Optimism for recently listed life sciences company despite tough markets
ProBiotix Health, a life sciences business developing probiotics to tackle cardiovascular disease and other lifestyle conditions, has released its inaugural results as a separately listed public company.
The Wakefield-headquartered firm had originally been a subsidiary of OptiBiotix Health and was floated on the AQSE Growth Market on 31 March 2022, raising £2.5m for it own future development.
Publishing its audited results for the period ended 31 December 2022, ProBiotix reports rapid growth with revenue of £1.3m, a 19% increase on FY 2021 (£1.1m), a pre-tax loss of £203,000 and no debts.
Steen Andersen, CEO of ProBiotix, said: “Since I became CEO in January 2023, I have developed a strategy which focuses the business on becoming a solutions provider of finished probiotic products in consumer formats, both under our own brands and partner private labels, with the objective of building ProBiotix into a £10m turnover company in the years ahead.
“Although the markets are challenging, we have a strong balance sheet with no debt, good sales growth and a healthy cash reserve.
“Given the scale of the market opportunity, the proven efficacy of our existing products, the substantial scope for expansion of our product range and geography and the financial strength of the company, we look to the future with enthusiasm and high confidence in building a valuable company for shareholders.”
Meanwhile, OptiBiotix, which launched ProBiotix Health as a separate business in 2018, has issued its own audited results for the 12 months ended 31 December 2022.
The results reflect its new structure following the listing of ProBiotix Health, with the newer company’s costs and revenues not included in the accounts post listing.
OptiBiotix reports revenues from continuing operations for the year of £457,000 (2021: combined sales of £2.2m).
It notes these reflect both the separate flotation of ProBiotix Health and delays in the placement of orders by new larger partners, which entered the year with substantial stocks from orders placed in late 2021, and then delayed re-ordering because of the global economic uncertainty created by the Ukraine war.
The business also records a pre-tax profit of £2.4m (2021: £6.2m).
Stephen O’Hara, CEO, said: “Our focus in 2023 is on looking forward with the aim of each business unit reaching profitability by the end of the year.
“We believe this can be achieved by a reduction in costs, a focus on existing partners returning to forecast, bringing in new partners particularly in the USA and Asia, and expanding e-commerce channels to reduce partner dependency.
“With our products winning awards in Europe, Asia, and the USA and an increasing number of large companies like The Hut Group, Holland and Barrett, Apollo Hospitals, and Nahdi Medical using our products, we believe we are in strong position for further growth.”
