TIDMOPTI
RNS Number : 9102A
OptiBiotix Health PLC
28 September 2022
28 September 2022
OptiBiotix Health plc
("OptiBiotix" or the "Company" or the "Group")
Half Year Report
OptiBiotix Health p lc (AI M: OPTI), a life sciences busi ness d
eveloping compou n ds to tackle obesity, cardiovascular disease,
diabetes and skincare, a nnounces its results for the six months
ended 30 June 2022.
Highlights
-- Successful admission of ProBiotix Health plc on the AQSE
Growth Market on 31 March 2022, providing OptiBiotix shareholders
with a dividend in specie of over GBP10.2m
-- Substantial strengthening of the senior commercial management
team to drive future business growth
-- Lower than expected first half revenues caused by delays in
restocking by certain large partners and in securing regulatory
approval for some planned product launches
-- Improved sales performance post period with product launches
by Apollo Pharmacies in India and restocking by some partners with
sales normalising but insufficient to make up the H1 deficit
-- A substantial increase in the value of the Group's holding
resulting in a Group net profit for the period of GBP13.9m (2021:
GBP14.2m)
-- A healthy balance sheet with gross assets of GBP22.4m
-- Entry into sports nutrition market with The Hut Group with the launch of LeanBiome (R)
-- Launch of reformulated WellBiome(R) functional fibre and
mineral blend to support healthy ageing
-- Publication of a peer-reviewed scientific study of one of our
second-generation SweetBiotix(R) products, confirming its
suitability as a healthy replacement for sugar
-- Conclusion of a joint development agreement with Firmenich,
the world's largest privately owned taste and fragrance company, to
develop new products containing SweetBiotix (R)
-- Significant scientific and commercial progress in the
development of second-generation microbiome modulators
-- Good progress in the development of OptiBiotix Health India
Post Period
-- The launch of the GoFigure(R) product range in India with Apollo Pharmacies
-- An agreement with Nutraconnect to help accelerate the
commercialisation of products in the Asia Pacific ("APAC")
Region.
-- An exclusive distribution agreement with Longlive to
distribute xylooligosaccharide (" XOS") prebiotic into the human
nutrition markets (foods & beverages and supplements) in Europe
and Africa as OptiXOS
Stephen O'Hara, CEO of OptiBiotix, commented: "Since the
beginning of 2022 we have invested in the strengthening of our
senior management team and focused on expanding our portfolio of
larger business partners and increasing sales of our finished
products direct to consumers, so building a more robust business
for the future. We expect to see a return on this investment in the
second half and beyond.
"As part of this process we are expanding our first-generation
family of functional ingredients into new channels with the launch
of LeanBiome(R) and WellBiome(R) and are making good progress
commercialising our second-generation SweetBiotix(R) products. We
are also making significant scientific and commercial progress in
the development of our prebiotic microbiome modulators, which give
us access to one of the most exciting areas of opportunity in the
microbiome space.
"In line with our strategy of delivering multiple opportunities
to investors, we retain significant exposure to the considerable
growth potential in probiotics and skincare through the Group's
shareholdings in ProBiotix Health plc and SkinBiotherapeutics
plc.
"We are confident that our strategy will deliver an improved
sales performance in the second half of the year, and even more
strongly in 2023, and look forward to demonstrating the long-term
growth potential of the Group."
This announcement contains information which, prior to its
disclosure, was considered inside information for the purposes of
the UK Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.
