24th Sep 2015 09:38
LONDON (Alliance News) - TyraTech Inc on Thursday said that if current sales trends continue its second half will fall short of its previous expectations, as it reported a narrowed pretax loss for its first half, saying sales of its Vamousse headlice treatment boosted revenue.
TyraTech is a life-sciences company focused on insect and parasite control products.
For the half year to end-June the company reported a pretax loss of USD1.5 million, narrowed from a pretax loss of USD3.1 million a year before, as revenue rose to USD3.3 million from USD887,000. Revenue growth was driven by the expansion of Vamousse in major store chains in both the UK and US.
Following the year end Vamousse has also been launched in Ireland, and the company said it is planning for further geographical expansion in Europe and Australasia. It noted the recent publicity surrounding the emergence of head lice resistant to leading over the counter brands in the US, and said that as a result it has re-focused its marketing to emphasise the product's effectiveness against lice that are resistant to synthetic pesticides.
TyraTech said it remains in "uncharted territory" in terms of forecasting, as it has not yet experienced a full year with its current distribution agreements in place. It has seen sales grow in the 'back to school' period to date. However they have been behind the company's forecast expectations, and if these trends continue for the remainder of the year, its second half results will not be as strong as previously thought, although still better than in its first half.
Shares in TyraTech were untraded Thursday morning. It last closed at 5.31 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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