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BYOT Byotrol Plc

0.15
-0.225 (-60.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Byotrol Plc LSE:BYOT London Ordinary Share GB00B0999995 ORDS 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.225 -60.00% 0.15 0.10 0.20 0.275 0.075 0.275 36,795,174 10:34:07
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Chemicals & Chem Preps, Nec 4.59M -1.69M -0.0037 -0.41 680.84k

Byotrol PLC Interim Results (2920Z)

14/12/2017 7:00am

UK Regulatory


Byotrol (LSE:BYOT)
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TIDMBYOT

RNS Number : 2920Z

Byotrol PLC

14 December 2017

14(th) December, 2017

Byotrol plc

INTERIM RESULTS

FOR THE SIX MONTHSED 30 SEPTEMBER 2017

Byotrol plc ('Byotrol', the 'Group' or the 'Company') the AIM listed anti-microbial technology company, is pleased to present its unaudited interim results for the six months ended 30 September 2017.

Highlights

-- Results in-line with previous guidance, namely improved sales and gross margin compared to H1 2016

o Sales at GBP934k versus GBP909k in H1 2016; gross profit GBP343k versus GBP283k in H1 2016

o Operating costs increased by 17%, largely reflecting a 62% increase in sales and marketing spend. Operating loss before share based payments therefore increased to GBP592k from GBP514k in H1 2016

   --      Continued progress in three key strategic initiatives, including: 

o US surface care - Federal approval complete, individual state approvals now very advanced, likely to complete February 2018. Board is confident in securing a US supermarket trial in mid 2018.

o EU surface care - third-party FMCG testing continues; increased resource investment in the project by our commercialisation partner Solvay

o Hand hygiene - now launched in NHS under new brand "Invirtu;" encouraging signs of sales progress

-- Strong balance sheet. Successful fund raise completed August 2017, reinvigorated shareholder register with new institutional support. Cash reserves of GBP4.8m at period end.

-- Funds being put to work on hiring sales and marketing professionals. New US leadership in place, with new VP Sales and Marketing hired, with excellent background in new product commercialisation, gained at Kimberly-Clark, Coca-Cola

-- Confidence in outlook for full year, although dependent on closing alliances, partnerships and sales before year end.

Commenting on the results, David Traynor, Chief Executive of Byotrol, said:

Having spent the last three years redeveloping our technologies for the new regulatory regimes, we are now investing heavily in sales and marketing, including extensive redevelopment of product propositions. To that end we were very pleased that investors further supported our strategy with a GBP4.6m financing in the period; we believe that we now have the resources to fully execute our growth strategy.

Enquiries:

Byotrol plc

   David Traynor - Chief Executive                                                       01925 742 000 

finnCap

   Geoff Nash/Kate Bannatyne - Corporate Finance                        020 7220 0500 

Stephen Norcross/Richard Chambers - Corporate Broking

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

Notes to Editors:

Byotrol plc (BYOT.L), quoted on AIM, is a leading anti-microbial technology company, operating globally in the Food, Industrial, Healthcare and Consumer sectors, providing low toxicity products with a broad-based and long-lasting efficacy across all microbial classes; bacteria, viruses, fungi, moulds, mycobacteria and algae.

Powerful, long-lasting and gentle, Byotrol's products can be used stand-alone or as ingredients within existing products, where Byotrol can significantly improve their performance, especially in personal hygiene, domestic and industrial disinfection, odour control, food production and food management.

Founded in 2005, the Company develops technologies that create easier, safer and cleaner lives for everyone.

For more information, please go to www.byotrol.co.uk

Chief Executive's Report

We continue to make really good progress, re-positioning the Company into new markets with new, regulatory-approved technologies, new products and new propositions. In parallel with this, we continue to service the legacy businesses where the revenues clearly contribute to central costs.

All three strategic initiatives - US consumer surface care, EU surface care with Solvay and alcohol-free hand sanitisers - are progressing nicely, with further validation that our propositions meet customer needs at price points that generate good margin.

Our pet/animal and consumer business is already benefiting from the new technologies with good levels of interest being generated in surface care and hand hygiene, including one brand re-launch ("Byopet") into Asia, plus one new brand launch ("Invirtu") into the UK NHS and healthcare markets. Further detail is given in the segmental commentary below. We hope our next big launch will be into US consumer markets via mass-market retail.

