Trading Update and Directorate Changes

RNS Number : 5003C

Byotrol PLC

18 March 2014

 



Byotrol plc

Trading Update and Directorate Changes

Byotrol plc ("Byotrol" or "the Company") is pleased to report continued solid trading in the second half of the financial year to 31 March 2014.  As a result the Company expects both revenue and EBITDA to be broadly in line with market expectations for the year (on a normalised basis, pre rationalisation costs), with all three segments - professional, petcare and consumer - performing to plan.

We are also pleased to report that the integration of Byotrol Consumer Products Limited ("BCP") has been completed and that since October 2013 we have locked-in cost synergies amounting to over £700,000 per annum without impacting revenue generation or operations.  The full benefits of the rationalisation will be seen in the financial year to 31 March 2015.  The Company continues to make good progress and will provide further detail with the preliminary results which we expect to announce in June 2014.

Following these improvements and the simplification of our corporate structure, we are also announcing some key changes at Board level, effective 31 March 2014:

·    Ralph Kugler, chairman since 2009, has decided to step down from the Board. 

·    The Board has invited Nicholas Martel, currently a Non-Executive Director of Byotrol plc, to become our new Non-Executive Chairman from 1 April 2014.

·    Duncan Grosvenor, Finance Director since 2012, will be leaving the Company to develop his career.  He will be replaced by Denise Keenan ACA, previously Head of Finance at BCP. 

Denise will not be taking a formal Board seat at this time but will be attending all Board meetings in her new, additional capacity as Company Secretary of Byotrol plc, replacing Richard Bell, who will become a Senior Adviser to the Board.

Commenting on the trading update and directorate changes, David Traynor, CEO of Byotrol plc said:

"I am pleased that we are now meeting market expectations and that our financial performance is improving.  We continue to face challenges, especially in the evolving and unpredictable EU regulatory landscape, but the Company is now making good, steady progress on a much leaner cost base.  We are approaching the next financial year with considerable optimism. 

We will be sorry to see Ralph Kugler leave us.  He has overseen a turnaround in the business and leaves it in a significantly stronger, healthier state than when he arrived and with good prospects for continued growth.  The merger with BCP has been successfully implemented, and the Company is now moving towards realising the potential that we all believe in.  The Board and the Company wish to thank Ralph for his dedication and leadership over the past five years.

We would also like to express our appreciation to Duncan Grosvenor for his valuable contribution to the Company, particularly in smoothing the merger with BCP and in designing and implementing the significant cost savings over the past 24 months. 

Ralph and Duncan both leave with our sincere thanks and best wishes for the future. 

I look forward to working with Nicholas Martel as our new Chairman and to continuing the Company's progress in the years to come."

Enquiries:

Byotrol plc	01925 742000
David Traynor - Chief Executive Dawn Williams	07775 924912
finnCap Ltd	020 7220 2000
Geoff Nash
Christopher Raggett
Simon Starr

Notes to Editors:

Byotrol plc (BYOT.L), quoted on AIM, is a leading antimicrobial technology  company, operating globally in the Food, Healthcare, Petcare and Consumer sectors, providing a low toxicity product 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 an ingredient brand where, as a complementary addition within existing products, Byotrol can significantly improve their performance in personal hygiene, domestic and industrial disinfection, odour control, food production and food management.

Founded in 2005, the Company has prioritised the development of a technology that creates easier, safer and cleaner lives through partnering with providers of essential goods and services.

For more information, please go to www.byotrol.com

 

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