Daresbury hygiene group on track, trading update confirms
Daresbury-based hygiene specialist Byotrol said it is “very pleased” with progress over the past year, in a trading update today for the year ended March 31.
The statement said the group’s financial results, which include seven months of contribution from Medimark Scientific, acquired on August 30, 2018, are in line with market expectations.
Directors predict consolidated full year revenues of around £4.2m, and an EBITDA loss in the region of £450,000, subject to audit, increased by delayed regulatory approval in the US – now received – and by higher marketing and research costs in the US.
Over the past six months the company has continued to make good progress in the US, so the directors are confident that the slightly increased investment was merited, they said.
Byotrol’s cash balance remains healthy at £2.85m, which is following the acquisition of MSL, and compares with £3.5m at March 31, 2018.
Today’s statement said: “The directors are very pleased with progress over the last year and since year end, with highlights including: MSL continues to perform well, with product sales into animal and human healthcare businesses remaining strong, benefiting from strong customer relationships and the decline of competitors unable to fulfil new regulatory requirements.
“In the US, the trial at Target of Byotrol24 surface sanitiser has now been extended across an increased number of stores.
“Two new long-lasting fragrance versions are now on Target’s shelves and the original versions are now being re-propositioned for more-targeted household uses.
“We are also now close to securing an additional new national retailer trial in the US.
“The MSL and Byotrol teams are working together well and are uncovering many potential synergies across the group. We will seek to release these benefits in the new financial year, as the earn-out proceeds towards its conclusion in March 2020.”
Chief executive David Traynor concluded: “Byotrol is continuing to progress well and all key strategic initiatives are performing to plan.
“We are very excited about the potential for the enlarged business, including MSL and for the synergies that will be released from the combination in due course.”