Antibacterial cleaning product developer Byotrol said it is making “good progress” as it reported its unaudited preliminary results for the year ended March 31.
The Daresbury-based firm reported revenues of £5.66m for the year, compared to restated revenues of £1.82m in 2018.
It also reported a gross profit of £3.6m, up from £690,000 reported in 2018, while it reported EBITDA was at £820,000, up from an EBITDA loss of £1.47m.
The firm said its directors were “pleased with developments in the year with good progress in all strategic initiatives”, which included the completion of the acquisition of Medimark in August 2018.
However, Byotrol said its unaudited results had been “heavily influenced” by new accounting standard IFRS15 on revenue recognition.
While the directors said they are “confident” in its latest announcement, the firm has temporarily suspended its shares from October 1 until it publishes it audited accounts as the statements remain “subject to change”.
The group said it will not be able to publish its audited annual report by today (September 30), as required by AIM rules, due to “complexities” with the accounting for its Medimark acquisition and the restatement of its 2018 results for the effects of IFRS15.
“We are now in the process of finalising the audit process for the year and the accounts will be published as soon as possible,” it said.
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In May 2018, Byotrol in breaking the American market, as it secured the first mass-market retail trial in the US, for its 24-hour germ-kill surface sanitizer.
In its results, the firm said Byotrol24 remains on trial in 207 Target stores in the US with sales to date satisfactory on minimal marketing spend and is now seeking a partner to accelerate growth.
The firm also said its acquisition of Medimark is bringing “extensive sales, marketing expertise and leadership” in health businesses into the group, with Medimark having contributed £1.8m in sales to Byotrol in the seven months from acquisition until year end.