Byotrol shares rose 5.7% to 2.5p in late afternoon trading on Monday following a report of £6.3 million in sales in its FY 2022 trading update, including £5.2 million in product sales and £1.1 million in IP sales and royalties.
The infection prevention technology company announced a positive adjusted EBITDA before exceptional items, and cash at year end of £1.1 million.
Byotrol confirmed its first IP revenue contribution from its ongoing participation in Solvay’s sales of Actizone 24-hour surface sanitiser, which the company said represented a small yet promising initial financial step in the group’s progress.
The firm also mentioned two new significant IP agreements since period close, including a multi-year, three-way agreement between Byotrol, its US licensee Integrated Resources International (IRI) and an unnamed US distribution company.
The agreement is set to sell Byotrol24 surface sanitiser under USCo branding into US professional markets, with sales by IRI to USCo to accrue additional royalties to Byotrol.
The company further noted a seven year licence in alcohol-free hand sanitisers with Rentokil Initial, which is a non-exclusive licence of rights to its proprietary hand sanitising formulation for distribution by Rentokil under its own brand into serviced washrooms, predominantly across the UK and Europe.
“We are pleased to confirm that our results for the past year will meet expectations as described in our trading update of early March,” said Byotrol CEO David Traynor.
“We are also pleased to announce further progress in licensing and IP, with two new agreements with best-in-class names in their respective markets, and confirmation that Solvay’s Actizone24 product is now gaining commercial traction.”
“Underlying market trends remain very favourable for our long-term growth. We look forward to providing a further update on product and IP sales with the release of our final audited results, which is expected in August.”
