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PBX Probiotix Health Plc

4.25
0.00 (0.00%)
23 May 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Probiotix Health Plc AQSE:PBX Aquis Stock Exchange Ordinary Share GB00BLNBFR86
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 4.25 3.00 6.00 4.7795 3.60 4.25 107,714 15:29:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Probiotix Health PLC Half-year Report (7259N)

27/09/2023 7:00am

UK Regulatory


Probiotix Health (AQSE:PBX)
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TIDMPBX

RNS Number : 7259N

Probiotix Health PLC

27 September 2023

27 September 2023

ProBiotix Health plc

("ProBiotix" or the "Company" or, together with its subsidiary, the "Group")

Unaudited Results to 30 June 2023

ProBiotix Health p lc (AQSE: PBX), a life sciences busi ness d eveloping probiotics to tackle cardiovascular disease and other lifestyle conditions, a nnounces its unaudited results for the six months to 30 June 2023 .

Highlights (including post period end)

   --    Industry leader Steen Andersen appointed as CEO, effective as of 2 January 2023 
   --    Financially robust with no debt and a strong balance sheet 

-- Expansion of leadership team with the appointment of Niels Peter Bak as Head of Product Management

-- Closing of long-term commercial agreement with third largest supplement brand in Germany for CholBiome(R) CH launch

-- Successful completion and publication of the second clinical study on the benefits of LP(LDL) (R) intake on cardiovascular disease biomarkers

-- E xclusive distribution agreement with Trans Chem to cover the Australian and New Zealand probiotics market

Steen Andersen, CEO of ProBiotix, commented: " Since I took over as CEO in January 2023, my focus has been on building and developing a defined strategy whereby we are looking to become a solutions provider of finished probiotic products in consumer formats. My objective is to build ProBiotix into a GBP10m plus turnover company, marketing our products both under our own brands and partner private labels. We are excited about the future of the Company and remain committed to providing long term value to our shareholders."

This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information, please contact:

 
  ProBiotix Health plc                       https://probiotixhealth-ir.com/ 
  Steen Andersen, Chief Executive Officer               Contact via Walbrook 
                                                                       below 
 
  Peterhouse Capital Ltd (Aquis Corporate                 Tel: 020 7220 0500 
   Adviser and Broker) 
  Mark Anwyl                                              Tel: 020 7469 0930 
   Duncan Vasey 
 
  Walbrook PR Ltd                                   probiotix@walbrookpr.com 
  Anna Dunphy                                             Mob: 07876 741 001 
 

Chief Executive Officer's overview

We are pleased to present the Group's interim report, for the six months ended 30 June 2023.

ProBiotix Health plc is a life sciences company with the purpose of improving human health through the development and marketing of probiotic product solutions to tackle metabolic related lifestyle conditions, especially within the cardiovascular area.

The global probiotics food and supplement market is forecast to reach $94.5 billion by 2027, at a CAGR of 7.9% (Fortune Business insights, 2022). The Group's strategy is to develop next-generation science-based microbiome solutions for a broad range of lifestyle-related health conditions and to deliver commercially successful products supported by a strong scientific and clinical evidence base. We aim to partner with leading nutritional and pharmaceutical companies with a strategic vision to use probiotics in their offering of products within the area of prevention.

Clinical studies have shown the Group's principal bacteria strain, LP(LDL) (R), to be able to reduce key cardiovascular risk markers, such as total cholesterol, LDL (bad) cholesterol, and Apolipo protein B (biomarker of atherosclerosis), by up to 34.2 per cent, 28.4 per cent and 28.6 per cent, respectively. Six publications on LP(LDL) (R)'s mechanisms of action and three peer-reviewed publications have shown LP(LDL) (R) to be safe and well-tolerated, as well as showcasing statistically significant reductions in multiple cardiovascular disease risk biomarkers within six weeks. The fact that 50% of all deaths globally can be related to cardiovascular disease, and 80% are believed to be preventable, underlines the scale of the opportunity for LP(LDL) (R).