For further information, please contact:
OptiBiotix Health plc www.optibiotix.com
Neil Davidson, Chairman Contact via Walbrook
below
Stephen O'Hara, Chief Executive
Cairn Financial Advisers LLP (NOMAD) Tel: 020 7213 0880
Liam Murray / Jo Turner / Ludovico Lazzaretti
Cenkos Securities plc (Broker) Tel: 020 7397 8900
Callum Davidson
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Mob: 07876 741 001
Anna Dunphy
Chairman's and Chief Executive's Statement
We are reporting on a period of very substantial change for the
Group, reflecting the admission of our formerly wholly owned
probiotic subsidiary ProBiotix Health plc ("ProBiotix Health") to
trading on the AQSE Growth Market on 31 March 2022. This rewarded
Group shareholders with a dividend in specie of approximately
GBP10.24m, while raising GBP2.5m to accelerate the development of
ProBiotix Health. The Group retains a 44% shareholding in ProBiotix
Health, with a market value of circa GBP25m as at 30 June 2022,
while OptiBiotix shareholders continuing to own approximately 44%
of the ProBiotix business (GBP11m). The Company's combined holdings
in SkinBiotherapeutics and ProBiotix Health were valued at GBP18m
as of June 30(th) 2022.
These results are for the Group's new structure following the
listing of ProBiotix Health plc ("PBX") on the AQSE Growth Market
in March 2022. The listing of PBX on AQSE means that PBX is now
considered an associate for accounting purposes with its revenues
and costs removed post listing and only OptiBiotix's (44%)
proportion of its profit and loss included in the Company's
accounts. This makes year on year comparisons challenging.
As noted in the annual report, the Group's strategic move to
focus on fewer and larger business partners has resulted in a
change in the pattern of customer demand, as a result of which we
always expected to receive fewer but much larger orders for our
products than in the past, with timing differences in the placement
of orders temporarily affecting future financial results.
This change has been reflected in a substantial reduction in the
turnover of our continuing prebiotic business, OptiBiotix Ltd,
compared with the first half last year, as uncertain global market
conditions led some major partners to delay restocking, while
planned product launches with our new major partners Apollo
Hospitals and Nahdi Medical were delayed until the second half
owing to slower than expected progress in them securing regulatory
approvals. Post period Apollo have launched in pharmacy stores in
major cities across India.
We are working hard to broaden our customer base by building new
partnerships with larger companies, particularly in the USA, which
is expected to progressively mitigate the revenue risks associated
with timing differences and launch delays in future financial
periods. The growth in direct to consumer online sales will also
help to smooth fluctuations in the timings of when customers
reorder stock.
Strategic overview
OptiBiotix Health is a life sciences business founded on the
development of probiotic and prebiotic compounds to tackle obesity,
cardiovascular disease, diabetes and skincare: all markets offering
strong growth potential in every part of the world. The Company has
built a broad portfolio of microbiome assets in this field
including skincare through SkinBiotherapeutics and probiotics,
through ProBiotix Health plc. These create a diverse portfolio of
opportunities in an emerging area of healthcare.
The first phase of our two-stage growth strategy, designed to
lower the Group's risk profile, was to establish the credibility of
our science and brands through an initial focus on building sales
of our first-generation products (principally LP(LDL) (R) in
probiotics and SlimBiome(R) in prebiotics) though
business-to-business deals with partners in multiple territories
around the world, with an initial focus on Europe, while at the
same time pursuing the development of our more innovative
second-generation products that offer potentially larger future
returns. This has allowed us to report profitable trading positions
in in each of our prebiotic and probiotic businesses for the last
two years.
In spring 2021 we appointed René Kamminga as CEO of the
prebiotics business and subsequently to the plc Company board in
July 2022. We added to our senior team in spring 2022 to deliver an
increasing emphasis on the key objectives in the second phase of
our strategic development. These include: -
-- Focusing on a smaller number of large partners in key
strategic markets, particularly the USA and Asia;
-- Improving our sales mix and margins by moving increasingly
from ingredient sales to the sale of finished products, both
through larger partners and direct-to-consumer through our own
online store and other outlets such as TMall.com in Asia;
-- Expanding our first-generation product portfolio of
functional ingredients by extending our technology into new
channels such as sports nutrition with LeanBiome(R) and new product
areas such as WellBiome(R);
-- Progressing the commercialisation of our second-generation
products, SweetBiotix(R) and Microbiome Modulators;
-- Working progressively to broaden our range of larger business
partners, to secure increased volume sales, extend geographical
reach, and reduce revenue dependency of a limited range of
partners.