Reported numbers for this period follow a similar profile to H1 2016, with a small increase in sales and gross profit compared to the previous year, reflecting continued improvements in efficiencies, but a larger operating loss in the period relative to the previous year as we increase spend on sales and marketing. The outlook for the full year will, as per last year, depend on us closing larger ticket deals in the second half of the year, something we remain optimistic about achieving.

Results by segment

Professional care

H1 revenues fell slightly to GBP546k from GBP580k in H1 2016 and gross profit fell to GBP129k from GBP161k.

We are now gradually transitioning our Professional product offer away from food markets and into health-oriented markets, where (1) our technologies are differentiated and (2) customers are more willing to pay higher prices for the long-lasting claims that our products can make. Food and jansan customers are still being serviced efficiently and proactively and new customers are being sought, but we are now expending less resource in this area than historically.

Central to the change programme underway in Professional is a formal process of market analysis and proposition development. We have completed one process already, leading to the relaunch of alcohol-free hand hygiene products under a new brand "Invirtu" into the UK NHS in September, directly and via third party agents. We have great hopes for the product as we believe it has few genuine competitors and we hope will be a strong bridgehead into healthcare and other markets where high performance hand-hygiene products are required. Total sales since launch have been a little behind plan as we get used to working with the NHS supply chain, but rate of sales are picking up rapidly now, with our hand sanitisers being used in over 80 UK hospitals, one (500 bed) total-trust conversion (from competitor's alcohol-based product), four partial trust conversions and six trials underway.

Based on our presence in the NHS we are also being asked to white label and co-brand the core formulations with large UK hygiene, healthcare and facilities management companies. Foremost among those is our relationship with Rentokil and its Ultraprotect brand, which continues to progress well.

Next step is to reposition our Professional surface care offer and we are mid-way through the required analytical process. Amongst other things we see many opportunities to leverage surface care products into Invirtu customers in the healthcare market.

Petcare

H1 revenues fell slightly to GBP278 k from GBP295k in H1 2016, but gross profit rose by 12% to GBP105k

This segment continues to perform solidly, with progress in gross margin and new customer acquisition, particularly overseas.

The new and improved 'Byopet' range (pet environment and pet grooming products) has now been launched to trade at the China International Pet Show (CIPS) in Shanghai, with updated branding and optimised product range. Production of the new range is on track and first orders should be despatched before end of Q4. A number of high quality leads were captured at CIPS from several new territories including China, Australia, UAE and India.

We have also made good progress in launching hand sanitisers into animal health markets, including a new agreement signed with Medimark Scientific Limited, a premier distributor of hygiene products into vetcare markets. Medimark launched the product under the Esense brand (with Byotrol as an ingredient brand), to the UK veterinary market in November at the London Vet Show.

Consumer

H1 revenues and gross profit increased to GBP110k from GBP34k in H1 2016.

In surface care in the UK, sales in Tesco (via our license with Robert Mcbride plc) of Byotrol ingredient-branded surface sprays continue to increase. We have a good relationship with Mcbrides and are looking to do more with them, particularly with our improved technology platforms.

In surface care in the US, we are making very rapid progress with the EPA registered long-lasting anti-microbial trigger spray for US domestic consumers. In particular, we have:

-- received regulatory approval from over 20 individual US states and expect the remainder to be completed by February 2018. This is the second regulatory step to complete following the formal (federal) EPA approval completed in August this year

-- secured a high-quality supply chain, with packaging agreed and main plant trials due in January 2018.

-- generated in-principal approval from 2 leading US retail chains - including one mass-market retailer - for two-month trials in mid 2018. A successful trial should lead to national roll-out.

-- began conversations with potential licensees/partners targeting business users of the product

In surface care in Europe, we continue to market the Actizone formulation to FMCGs with our partner Solvay. The Solvay team is generally now taking the commercial lead as they have more resources to service customer requirements and more senior relationships with those customers. Several discussions are ongoing, potential commercial wins are substantial and Solvay is committing more and more resources to the initiative, but the timing of revenue and product on shelf is uncertain.

In consumer-targeted hand hygiene,

-- We are now starting to receive royalties in the US from our license with Advanced Hygienics LLC, which is manufacturing and distributing alcohol-free hand sanitisers under the American Red Cross brand, targeted to US consumers via retail. We are excited about the progress being made here.