The Group commercialises LP(LDL) (R) in a unique range of patented and proprietary turn-key food supplements as private label or under the CholBiome(R) brand. The portfolio currently comprises products in four indication categories

   --    Cholesterol maintenance 
   --    Cholesterol reduction 
   --    Blood pressure reduction 
   --    Vascular health 

STRATEGY

The Group's strategic aim is to continue to mature the position as a leading global player within the use of probiotics for prevention in the cardio-metabolic supplement area. The long-term vision is to manifest the Company as a leading provider of probiotic-based metabolic solutions for a broader range of indication areas in the "Healthy Ageing" space such as weight management, sarcopenia and sleep disorders. We intend to continue to develop the Group's business in an area of science which we believe has the potential to revolutionise the future of preventive healthcare.

Our short and medium-term focus will be on expanding the footprint in Europe as well as expanding the business into the North American continent specifically focusing on penetrating the second largest global probiotic market in USA. As part of the longer-term strategy, commercial activities will include the APAC region as well as South America. Our focus is to offer full turnkey business-to-business product solutions and work with leading global or regional brand owners within the supplement and OTC pharma area with a vested strategy in probiotics. The customer base will be expanded through a direct-to-market approach via own direct sales activities, with the exception of the APAC region, where we have assessed that a distributor approach for the time being is the most feasible path forward due to the complexity of the individual markets in the region.

COMMERCIAL MILESTONES

Since the beginning of the financial year the following key milestones have been reached:

-- Launch of a new five-year strategic growth plan focusing on developing the organisation, sale and marketing of business-to-business turnkey product solutions, establishing a direct sales structure in Europe and USA, strengthening of the value chain and our relationship to the CMOs (contract manufacturing organisations) used as well as an intensified focus on expanding the product portfolio into new indication areas.

-- Onboarding of Steen Andersen as Chief Executive Officer of the Group as part of the strategy to appoint an experienced industry business leader leading the Company to the next level.

-- Expanding the leadership team by hiring Niels Peter Bak as Head of Product Management. The position is of strategic importance and key in driving the development of new products, dosage format and expansion into additional indication areas. The function will also act as a cornerstone in the relationship to our contract manufacturers.

-- Announcement of distributor partnership with TransChem, a leading distributor of products to the food and dietary supplement industry in Australia and New Zealand.

-- Closing of long-term commercial agreement with third largest supplement brand in Germany. The agreement is aiming at launching CholBiome(R) CH - our newest product line extension - in Germany during Q4 this year. The launch will eventually be broadened to include Austria and Switzerland.

-- Successful completion and publication of the second clinical study on the benefits of LP(LDL) (R) intake on cardiovascular disease biomarkers, and initiation of further clinical studies on CholBiome(R) CH to provide clinical evidence on key finished products as part of our strategy to move towards providing finished product solutions.

-- Screening to identify probiotic strains that can benefit mental well-being. Our ongoing programme has demonstrated promising laboratory-based results for one of our proprietary strain deposits, which were presented in Probiota 2023. We will be testing its efficacy on improving sleep, stress and anxiety in a human intervention study in collaboration with the universities of Leeds and Southampton.

BOARD & MANAGEMENT

The investment in the organisation and the management structure will continue through the addition of experienced industry profiles who can support successful execution of the growth strategy. The composition of the Board will be evaluated on an ongoing basis and required changes will be implemented as needed to ensure optimal support to management and strategy execution.

RESULTS

The financial results for the half year are shown below. As the Group was listed on the Aquis Growth Market on 30 March 2022, the accounts for the comparative period show the results from 31 March 2022 through to 30 June 2022.

During the first half of the financial year the Group received confirmed orders totalling GBP1.5m which is 16% greater than turnover for the period to 31 December 2022 of GBP1.31m. Of the orders received, GBP552k (2021: GBP302k) had been completed and invoiced as at 30 June 2023. The increase in sales for the first half of the year reflects strong development in new customer acquisition as well as growth from existing customers. Gross profit for the period amounted to GBP264k (2022: GBP154k).

Other administration costs have risen to GBP668k from GBP274k for the previous period. Remembering that the previous period contains only 3 months of administration costs, the remaining increase in costs of approximately GBP140k, reflects the costs associated with building the organisation to support the growth of the Company.

The net loss for the half year stood at GBP512K (2021: Loss GBP251k) . If the increase in non-cash expenses (share based payments charge and depreciation) are removed, the net loss for the half year is GBP449k, which is for a full six months whereas the loss of GBP251k for the 2022 comparative contains only three months results.

