18th Mar 2014 12:02
LONDON (Alliance News) - Microbial technology products company Byotrol PLC Tuesday announced several changes to its board, and said that it expects revenue and earnings before interest, tax, depreciation and amortisation to be in line with market expectations for its full-year.
Finance Director Duncan Grosvenor will leave the company to develop his career, he will be replaced by Denise Keenan, previously head of finance at Byotrol Consumer Products Ltd. Keenan will not be joining the board, but will also be taking on the role of Company Secretary, replacing Richard Bell who will take up the position as a senior adviser to the board.
Chairman Ralph Kugler will step down; non-executive Director Nicholas Martel has been invited to take up the role of non-executive Chairman from April 1.
The company said that the integration of Byotrol Consumer Products has been completed, and since October, 2013, produced cost synergies of over GBP700,000 per year. Byotrol expects to feel the full benefits of this integration in the financial year to March 31, 2015.
Byotrol acquired the remaining portion of the joint venture, which was established in 2007 with ?What If! Innovation Capital Nominees Ltd, in October 2013.
Although it continued to face challenges, the company said that it was now making "good steady progress on a much leaner cost base, which provided Byotrol optimism for the next financial year.
Shares in Byotrol last traded flat at 5.00 pence Tuesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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