-- Boots has now transitioned across to the new formulation alcohol-free hand sanitiser and we are now back on shelf in most Boots stores in their own-brand healthcare section. We are now in discussions with other high street retailers to put our products in their stores under their or our brand.

Fundraising and Convertible Loan Note redemption

The Company was very pleased to complete a GBP4.6m (net of expenses) fundraising on 5 September 2017 from new and existing equity investors. The funds are being invested in sales and marketing, especially in the US, and will give us a stronger balance sheet to support commercial deal negotiation

In parallel with the refinancing and in response to many investors wishes, the Company has now redeemed its outstanding GBP380k Convertible Loan Notes. This exercise was completed in early September and resulted in 100% conversion of the notes by investors into Byotrol share capital.

Outlook

We recognise that we remain something of a jam-tomorrow stock, with financial progress still partially reliant on one-off technical development and exclusivity fees. However, those deals are serving us well - limiting cash burn, generating margin, financing technical development and supporting multiple levels of proposition redevelopment for the new regulatory-driven world we are operating in.

Having been focussed largely on technical development over the last few years we are now able to concentrate on sales and marketing and are making good progress in putting in place all the right things to deliver product sales and technology sales, including building a sales and marketing team to cover both domestic and export markets. We are obviously doing all we can to increase market presence, but we also need the increased sales to generate economies of scale and quality of supply chain - one of our historic challenges.

The recent fund raising of GBP4.6m, net of expenses, has given us the financial resources to grow and has secured some first-class new investors on our shareholder register. Our challenge now is to execute the commercial plan and deliver to the financial targets. The team is confident it will do so and looks forward to substantial progress in the second half of the financial year. We continue to look to our long-term future with confidence and excitement.

David Traynor

Chief Executive

Byotrol plc

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the 6 month period ended 30 September 2017

 
                                                          6 mths                     6 mths                 Year ended 
                                                           ended                      ended                   31 March 
                                                    30 September               30 September 
                                                            2017                       2016                       2017 
                                                                                        GBP                        GBP 
 
 REVENUE                                                 934,076                    909,073                  3,127,182 
 
 Cost of sales                                         (590,692)                  (625,601)                (1,375,553) 
                                        ------------------------   ------------------------   ------------------------ 
 GROSS PROFIT                                            343,384                    283,472                  1,751,629 
 
 Sales and marketing costs                             (322,566)                  (198,312)                  (386,032) 
 Research and development costs                        (194,905)                  (242,737)                  (412,269) 
 Other administrative costs                            (417,472)                  (356,035)                  (926,501) 
 
                                        ------------------------   ------------------------   ------------------------ 
 
 OPERATING LOSS / (PROFIT) BEFORE 
  SHARE-BASED 
  PAYMENTS DEPRECIATION AND 
  AMORTISATION                                         (591,559)                  (513,612)                     26,827 
 
 Share based compensation                               (38,727)                   (15,453)                   (92,722) 
 Expense on amendment of convertible 
  loan note terms                                       (26,000)                          -                          - 
 Amortisation                                           (94,794)                   (33,936)                   (94,204) 
 Depreciation                                            (9,060)                    (5,102)                   (15,504) 
                                        ------------------------   ------------------------   ------------------------ 
 
 OPERATING LOSS                                        (760,140)                  (568,103)                  (175,603) 
 
 Finance income                                                -                         83                        184 
 Finance costs                                          (44,841)                    (8,270)                   (16,443) 
 Research and development (R & D) tax 
  credits                                                      -                          -                     65,435 
                                        ------------------------   ------------------------   ------------------------ 
 LOSS BEFORE TAX                                       (804,981)                  (576,290)                  (126,427) 
 
 Taxation                                                                                 -                          - 
                                                               - 
                                        ------------------------   ------------------------   ------------------------ 
 LOSS FOR THE FINANCIAL YEAR                           (804,981)                  (576,290)                  (126,427) 
                                        ------------------------   ------------------------   ------------------------ 
 
 OTHER COMPREHENSIVE INCOME, NET OF 
  TAX 
 Other comprehensive income to be 
 reclassified 
 to profit or loss in subsequent 
 periods: 
 Currency translation difference                        (10,859)                          -                     20,520 
                                        ------------------------   ------------------------   ------------------------ 
 Other comprehensive income/(expense)                          -                          -                     20,520 
                                        ------------------------   ------------------------   ------------------------ 
 TOTAL COMPREHENSIVE LOSS FOR THE 
  YEAR                                                 (815,840)                  (576,290)                  (105,907) 
                                                    ============               ============               ============ 
 