As of 30 June 2023, the Group presented a strong balance sheet with cash balances totalling GBP1.94m (2022: GBP2.49m).

OUTLOOK

The Directors and Executives of the Company believe that the financial performance for the first six months of 2023 is satisfactory and reflects the positive momentum the Company has gained as a result of the strategic focus, increased commercial presence, internal competence-building and continued positive science linked to our proprietary probiotic strain, LP(LDL) (R). We aim to continue capitalising on the benefits of our public listing, expanding our existing product portfolio into new geographical territories, increasing our business-to-business sale of finished turnkey products, and developing new technologies that offer enhanced potential for the future. We will continue to work with Aquis and explore opportunities on other markets, including AIM, to increase liquidity in the Company's share price.

The scale of the market opportunity in probiotics, the increasing consumer awareness towards preventive care, the proven efficacy of our existing products, the substantial scope for expansion of our range and geography, the significant benefits of our public listing and the financial strength of the Company all allow us to look to the future with confidence and positive aspirations.

Consolidated Statement of Comprehensive Income

For the 6 months to 30 June 2023

 
                                            6 months to         Period to         Period to 
                                                30 June           30 June       31 December 
                                                   2023              2022              2022 
                                              Unaudited         Unaudited           Audited 
  Continuing operations                         GBP'000           GBP'000           GBP'000 
 
  Revenue                                           552               302             1,309 
 
  Cost of sales                                   (288)             (148)             (570) 
                                         --------------    --------------    -------------- 
  Gross Profit                                      264               154               739 
 
  Listing costs                                       -             (166)             (166) 
  Share based payments                             (80)                 -               (8) 
  Depreciation and amortisation                    (28)              (24)              (37) 
  Other administrative 
   costs                                          (668)        (274)             (790) 
 
                                         --------------    --------------    -------------- 
  Total administrative 
   expenses                                       (776)             (464)          (1,001)) 
                                         --------------    --------------    -------------- 
  Operating (loss)/profit                         (512)             (310)             (262) 
 
  Finance income / (costs)                            -                59                59 
                                         --------------    --------------    -------------- 
  Profit/(Loss) before 
   Income tax                                     (512)             (251)             (203) 
 
  Income tax                                          -                 -              (12) 
                                         --------------    --------------    -------------- 
  Profit/(Loss) for the 
   period                                         (512)             (251)             (215) 
 
  Other Comprehensive                                 -                 -                 - 
   Income 
                                         --------------    --------------    -------------- 
  Total comprehensive 
   income for the period                          (512)             (251)             (215) 
 
 
  Total comprehensive 
   income attributable 
   to the owners of the 
   Group                                          (512)             (251)             (215) 
 
                                                  (512)             (251)             (215) 
  Earnings/(loss) per 
   share 
  Basic & Diluted - pence           4           (0.42)p           (0.28)p           (0.24)p 
 
 
 
 
 
 

Consolidated Statement of Financial Position

As at 30 June 2023

 
                                   Notes             As at             As at             As at 
                                                   30 June           30 June       31 December 
                                                      2023              2022              2022 
                                                 Unaudited         Unaudited         Unaudited 
  ASSETS                                           GBP'000           GBP'000           GBP'000 
  Non-current assets 
  Intangibles                                          359               344               358 
 
                                            --------------    --------------    -------------- 
                                                       359               344               358 
                                            --------------    --------------    -------------- 
  CURRENT ASSETS 
  Inventories                                           77                 6                49 
  Trade and other receivables                          101                48               496 
  Cash and cash equivalents                          1,948             2,034             1,740 
                                            --------------    --------------    -------------- 
                                                     2,126             2,088             2,285 
                                            --------------    --------------    -------------- 
  TOTAL ASSETS                                       2,485             2,432             2,643 
 
  EQUITY 
  Shareholders' Equity 
  Called up share capital            5                  61                61                61 
  Group reorganisation reserve                       (945)             (945)             (945) 
  Share premium                                      3,338             3,338             3,338 
  Share based payment reserve                           88                 8                 8 
  Retained Earnings                                  (727)             (251)             (215) 
 
