Byotrol (BYOT ), a specialist infection prevention and control company, updated markets on trading for the year ended 31 March 2023 (FY23), reporting sales of £4.6m, comprising £4.3m from product sales and £0.3m from IP sales and royalties. Byotrol saw notable improvement in gross margin on product sales at 41%, compared to 37% in FY22.
Adjusted EBITDA was -£0.8m and cash at year-end was £0.7m, with a key debtor paying after the year-end and taking underlying cash to £0.8m. Final results are expected in August.
Byotrol also announced two Board changes. Dr. Trevor Francis has been appointed Non-Executive Chairman. Dr. Francis was previously with Unilever for 29 years. David Traynor was appointed Executive Chairman in November 2022 after serving as CEO for 9 years, and remains on the Board full-time as Executive Director.
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Byotrol's preliminary results are encouraging, particularly the significant improvement in gross margin on product sales as a result of SKU optimisation and a number of operational improvements. The abovementioned board changes were made to boost product sales further as the company aims to deliver full-year results in line with market expectations in August.
IP sales continued to progress, particularly in the US where Byotrol hopes for a formal EPA approval of its Byotrol24 disinfectant. After clearing the regulatory hurdle, Byotrol's sub-licensee will launch the product under its brand. Byotrol also plans to participate in Solvay's Actizone.
Byotrol is confident that it will return to profitability in the current financial year, which is likely should its sales momentum continue.
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