 Basic and fully diluted loss per 
  share 
  - pence                                                 (0.28)                     (0.21)                     (0.05) 
 

Byotrol plc

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2017

 
 
                                                   As at 30                   As at 30                   As at 31 
                                                  September                  September                      March 
                                                       2017                       2016                       2017 
                                                        GBP                        GBP                        GBP 
 
 ASSETS 
 Non-current assets 
 Property, plant and equipment                       35,007                     18,926                     44,067 
 Intangible assets                                  675,461                    579,321                    690,987 
                                   ------------------------   ------------------------   ------------------------ 
                                                    710,468                    598,247                    735,054 
 
 Current assets 
 Inventories                                        126,416                    154,670                    200,795 
 Trade and other receivables                        695,617                    583,618                    860,236 
 Cash and cash equivalents                        4,834,477                    525,752                    951,088 
                                   ------------------------   ------------------------   ------------------------ 
                                                  5,656,510                  1,264,040                  2,012,119 
                                   ------------------------   ------------------------   ------------------------ 
                                                  6,366,978                  1,862,287                  2,747,173 
                                               ============               ============               ============ 
 LIABILITIES 
 Current liabilities 
 Trade and other payables                           519,737                    404,961                    750,074 
 Convertible loan notes                                   -                    359,975                          - 
                                   ------------------------   ------------------------   ------------------------ 
                                                    519,737                    764,936                    750,074 
                                       --------------------   ------------------------   ------------------------ 
 Long term liabilities 
 Convertible loan notes                                   -                          -                    352,096 
                                   ------------------------   ------------------------   ------------------------ 
                                                          -                          -                    352,096 
                                   ------------------------   ------------------------   ------------------------ 
 Equity 
 Share capital                                    1,007,092                    670,129                    670,129 
 Share premium account                           27,522,864                 22,849,284                 22,849,284 
 Merger reserve                                   1,064,712                  1,064,712                  1,064,712 
 Other reserves                                    (36,587)                     23,053                     43,573 
 Retained deficit                              (23,710,840)               (23,509,827)               (22,982,695) 
 
                                   ------------------------   ------------------------   ------------------------ 
 TOTAL EQUITY                                     5,847,241                  1,097,351                  1,645,003 
                                   ------------------------   ------------------------   ------------------------ 
 TOTAL EQUITY AND LIABILITIES                     6,366,978                  1,862,287                  2,747,173 
                                               ============               ============               ============ 
 

Byotrol plc

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

for the 6 month period ending 30 September 2017

 
 
                                                                                                                       Retained earnings 
                                 Share           Share premium           Merger reserve           Other reserves                 reserve 
                               capital                     GBP                      GBP                      GBP                     GBP             Total equity 
                                   GBP                                                                                                                        GBP 
 
  At 1 April 
  2016                         670,129              22,849,284                1,064,712                   23,053            (22,948,990)                1,658,188 
 
 
Loss for the 
 period                              -                       -                        -                        -               (576,290)                (576,290) 
Currency                             -                       -                        -                        -                       -                        - 
translation 
difference 
                ----------------------  ----------------------  -----------------------   ----------------------  ----------------------   ---------------------- 
Total 
 comprehensive 
 loss for the 
 period                              -                       -                        -                        -               (576,290)                (576,290) 
 
Share based 
 payments                            -                       -                        -                        -                  15,453                   15,453 
                  --------------------  ----------------------      -------------------   ----------------------  ----------------------  ----------------------- 
Balance as at 
 30 September 
 2016                          670,129              22,849,284                1,064,712                   23,053            (23,509,827)                1,097,351 
                         =============         ===============            =============          ===============         ===============         ===== ========== 
 
 
 