                                            --------------    --------------    -------------- 
  Total Equity                                       1,815             2,211             2,247 
                                            --------------    --------------    -------------- 
  LIABILITIES 
  Current liabilities 
  Trade and other payables                             581               142               307 
                                            --------------    --------------    -------------- 
                                                       581               142               307 
                                            --------------    --------------    -------------- 
  Non - current liabilities 
  Deferred tax liability                                89                79                89 
                                            --------------    --------------    -------------- 
                                                        89                79                89 
                                            --------------    --------------    -------------- 
  TOTAL LIABILITIES                                    670               221               396 
                                            --------------    --------------    -------------- 
 
  TOTAL EQUITY AND LIABILITIES                       2,485             2,432             2,643 
 
 
 

Consolidated Statement of Changes in Equity

For six months to 30 June 2023

 
                           Called             Share             Group       Share-based        Retained             Total 
                               up           premium    Reorganisation           Payment        Earnings            Equity 
                            Share                             reserve           reserve 
                          Capital 
                          GBP'000           GBP'000           GBP'000           GBP'000         GBP'000           GBP'000 
                     ------------    --------------    --------------    --------------    ------------    -------------- 
  Balance at 04                 -                 -                 -                 -               -                 - 
  November 2021 
 
  Group 
   reorganisation               -                 -             (945)                 -               -             (945) 
 
  Loss for the 
   period                       -                 -                 -                 -           (251)             (251) 
 
  Share based 
   payments                     -                 -                 -                 8               -                 8 
 
  Share Issues                 61             3,464                 -                 -               -             3,525 
 
  Share issue 
   costs                        -             (126)                 -                 -               -             (126) 
                     ------------    --------------    --------------    --------------    ------------    -------------- 
  Balance at 30 
   June 2022                   61             3,338             (945)                 8           (251)             2,211 
 
  Profit for the 
   period                       -                 -                 -                 -              36                36 
 
                     ------------    --------------    --------------    --------------    ------------    -------------- 
  Balance at 31 
   December 2022               61             3,338             (945)                 8           (215)             2,247 
 
  Loss for the 
   period                       -                 -                 -                80           (512)             (432) 
                     ------------    --------------    --------------    --------------    ------------    -------------- 
  Balance at 30 
   June 2023                   61             3,338             (945)                88           (727)             1,815 
                     ------------    --------------    --------------    --------------    ------------    -------------- 
 

Consolidated Statement of Cash Flows

For the six months to 30 June 2023

 
                                              Notes         6 months          Period          Period 
                                                                  to              to              to 
                                                             30 June         30 June     31 December 
                                                                2023            2022            2022 
                                                           Unaudited       Unaudited         Audited 
                                                             GBP'000         GBP'000         GBP'000 
  Reconciliation of loss before 
   income tax to cash outflow from 
   operations 
  Operating (loss)/profit                                      (512)           (310)           (262) 
  Decrease/ (Increase) in inventories                           (28)             (6)            (49) 
  (Increase)/decrease in trade 
   and other 
   receivables                                                   395            (48)           (497) 
  (Decrease)/increase in trade 
   and other 
   payables                                                      275             142             307 
  Share based payments                                            80               -               - 
  Depreciation and amortisation                                   28              24              37 
  Adjustment for net working capital 
   required on common control transaction                          -           (256)           (256) 
  Net Fx Difference                                              (1)             (2)               - 
                                                        ------------    ------------    ------------ 
  Net cash outflow from operations                               237           (456)           (720) 
 
                                                                                   -               - 
  Tax received                                                     -               -               - 
                                                        ------------    ------------    ------------ 
  Net cash (outflow)/inflow from 
   operating activities                                          237           (456)           (720) 
 
  Cash flows from investing activities 
 
  Purchase of intangible assets                                 (29)            (22)            (52) 
  Cash acquired on acquisition 
   of subsidiary                                                   -             188             188 
                                                        ------------    ------------    ------------ 
  Net cash (outflow)/inflow from 
   investing activities                                         (29)             166             136 
                                                        ------------    ------------    ------------ 
  Cash flows from financing activities 
  Share issues                                                     -           2,324           2,324 
                                                        ------------    ------------    ------------ 
  Net cash inflow from financing 
   activities                                                      -           2,324           2,324 
                                                        ------------    ------------    ------------ 
 