As we have previously stated, this strategy gives our
shareholders exposure to multiple opportunities within the emerging
human microbiome space and affords the potential to deliver
additional value through separate public listing of our divisions,
as we have accomplished since the beginning of the new financial
year with the admission of ProBiotix Health to trading on the AQSE
Growth Market.
All these actions increase the scale of the opportunity within
OptiBiotix and our ability to deliver sustained growth for
shareholders in the years ahead.
Commercial and scientific overview
Since the beginning of the current financial year we have
announced:
-- The achievement of British Retail Consortium accreditation,
confirming our compliance with the Global Food Safety Initiative
('GFSI') benchmark. This certification by one of the leading
international food safety standards, accepted by most large
retailers and their suppliers worldwide, is an important support to
our commercial strategy of increasing our sales of final product
solutions to partners in the retail channel.
-- Our entry into the sports nutrition market with the launch of
LeanBiome (R), a scientifically supported blend of dietary and
prebiotic fibres and a trace mineral, developed to support athletes
increase lean muscle mass and to improve metabolism, gut health and
satiety. Our distribution agreement with leading e-commerce
retailer The Hut Group, signed in December 2021, saw LeanBiome(R)
launched in January 2022 with its Impact Diet Lean product as part
of its My Protein range in the UK and at the end of H1 with a
breakfast smoothie.
-- Publication of a third human volunteer study on the clinical
efficacy of LP(LDL) (R), demonstrating through a placebo-controlled
trial that LP(LDL) (R) delivered large and statistically
significant reductions in total cholesterol, LDL-C (bad)
cholesterol and Apolipoprotein B (widely accepted as the most
important causal agent of atherosclerotic cardiovascular disease),
with no compliance, tolerance or safety issues. The results of this
and other studies suggest efficacy similar to low level statins and
other treatments more typically associated with pharmaceuticals,
suggesting potential in high value pharmaceutical markets for the
use of LP(LDL) (R) in individuals who are unwilling or unable to
tolerate other treatments.
-- Publication of a consumer study undertaken among purchasers
from our own e-commerce website of CholBiome(x3) , our proprietary
food supplement containing LP(LDL) (R) , which confirmed its
effectiveness in reducing cholesterol with no reports of
side-effects or any tolerance issues.
-- Admission of ProBiotix Health plc to the AQSE Growth Market
on 31 March 2022, raising GBP2.5m for the further development of
our former Probiotic subsidiary through a placing and subscription
of new shares, while giving our own shareholders a dividend in
specie of 0.554673 ProBiotix share for every OptiBiotix Health
share held.
-- The subsequent appointment of Steen Andersen as Chief
Executive Officer of ProBiotix Health plc, as part of our
long-planned strategy to appoint experienced commercial leaders to
run each part of the business. This allows the Group CEO to focus
on identifying and developing the new technologies that will
provide the Group with a continuing pipeline of products to deliver
future growth and market value.
-- Good progress in the development of OptiBiotix Health India,
the new subsidiary whose formation we announced in November 2021.
This gives us much improved access to a very large, rapidly growing
and increasingly prosperous market of 1.3bn people. India is
expected to account for the majority of the world's middle-class
consumers by 2035. With high levels of cardiovascular disease and
obesity already prevalent in the country, we see excellent
opportunities to improve engagement with our local manufacturing
partners and to develop sales of both ingredients and higher-margin
final products in the years ahead.
-- The soft launch at the IFT Expo in Chicago of our
reformulated WellBiome(R) functional fibre and mineral blend, which
contains new ingredients that allow us to make US and European
on-pack health claims for its benefits to heart, bone, cognitive
and metabolic health in support of healthy ageing.
-- Certification of LeanBiome (R) as an Informed Ingredient for
Sports Nutrition: an important industry certification demonstrating
through rigorous independent testing by an authorised body that it
is free from substances that are banned in sport. This is a
significant step in attracting major sports nutrition companies to
incorporate LeanBiome (R) in their products.