Profit for the 
 period                              -                       -                        -                        -                 449,863                  449,863 
Currency 
 translation 
 difference                          -                       -                        -                   20,520                       -                   20,520 
                ----------------------  ----------------------  -----------------------  -----------------------  ----------------------   ---------------------- 
Total 
 comprehensive 
 profit for 
 the period                          -                       -                        -                   20,520                 449,863                  470,383 
Share based 
 payments                            -                       -                        -                        -                  77,269                   77,269 
                  --------------------  ----------------------      -------------------   ----------------------  ----------------------  ----------------------- 
Balance as at 
 31 March 2017                 670,129              22,849,284                1,064,712                   43,573            (22,982,695)                1,645,003 
                         =============         ===============            =============          ===============         ===============          =============== 
 
 

Byotrol plc

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

for the 6 month period ending 30 September 2017

 
                                                                                                                      Retained earnings 
                                 Share           Share premium           Merger reserve          Other reserves                 reserve 
                               capital                     GBP                      GBP                     GBP                     GBP             Total equity 
                                   GBP                                                                                                                       GBP 
 
 
Loss for the 
 period                              -                       -                        -                       -               (804,981)                (804,981) 
Currency 
 translation 
 difference                          -                       -                        -                (10,859)                       -                 (10,859) 
                ----------------------  ----------------------  -----------------------  ----------------------  ----------------------   ---------------------- 
Total 
 comprehensive 
 loss for the 
 period                              -                       -                        -                (10,859)               (804,981)                (815,840) 
 
Share issue                    309,820               4,647,293                        -                       -                       -                4,957,113 
 
Share issue 
 costs                               -               (380,858)                        -                       -                       -                (380,858) 
 
Share based 
 payments                            -                       -                        -                       -                  38,727                   38,727 
 
Conversion of 
 convertible 
 loan notes                     27,143                 407,145                        -                (69,301)                  38,109                  403,096 
 
                  --------------------  ----------------------      -------------------   ---------------------  ----------------------  ----------------------- 
Balance as at 
 30 September 
 2017                        1,007,092              27,522,864                1,064,712                (36,587)            (23,710,840)                5,847,241 
                         =============         ===============            =============          ==============    ============== =====         ===== ========== 
 

Byotrol plc

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

for the 6 month period ended 30 September 2017

 
                                                          6 mths                     6 mths                 Year ended 
                                                           ended                      ended                   31 March 
                                                              30                         30                       2017 
                                                       September                  September 
                                                            2017                       2016 
                                                             GBP 
                                                                                        GBP                        GBP 
 
 CASH FLOW FROM OPERATING ACTIVITIES 
 
 Loss for the period before tax                        (804,981)                  (576,290)                  (126,427) 
 Adjustments for: 
    Share based payments                                  38,727                     15,453                     92,722 
    Expense on amendment of                               26,000                          -                          - 
    convertible 
    loan note terms 
    Depreciation                                           9,060                      5,102                     15,504 
    Amortisation                                          94,794                     33,936                     94,204 
    Loss on disposal of property, 
     plant and equipment                                       -                          -                        139 
    Impairment of intangible assets                            -                          -                     23,586 
     Finance income                                            -                       (83)                      (184) 
    Finance costs                                         44,841                      8,270                     16,443 
 
 Changes in working capital 
    Decrease in inventories                               74,379                     65,648                     19,523 
    Decrease in trade and other 
     receivables                                         164,619                    200,263                   (76,355) 
    (Decrease) in trade and other 
     payables                                          (230,337)                  (185,763)                    159,350 
                                        ------------------------   ------------------------   ------------------------ 
 CASH GENERATED / (USED) IN OPERATING 
  ACTIVITIES                                           (582,898)                  (433,464)                    218,505 
 
 
 CASH FLOWS FROM INVESTING ACTIVITIES 
 
 Payments to acquire property, 
  plant and equipment                                          -                    (1,606)                   (37,288) 
 Payments to acquire intangible 
  assets                                                  79,268                   (48,179)                  (243,699) 
 Finance income                                                -                         83                        184 
                                        ------------------------   ------------------------   ------------------------ 
 NET CASH USED IN INVESTING 
  ACTIVITIES                                            (79,268)                   (49,702)                  (280,803) 
                                        ------------------------   ------------------------   ------------------------ 
 
 CASH FLOWS FROM FINANCING ACTIVITIES 
 Proceeds on issue of ordinary                         4,957,112                          -                          - 
  shares 
 Share issue costs                                     (380,858)                          -                          - 
 Interest paid                                          (19,841)                    (8,270)                   (24,322) 
                                        ------------------------   ------------------------   ------------------------ 
 NET CASH INFLOW /(OUTFLOW) FROM 
  FINANCING                                            4,556,413                    (8,270)                   (24,322) 
                                        ------------------------   ------------------------   ------------------------ 
 