  Increase/(decrease) in cash 
   and equivalents                                               208           2,034           1,740 
 
  Cash and cash equivalents at                                 1,740               -         - 
   beginning of period 
                                                        ------------    ------------    ------------ 
  Cash and cash equivalents at 
   end of period                                               1,948           2,034           1,740 
 
 

Notes to the results

For the three months to 30 June 2023

   1.    General Information 

ProBiotix Health Plc is a com pany incorp orated and d omiciled in England and Wales. The Com pan y 's offices are in Wakefield. The Com pany is listed on the Aquis Growth Market (ticker: PBX).

The financial information set out in this report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Group's statutory financial statements for the period ended 31 December 2022 were prepared under UK - adopted International Financial Reporting Standards ("IFRS").

The interims for the period to 30 June 2022 have been restated following the Board's determination that the most appropriate accounting policy is to apply merger accounting prospectively from 31 March 2022 being the date of the Group's IPO on the Aquis Growth Market. The Group has consolidated ProBiotix Limited's assets and liabilities at book value at 31 March 2022, with the difference between the nominal value of shares issued and net liabilities acquired recorded in a reserve within equity.

Copies of the annual statutory accounts and the Half Yearly report can be found on the Company's website https://probiotixhealth-ir.com/financials/latest-results

   2.    Basis of preparation and significant accounting policies 

This report has been prepared using the historical cost convention, on a going concern basis and in accordance with UK - adopted International Financial Reporting Standards ("IFRS").

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies and making any estimates. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions changed. The Board of Directors believe that the underlying assumptions are appropriate and that the financial statements are fairly presented. The Board of Directors believes that there are no areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, and therefore, these financial statements have limited disclosures.

   3.    Segmental Reporting 

In the opinion of the directors, the Group has one class of business, in three geographical areas, being that of identifying and developing microbial strains, compounds and formulations for use in the nutraceutical industry. The Group sells into three highly interconnected markets, all costs assets and liabilities are derived from the UK location.

Following the listing of Company on the Aquis Growth Market, only the turnover from ProBiotix Health Limited for the period 31 March 2022 to 30 June 2022 is included in the figures below.

Revenue analysed by geographical market

 
                        6 months       Period to         Year to 
                         30 June         30 June     31 December 
                            2023            2022            2022 
                         GBP'000         GBP'000         GBP'000 
 
  UK                          28              22              43 
  US                         350             190             934 
  International              174              90             332 
                    ------------    ------------    ------------ 
                             552             302           1,309 
 
 

During the reporting period one customer represented GBP342,530, 62.2% (2022: GBP190,356, 62.2%) of Group revenues.

   4.    Earnings per Share 

Basic earnings per share is calculated by dividing the earnings attributable shareholders by the weighted average number of ordinary shares outstanding during the period.

Reconciliations are set out below:

 
                                           6 Months        Period 
                                                 to            to         Year to 
                                            30 June       30 June     31 December 
                                               2023          2022            2022 
                                          Unaudited     Unaudited         Audited 
                                                GBP           GBP             GBP 
  Basic & Diluted 
 
  Earnings attributable to ordinary 
   shareholders                           (512,452)     (250,822)       (214,580) 
 
  Weighted average number of shares     121,666,666    90,398,559      90,398,559 
 
  Earnings /(Loss) per-share 
   - pence                                 (0.42) p      (0.28) p         (0.24)p 
 
 
  . 
 

As at 30 June 2022 there were 6,500,000 outstanding share options. These are non-dilutive due to the losses incurred in the year.

   5.   Share Capital 

Issued share capital comprises:

 
                                      6 Months            Period 
                                            to                to           Year to 
                                       30 June           30 June       31 December 
                                          2023              2022              2022 
                                     Unaudited         Unaudited           Audited 
                                           GBP               GBP               GBP 
 
  Ordinary shares of 0.05p 
   each 
   121,666,666                          60,833            60,833            60,833 
 
                                --------------    --------------    -------------- 
                                        60,833            60,833            60,833 
 
 
   6.   Post balance sheet events 

No post balance sheet events.

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END

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