-- Development of new low calorie, high prebiotic extruded fibre
puffs, designed to make users feel full for longer and to reduce
food cravings as an extension of our SlimBiome(R) and LeanBiome (R)
ranges. Following successful taste testing of four flavours of
these puffs, they will be launched online direct to consumers and
with partners later in the year.
-- Publication of a peer-reviewed study of one of our
SweetBiotix (R) products confirming its sweetness, bulking and
prebiotic fibre properties and concluding it could be an
innovative, healthy substitute for sugar in a range of everyday
products. This is one of a family of second-generation SweetBiotix
(R) products developed for different applications in food,
beverages and dairy products, based on the concept of creating a
sweet fibre that has a low glycaemic index which enhances the
microbiome, and represents a step- change from existing products on
the market or, to the best of our knowledge and partner
discussions, known to be under development. Independent scientific
confirmation of SweetBiotix (R) by leading scientists in the field
is key to creating interest and industry credibility and provides
important marketing materials for commercial launches.
-- Conclusion of a new joint development agreement with
Firmenich, the world's largest privately owned taste and fragrance
company, and the world's largest supplier of Stevia, to develop new
products containing our second generation SweetBiotix (R) compound,
in return for sales-based milestone and royalty payments. We see
this area progressing at pace and believe that the recent
scientific publication and the deal with Firmenich, which is
merging with DSM, the world's largest ingredients supplier, to
create a NewCo with a US $11.4bn turnover, are major steps forward
in bringing SweetBiotix (R) to market.
-- Continued work with large corporate partners to develop
further SweetBiotix (R) applications for foods and beverages. Our
aim is to build a broad range of products suitable for a wide range
of application areas which can meet the needs of multiple partners,
on applications as diverse as dairy, cereals, and hot and cold
beverages, that will broaden the scale of the opportunity for our
investors.
-- Significant scientific and commercial progress in the
development of our microbiome modulators: a range of
second-generation products which selectively enhance the growth
rate of specific types of bacteria and create the potential for
targeted treatment of a range of human diseases. We have developed
an innovative approach to allow us to precision engineer the
microbiome to selectively increase the growth and biological
activity of a range of bacteria using precision prebiotics,
creating the potential to revolutionise the use of the microbiome
therapies in healthcare. This is one of the most exciting areas of
opportunity in the microbiome space. During the period we made a
presentation at an international conference of a new approach which
allows us to manufacture at scale through the identification,
sequencing and production of an enzyme which generates the
prebiotic in large amounts. This is a major step forward in the
commercialisation process which has enhanced the commercial appeal
of these products to corporate partners and has already led to
early discussions with a large US corporate partner on
commercialising a range of these products as high value special
ingredients.
Results
OptiBiotix results for six months ended 30 June 2022 are set out
below. These results are for the Group's new structure following
the listing of ProBiotix Health plc ("PBX") on the AQSE Growth
Market in March 2022. The listing of PBX on AQSE means that PBX is
now considered an associate for accounting purposes with its
revenues and costs removed post listing and only OptiBiotix's (44%)
proportion of its profit and loss included in the Company's
accounts. This makes year on year comparisons challenging.
The results show revenue from continuing operations for the six
months of GBP118,898 (2021: Combined sales of GBP1,076,044),
reflecting the separate admission of ProBiotix Health and delays in
the placement of orders by our new larger partners, as the
uncertain economic environment caused some hesitancy in restocking,
and slowness in securing regulatory approvals led to some planned
new product launches being deferred until the second half
of 2022. Post period Apollo Hospitals launched a range of GoFigure products in September 2022.
As in previous years, there was no contribution in this period
from licence or royalty payments which tend to be received in the
second half of the year.
Administrative expenses were GBP1,109,311 (2021: GBP1,071,015)
which includes ProBiotix costs to the end of March 2022 and a
number of one off prelisting and recruitment expenses. Staffing
costs increased reflecting the additions to the team in H1 but
should moderate under a shared service agreement which allocates
costs between ProBiotix and OptiBiotix companies equally or
according to usage if materially different.