 Net increase/(decrease) in cash 
  and cash equivalents                                 3,894,247                  (491,436)                   (86,620) 
 
 Cash and cash equivalents at the 
  beginning of the financial year                        951,088                  1,017,188                  1,017,188 
 Effect of foreign exchange rate 
  changes                                               (10,858)                          -                     20,520 
                                        ------------------------   ------------------------   ------------------------ 
 Cash and cash equivalents at the 
  end of the financial year                            4,834,477                    525,752                    951,088 
                                                    ============               ============               ============ 
 

Byotrol plc

NOTES TO THE INTERIM FINANCIAL STATEMENTS

for the 6 month period ended 30 September 2017

   1.             Basis of preparation 

The financial statements have been prepared in accordance with the AIM rules, international financial reporting standards ("IFRS") as adopted by the European Union that are applicable to the Group's statutory accounts for the year ended 31(st) March 2017 and the applicable provisions of the Companies Act 2006. The interim financial statements are unaudited and were approved by the Directors on 13th December 2017. The information set out herein is abbreviated and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The results for the year ended 31 March 2017 are in abbreviated form and have been extracted from the published financial statements. These were audited and reported upon without qualification by Mazars LLP and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006. Statutory accounts for the financial year ended 31 March 2017 have been filed with the Registrar of Companies.

The Group has not applied IAS 34, Interim Financial Reporting, which is not mandatory for UK Groups, in the preparation of these interim financial statements.

The Company is a limited liability company incorporated and domiciled in England & Wales and whose shares are quoted on AIM, a market operated by The London Stock Exchange. The consolidated financial information of Byotrol plc is presented in Pounds Sterling (GBP), which is also the functional currency of the parent.

   2.       Going concern 

The Group has continued to incur losses in the period to 30 September 2017, but had, at the period end, cash reserves and net assets of GBP4,834,477 and GBP5,847,241. Byotrol plc has prepared interim financial statements on a going concern basis, which assumes the Group will continue in operational existence for the foreseeable future.

   3.       Segmental information 

The Group has three reportable segments; being Professional (including food service, food manufacturing, industrial and health), Consumer and Pet. This disclosure correlates with the information which is presented to the Group's Chief Decision Maker, the Board. The Group's revenue, result before taxation and net assets were all derived from its principal activities.

The first segment concerns the professional sector incorporating business to business sales into food and beverage, healthcare and facilities management. The second segment concerns the consumer sector and primarily revenue generated from licence agreements with third parties for the manufacture and sale of products incorporating Byotrol technology. The third sector is Petcare, where finished goods are manufactured and sold into the companion animal sector.

The Group operates in different geographic locations. The revenue generated from the different geographic locations is analysed separately into the information below.

 
                                                  Continuing operations 
                                  Professional                   Consumer                        Pet                      Total 
 6 months ended 30                         GBP                                                                              GBP 
 September 2017                                                       GBP                        GBP 
 
   REVENUE 
 
 United Kingdom                        534,185                     87,196                    120,087                    741,468 
 North America                             601                     22,401                          -                     23,002 
 Rest of World                          12,052                          -                    157,554                    169,606 
                      ------------------------   ------------------------   ------------------------   ------------------------ 
 Total revenue                         546,838                    109,597                    277,641                    934,076 
 
 Cost of sales                       (417,983)                          -                  (172,709)                  (590,692) 
                      ------------------------   ------------------------   ------------------------   ------------------------ 
 Gross profit                          128,855                    109,597                    104,932                    343,384 
                                   ===========                ===========                ===========                =========== 
 
   Centrally incurred income and expenditure not attributable to individual segments: 
 Sales and 
  marketing costs                                                                                                     (322,566) 
 Research and 
  development costs                                                                                                   (194,905) 
 Other 
  administrative 
  costs                                                                                                               (417,472) 
 Depreciation and 
  amortisation                                                                                                        (103,854) 
 Share based 
  payments                                                                                                             (38,727) 
 Expense on 
  amendment of 
  convertible loan 
  note terms                                                                                                           (26,000) 
 Finance income                                                                                                               - 
 Finance costs                                                                                                         (44,841) 
                                                                                                       ------------------------ 
 Loss before tax                                                                                                      (804,981) 
                                                                                                                    =========== 
 
