11th Oct 2019 17:02
(Alliance News) - Byotrol PLC said Friday its results for the year ended March 31 are now available.
As a result, Byotrol shares were lifted from suspension.
Shares in the anti-bacteria and hand sanitising products maker closed 7.7% higher in London on Friday at 2.10 pence each. Shares were temporarily suspended after the firm failed to deliver its audited annual report in time for the required deadline on September 30.
Byotrol said it uncovered an adjustment related to the financing charge on liabilities from its Medimark acquisition.
"This adjustment has resulted in a reduction in the finance expense of GBP110,000 with a consequent increase in the fair value of contingent consideration recognised at the date of acquisition and a corresponding amount of goodwill," Byotrol explained.
The company stressed this had no effect on its reported earnings before interest, tax, depreciation and amortization or operating profit, and as a results, its reported underlying financial performance for financial 2019 remains unchanged.
For the financial year that ended in March, unaudited results showed Byotrol swung to a GBP230,000 pretax profit from a GBP1.6 million loss the year prior. This was after revenue more than tripled to GBP5.7 million from GBP1.8 million the year before.
Ebitda came in at GBP820,000 profit compared to a GBP1.5 million loss the year before.
Byotrol also noted it was unable to resolve its auditor's query raised in the company's annual report.
In the report, Mazars LLP commented it was unable to confirm Byotrol's cash balance of GBP89,000 across four Lloyds Bank PLC's accounts.
"The directors have made every effort to resolve this matter to our auditor's satisfaction, without success. Whilst it may have been possible eventually to obtain a suitable response, the length of time this may have required was indeterminate, and the board took the decision that the interests of shareholders were best served by publishing the accounts with the consequential qualified audit opinion but resulting in the lifting in the suspension from trading on AIM," Byotrol added.
By Paul McGowan; [email protected]
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