The listing of ProBiotix on AQSE has created a previously
unrecognised asset allowing the Company to report a circa GBP13.9m
profit largely from the gain on this investment offset by a loss on
revaluation of the SkinBioTherapeutics plc shares. The Company has
a healthy balance sheet with gross assets of GBP22.4m (H1 2021:
GBP28m) with circa GBP1.5m (H1 2021: GBP993K) cash at the end of
June 2022. Once R&D tax credits are claimed and recoverable VAT
repayments are added, the balance will be GBP1.98m (2021:
GBP1.21m).
Board and management
René Kamminga was appointed a Director of the Group on 1 July
2022 following his appointment as Chief Executive Officer of our
prebiotic business, OptiBiotix Ltd, in March 2021. René is now
focusing on the key objectives of expanding our product range,
increasing the number of larger partners, growing sales and
building a profitable business.
As noted in the annual report, we made a number of senior
appointments in the early part of the financial year, almost
doubling the size of the team to support business growth. These
will contribute to the development of both OptiBiotix and
ProBiotix, under a shared service agreement which allocates costs
between the companies according to usage.
Paul Cannings joined us in January 2022 as Head of Operations
& Quality. His focus is on managing every step of the supply
chain, from negotiating and ordering raw ingredients through
warehouse and inventory management to order fulfilment and
invoicing. As part of this process, we are changing our current
warehousing supplier to reduce fulfilment costs and increase our
international coverage.
Zac Sniderman joined us in March 2022 as Business Development
& Sales Director for North America, as part of a strategic
focus for 2022 to increase the number of large partners in the
important US market. Zac's role is to identify and reach agreement
with large US partners for the commercialisation of our products in
North America.
Shiraz Butt also joined us in March 2022 as E-Commerce Director.
His role is to grow the online sales business by selling OptiBiotix
own label products direct to customers both in the UK and in Asia.
This involves improving the online sales experience, working with
influencers and social media channels to increase product
awareness, and most importantly growing online sales into a
profitable business. Shiraz comes with a strong record of online
sales growth achieving the all-time highest online sales
consistently for large sports nutrition brands PhD Nutrition,
TheProteinWorks and Iovate. He has grown ecommerce divisions for
brands internationally from launch to GBP10million+ covering D2C
and marketplaces.
These appointments are all part of a strategy to bring in
industry leaders and specialist expertise to support the Group's
growth plans and capitalise on the opportunities created by our
growing pipeline of products. We would expect the value from these
appointments to be realised in the second half of 2022 and
beyond.
We will continue to evolve the Board in line with the Company's
focus on the prebiotic business and its strategic aims.
Outlook
Despite the challenging trading environment, the Group is in a
strong position with a healthy balance sheet and cash position, and
improving sales prospects in the second half of 2022. We continue
to develop online sales direct to consumers through our own website
and build new revenue streams through new partners launching
products in the second half of 2022 such as Apollo Hospitals in
India and Nahdi Medical in Saudi Arabia. The commercial agreements
we signed at the end of 2021 with these new large partners, and
with The Hut Group in the UK, represent the future strategic
direction of the Company and are complemented by the joint
development agreement signed with Firmenich in the current year,
which will help us to bring our second-generation SweetBiotix (R)
products to larger markets.
At the start of 2022 we invested in expanded sales and marketing
capabilities that will help us increase the number of larger
partners, increase our sales of final products direct to consumers
through retail channels, and create a more robust business for the
future. Broadening our partner and product base will reduce the
risk of revenues in future accounting periods being impacted by
individual partners delaying launches, or by timing differences in
restocking.
The Company is exploring opportunities to in-license or acquire
additional technologies that will ensure a continuous pipeline of
solutions to deliver diversified growth for the Group and
strengthen our position as one of the leading companies in the
rapidly growing microbiome space.