 
   3.      Segmental information (continued) 
 
                                               Continuing operations 
                               Professional                   Consumer                        Pet                      Total 
 6 months ended                         GBP                        GBP                        GBP                        GBP 
 30 September 
 2016 
 
   REVENUE 
 
 United Kingdom                     578,755                     33,526                     97,659                    709,940 
  North America                       1,659                          -                          -                      1,659 
  Rest of World                           -                          -                    197,474                    197,474 
                   ------------------------   ------------------------   ------------------------   ------------------------ 
 Total revenue                      580,414                     33,526                    295,133                    909,073 
 
 Cost of sales                    (419,008)                          -                  (206,593)                  (625,601) 
                   ------------------------   ------------------------   ------------------------   ------------------------ 
 Gross Profit                       161,406                     33,526                     88,540                    283,472 
                                ===========                ===========                ===========                =========== 
 
                          Central income and expenditure not attributable to individual segments: 
 Sales and 
  marketing 
  costs                                                                                                            (198,312) 
 Research and 
  development 
  costs                                                                                                            (242,737) 
 Other 
  administrative 
  costs                                                                                                            (356,035) 
 Depreciation 
  and 
  amortisation                                                                                                      (39,038) 
 Share based 
  payments                                                                                                          (15,453) 
 Finance income                                                                                                           83 
 Finance Costs                                                                                                       (8,270) 
                                                                                                    ------------------------ 
                                                                                                                   (576,290) 
                                                                                                                 =========== 
 
 
                                               Continuing operations 
                               Professional                   Consumer                        Pet                      Total 
 Year ended 31                          GBP                        GBP                        GBP                        GBP 
 March 2017 
 
   REVENUE 
 
 United Kingdom                   1,151,840                  1,146,956                    408,408                  2,707,204 
  North America                      25,228                      5,402                          -                     30,630 
  Rest of World                       3,763                          -                    385,585                    389,348 
                   ------------------------   ------------------------   ------------------------   ------------------------ 
 Total revenue                    1,180,831                  1,152,358                    793,993                  3,127,182 
 
 Cost of sales                    (850,699)                          -                  (524,854)                (1,375,553) 
                   ------------------------   ------------------------   ------------------------   ------------------------ 
 Gross Profit                       330,132                  1,152,358                    269,139                  1,751,629 
                                ===========                ===========                ===========                =========== 
 
                          Central income and expenditure not attributable to individual segments: 
 Sales and 
  marketing 
  costs                                                                                                            (386,032) 
 Research and 
  development 
  costs                                                                                                            (412,269) 
 Other 
  administrative 
  costs                                                                                                           (926,501)) 
 Depreciation 
  and 
  amortisation                                                                                                     (109,708) 
 Share based 
  payments                                                                                                          (92,722) 
 Finance income                                                                                                          184 
 Finance Costs                                                                                                      (16,443) 
 Research and 
  development 
  (R&D) tax 
  credits                                                                                                             65,435 
                                                                                                    ------------------------ 
                                                                                                                   (126,427) 
                                                                                                                 =========== 
 
   4.       Loss per share 

The loss per ordinary share is based on the losses for the period of GBP804,981 (six months ended 30 September 2016: GBP576,290; twelve months ended 31 March 2017: GBP126,427) and the weighted average number of ordinary shares in issue during the period of 287,992,349 (six months ended 30 September 2016; 268,051,565, twelve months ended 31 March 2017: 268,051,565).

The loss for the period and the weighted average number of ordinary shares for calculating the diluted earnings per share for the six months ended 30 September 2017 and for the comparative periods are identical to those used for the basic earnings per share. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive.

   5.       Taxation 

No liability to UK corporation or overseas income taxes arises for the period due to losses incurred. The Directors have assessed the position in relation to deferred tax and concluded that no provision or asset should be created at this stage in respect of deferred tax in view of the timescale and uncertainty of the recovery of tax losses. This position will be reviewed again at 31 March 2018.

   6.       Interim announcement 

The interim report was released on 14 December 2017. It is also available on the Company's website, www.byotrol.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR BRBDDSSBBGRX

(END) Dow Jones Newswires

December 14, 2017 02:00 ET (07:00 GMT)

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