Byotrol, a company which develops anti-microbial hygiene technologies, disappointed investors with the news that although revenue for the year ending March 31st 2013 will be above that of the previous year, it will be lower than previously anticipated.
This was because sales of the group's UltraProtect range has been slower-than-expected, mainly as a result of additional regulatory approvals required in European territories.
Meanwhile, the company also reported 15% overall growth in revenues year-on-year after 10 months, up from 11% at the interim stage.
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Sales within the UK food sector double, while first sales were achieved within the sub Saharan African Pet and Vet markets and the North African healthcare markets.
"Due to significant tight cost control and a newly agreed invoice discounting facility the company still anticipates that it will have sufficient cash to take the business to its target of breakeven and cash generation in H1 financial year 2013/14," the group said.
Deal signed with M&SThe company also announced Friday that Marks and Spencer has entered into an agreement to use Byotrol sanitisers as their in-store surface hygiene solution in UK.
The product will be rolled out over 500 M&S stores in a move which follows the adoption of the product within the retailer's newly launched Deli operations.
Gary Millar, Chief Executive at Byotrol, said: "Byotrol is very pleased to be adopted so widely by such a trusted household brand name. It is a further endorsement of the credentials of the Byotrol technology, and illustrative of the potential for the company."
Commenting on the trading update, he said: "We are on track towards achieving our overall financial objectives. Whilst the delays in the sales of the UltraProtec range are frustrating, Byotrol has continued to achieve considerable growth elsewhere by developing further large scale commercial relationships, as illustrated by our Marks and Spencer agreement.
"Consequently, we remain very positive about the prospects for the Byotrol technology, and look forward to updating the market on further commercial progress at the earliest opportunity."
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