We are confident that our strategy will deliver an improved
sales performance in the second half of the year, and even more
strongly in 2023. Our second-generation SweetBiotix (R) family of
products and microbiome modulators offer exciting potential for
future growth in prebiotics, while we retain exposure to the
considerable growth potential in probiotics and skincare through
the Group's shareholdings in ProBiotix Health plc and
SkinBiotherapeutics plc.
The continued expansion of our markets, the proven credibility
of our science, the growing recognition of our brands and the
strength and depth of our management team all give us a high degree
of continued confidence in the exciting long-term growth potential
of the Group.
N Davidson and S O'Hara
28 September 2022
Consolidated Statement of Comprehensive Income
For the six months to 30 June 2022
6 months to 6 months to Year to
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
Continuing operations GBP GBP GBP
Revenue 118,898 1,076,044 2,212,932
Cost of sales (56,692) (601,813) (1,089,589)
-------------- -------------- --------------
Gross Profit 62,206 474,231 1,123,343
Share based payments 5,810 30,144 60,288
Depreciation and amortisation 117,425 144,636 288,455
Other administrative costs 986,076 896,235 2,139,914
Administrative expenses (1,109,311) (1,071,015) (2,488,657)
-------------- -------------- --------------
Operating loss (1,047,105) (596,784) (1,365,314)
Finance income / (costs) 81 (23,186) (47,478)
Share of loss from associate 91,386 - -
Gain on investments 14,859,096 14,165,501 7,500,681
Profit on disposal of investments - 720,863 88,618
-------------- -------------- --------------
Profit/(Loss) before Income
tax 13,903,458 14,266,394 6,176,507
Income tax 12,288 2,638 84,523
-------------- -------------- --------------
Profit/(Loss) for the period 13,915,746 14,269,032 6,261,030
Other Comprehensive Income - - -
-------------- -------------- --------------
Total comprehensive income
for the period 13,915,746 14,269,032 6,261,030
Total comprehensive income
attributable to the owners
of the group 13,915,746 14,269,032 6,261,030
Dividends (10,258,000) - -
Non-controlling interest - - -
3,657,746 14,269,032 6,261,030
Earnings/(loss) per share
Basic & Diluted - pence 4 4.15p 16.23p 7.15p
Basic & Diluted before 3.84p 14.88p 6.55p
Profit on investment revaluation
- pence
Consolidated Statement of Financial Position
As at 30 June 2022
Notes As at As at As at
30 June 2022 30 June 2021 31 December
Unaudited Unaudited 2021
Audited
ASSETS GBP GBP GBP
Non-current assets
Intangibles 2,232,984 2,726,349 2,640,672
Property, plant & equipment 2,000 - -
Investments 5 18,093,846 22,947,992 13,650,927
-------------- -------------- --------------
20,328,830 25,674,341 16,291,599
-------------- -------------- --------------
CURRENT ASSETS
Inventories 127,679 86,323 101,877
Trade and other receivables 434,040 1,285,689 1,552,490
Current tax asset 68,343 115,772 191,249
Cash and cash equivalents 1,509,347 993,014 2,007,448
-------------- -------------- --------------
2,139,409 2,480,798 3,853,064
-------------- -------------- --------------
TOTAL ASSETS 22,468,239 28,155,139 20,144,663
EQUITY
Shareholders' Equity
Called up share capital 6 1,760,312 1,758,812 1,758,812
Share premium 2,545,001 2,537,501 2,537,501
Share based payment reserve 933,405 897,451 927,595
Merger relief reserve 1,500,000 1,500,000 1,500,000
Convertible Loan Note Reserve - 92,712 92,712
Retained Earnings 14,977,744 19,328,000 11,319,998
-------------- -------------- --------------
21,716,462 26,114,476 18,136,618
Non-Controlling Interest 35,782 35,782 35,782
-------------- -------------- --------------
Total Equity 21,752,244 26,150,258 18,172,400
-------------- -------------- --------------
LIABILITIES
Current liabilities
Trade and other payables 255,014 643,489 600,904
-------------- -------------- --------------
255,014 643,489 600,904
-------------- -------------- --------------
