favourable" for the company's long-term growth.
"We look forward to providing a further update on product and intellectual property sales with the release of our final audited results, which is expected in August."
Byotrol said it expected to release audited final results for the full year ended 31 March before the end of August.
At 1016 BST, shares in Byotrol were up 5.71% at 2.59p.
Reporting by Josh White at Sharecast.com.
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