Byotrol cuts losses and raises £1.25m

BYOTROL, the developer of a new anti-bacterial cleaning product, has raised £1.25m through a share placing and subscription.

The AIM-listed Daresbury company said the new funds would allow it to continue to maintain its recent progress and to invest in sales and marketing to grow revenues.

It has placed 38.6 million new ordinary shares at 3p while the subscription is for three million new shares.

Byotrol said: “Over the past year, the company has achieved a number of key milestones, not least of which was the acquisition of Byotrol Consumer Products.  

“The enlarged entity has since undergone a period of integration, consolidation and rationalisation but has continued to grow sales over this period and is beginning to see the benefits of the decisions that the management team has taken – a streamlined company with increased sales and a more robust financial position.”

The company also published its full-year results for the year to the end of March, which showed modest sales growth of 3% to £3.2m while EBITDA losses were down 57% to £671,000.

Chief executive David Traynor said: “We are pleased with the progress made since the acquisition of the non-controlling interest in BCP in October, with our results showing that we are able to achieve better results with substantially less resources.

“Having largely completed a process of rationalisation we are now able to turn our attention to growth from our new, leaner base.”   

Byotrol said it has trimmed its cost base significantly and operating expenses had fallen by 37% from £2.9m to £1.8m.

Click here to sign up to receive our new South West business news...
Close