Non - current liabilities
Deferred tax liability 460,981 558,885 552,000
Borrowings - 802,507 819,359
-------------- -------------- --------------
460,981 1,361,392 1,371,359
-------------- -------------- --------------
TOTAL LIABILITIES 715,995 2,004,881 1,972,263
-------------- -------------- --------------
TOTAL EQUITY AND LIABILITIES 22,468,239 28,155,139 20,144,663
Consolidated Statement of Changes in Equity
For six months to 30 June 2022
Called Share Share-based Non Merger Retained Convertible Total
up premium Payment controlling Relief Earnings Loan note Equity
Share reserve Interest Reserve
Capital
GBP GBP GBP GBP GBP GBP GBP GBP
------------ -------------- -------------- ------------ ------------ ------------ -------- --------------
Balance at
31
December
2020 1,758,812 2,537,501 867,307 35,782 1,500,000 5,058,968 92,712 11,851,082
Profit for
the period - - - - - 14,269,032 - 14,269,032
Share based
payment - - 30,144 - - - - 30,144
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Balance at
30 June
2021 1,758,812 2,537,501 897,451 35,782 1,500,000 19,328,000 92,712 26,150,258
------------ -------------- -------------- ------------ ------------ ------------ ------------ --------------
Loss for
the period - - - - - (8,008,002) - (8,008,002)
share based
payment - - 30,144 - - - - 30,144
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at
31
December
2021 1,758,812 2,537,501 927,595 35,782 1,500,000 11,319,998 92,712 18,172,400
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Profit for
the period - - - - - 3,657,746 - 3,657,746
share based
payment - - 5,810 - - - - 5,810
Loan note
conversion - - - - - - (92,712) (92,712)
Issue of
shares 1,500 7,500 - - - - - 9,000
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at
30 June
2022 1,760,312 2,545,001 933,405 35,782 1,500,000 14,977,744 - 21,752,244
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Consolidated Statement of Cash Flows
For the six months to 30 June 2022
Notes 6 months 6 months Year
to to to
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
GBP GBP
Reconciliation of loss
before income tax to cash
outflow from operations
Operating loss (1,047,106) (596,784) (1,365,314)
Decrease/ (Increase) in
inventories (35,744) 97,913 82,359
(Increase)/decrease in trade
and other
receivables 658,223 (639,866) (906,666)
(Decrease)/increase in trade
and other
payables (211,233) 124,494 81,909
Share Option expense 5,810 30,144 60,288
Amortisation of patents 117,425 144,636 288,455
Net foreign exchange differences - 6,511 (478)
------------ ------------ ------------
Net cash outflow from operations (512,625) (832,952) (1,759,447)
Interest received 121 63 121
Tax received 98,331 194,663 194,664
------------ ------------ ------------
Net cash outflow from operating
activities (414,173) (638,226) (1,564,662)
Cash flows from investing
activities
Purchase of intangible assets (57,726) (134,376) (193,506)
Net cashflow re disposal (35,202) - -
of subsidiary
------------ ------------ ------------
Net cash (outflow)/inflow
from investing activities (92,928) (134,376) (193,506)
------------ ------------ ------------
Cash flows from financing
activities
Share issues 9,000 - -
Disposal of Investments - 900,936 2,900,936
------------ ------------ ------------
Net cash inflow from financing
activities 9,000 900,936 2,900,936
------------ ------------ ------------
Increase/(decrease) in
cash and equivalents (498,101) 128,334 1,142,768
Cash and cash equivalents
at beginning of period 2,007,448 864,680 864,680
------------ ------------ ------------
Cash and cash equivalents
at end of period 1,509,347 993,014 2,007,448
Notes to the Half Yearly Report
For the six months to 30 June 2022
1. General Information
Optibiotix Health Plc is a com pany incorp orated and d omiciled
in England and Wales. The com pan y 's offices are in York. The com
pany is listed on the AIM market of the Lo nd on Stock Exchange
(ticker: OPTI).
The financial information set out in this Half Yearly report
does not constitute statutory accounts as defined in Section 434 of
the Companies Act 2006. The group's statutory financial statements
for the period ended 31 December 2021, prepared under International
Financial Reporting Standards ("IFRS"), have been filed with the
Registrar of Companies. The auditor's report on those financial
statements was unqualified and did not contain statements under
Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Half Yearly
report can be found on the Company's website at
http://www.optibiotix.com/ .
2. Basis of preparation and significant accounting policies
This Half Yearly report has been prepared using the historical
cost convention, on a going concern basis and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the United Kingdom.
The interim financial statements have been prepared in
accordance with the accounting policies set out in the Annual
Report and Accounts for the year ended 31 December 2021.
3. Segmental Reporting
In the opinion of the directors, the Group has one class of
business, in three geographical areas being that of identifying and
developing microbial strains, compounds and formulations for use in
the nutraceutical industry. The Group sells into three highly
interconnected markets, all costs assets and liabilities are
derived from the UK location.
Following the listing of Probiotix Health plc on the AQSE Growth
Market on 31 March 2022 the figures below include turnover from 1
January 2022 to 30 March 2022 are included for ProBiotix Ltd.
Revenue analysed by market
Period ended Period ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
Probiotics 19,508 536,225 1,100,132
Functional Fibres 99,390 539,819 112,800
------------ ------------ ------------
118,898 1,076,044 2,212,932
Revenue analysed by geographical market
Period ended Period ended Year ended
30 June 30 June 31 December
2022 2021 2021
GBP GBP GBP
UK 47,796 309,493 647,649
US 15,366 408,366 827,135
International 55,736 358,185 734,148
------------ ------------ ------------
118,898 1,076,044 2,212,932
During the reporting period one customer represented GBP49,668
(41.8%) of Group revenues. (June 2021: one customer generated
GBP408,366 representing 37.9% of Group revenues)
4. Earnings per Share
Basic earnings per share is calculated by dividing the earnings
attributable shareholders by the weighted average number of
ordinary shares outstanding during the period.
Reconciliations are set out below:
6 Months
to 6 Months Year to
30 June to 31 December
2022 30 June 2021 2021
Unaudited Unaudited Audited
Basic
Earnings attributable
to ordinary shareholders 3,657,746 14,269,032 6,261,029
Weighted average number
of shares 88,047,596 87,940,601 87,574,152
Earnings (Loss) per-share
- pence 4.15p 16.23p 7.15p
Diluted
Earnings attributable
to ordinary shareholders 3,657,746 14,269,032 6,261,029
Weighted average number
of shares 95,230,503 95,902,844 87,574,152
Earnings/(Loss) per-share
- pence 3.84p 14.88p 6.55p
As at 30 June 2022 there were 7,182,907 outstanding share
options.
5. Investments
Available for sale investments
Carrying value GBP
At 31 December 2020 8,962,564
Revaluations 7,500,681
Disposal of shares during the period (2,812,318)
------------
Carrying amount
At 31 December 2021 13,650,927
Revaluations (6,980,467)
------------
Carrying amount
At 30 June 2022 6,760,460
Investment in associates
Carrying value GBP
At 31 December 2021 -
Additions 11,242.000
Share of profit 91,386
------------
Carrying amount
At 30 June 2022 11,333,386
Total value of investments at 30
June 2022 18,093,846
6. Share Capital
Issued share capital comprises:
6 months 6 months Year to
to 30 June to 30 June 31
2022 2021 December
Unaudited Unaudited 2021
Audited
GBP GBP GBP
Ordinary shares of 2p
each
87,940,601 - 1,758,812 1,758,812
Ordinary shares of 2p 1,761,314 - -
each
88,065,601
-------------- -------------- --------------
1,761,314 1,758,812 1,758,812
7. Post balance sheet events
No post balance sheet events.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
IR SEUFAWEESESU
(END) Dow Jones Newswires
September 28, 2022 02:02 ET (06:02 GMT)
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