Edison Investment Research

Byotrol

Company overview

Byotrol has developed and controls patents for a unique technology to facilitate the safe eradication of harmful microbes. These include several high profile infections, such as MRSA, C-difficile and swine flu.

Date	Reports available	Download
Dec 21 2009	More catalysts Following on from securing the 2009 award for the ‘Best New Product’ from the Society of Food Hygiene and Technology earlier this month, Byotrol has now announced US acceptance of patents on its technology (protected until 2022). More importantly, it has announced the entry of the group (in conjunction with its joint venture Byotrol Consumer Products) into a six month option agreement with a ‘Fortune 150’ international corporation. Research type: Flash note	Log in to download 1 page note available
Nov 17 2009	Revenues building fast Recent trading updates have been reinforced by impressive interim figures. Byotrol is naturally reticent about the sustainability of progress into the second half, because of false dawns in the past, but the momentum is clearly beginning to lift. The building blocks are now in place; we continue to look for further revenue acceleration over the medium to longer term; the impact of the catalyst to which we refer in our recent research has still to be seen. Research type: Update	Log in to download 5 page note available
Sep 21 2009	Turning into orders Last week’s trading update confirms that enquiry levels continue to increase and that several are now turning to orders. As previously indicated, it is not easy to predict the rate at which this business will emerge, but the momentum is clearly starting to build. Action currently tends to be centred on the hand sanitisers and medical front, although other avenues are also being positively pursued. Research type: Update	Log in to download 2 page note available
Jul 03 2009	The catalyst arrives Byotrol featured on the front page of last Saturday’s The Daily Telegraph newspaper, which highlighted the successful results from an 11-month trial of Byotrol’s products at Manchester Royal Infirmary. As we stated in our Update note of January, a catalyst such as successful trial results could cause Byotrol’s share price to rally. The shares closed on Monday up 103% at 28.5p. They have sold off slightly today to 24.5p which still represents an upside of 74% from Friday’s close. With further trial results to come, potential NHS orders and the prospect of over a dozen more hospitals in the US experimenting with Byotrol’s products, we believe any short-term weakness in the share price from profit taking will yield to longer-term value creation as orders are realised. Research type: Flash note	Log in to download 2 page note available
Jun 17 2009	Awaiting orders Unchanged revenue figures reflect a balance between delayed customer product introductions and ongoing business development. With finance secured until a long way into 2010 and a number of potentially exciting test results due over the coming 12 months, £9m seems a small market capitalisation in relation to the potential Research type: Update	Log in to download 4 page note available
Jan 27 2009	In line with predictions Byotrol’s interim results were in line with the prediction at the time of the fund-raising announced last October. Although the shares have edged lower in the subsequent few weeks, the positive arguments remain. Byotrol has a unique patented technology with the potential to solve numerous antimicrobial problems across many sectors of the global economy. The extent to which the group will be employed to tackle these problems is impossible to assess, but willingness of the City to finance the next stage of development indicates real medium-term potential. Research type: Update	Log in to download 4 page note available
Oct 30 2008	Raising £4m A private placing, to raise £4m (gross) ought to be sufficient to take Byotrol through to the commercial development of its technology. While revenues are again short of earlier expectations, the potential is getting closer, with several key agreements targeted to be announced before long. While the dilution of the equity is unfortunate, the fact that key directors are participating reinforces our medium-term optimism. Research type: Update	Log in to download 4 page note available
Jun 24 2008	Getting there While progress has been slower than originally hoped in terms of revenue generation, our optimism about the medium to longer term remains undiminished. Successful trials have contributed to greater publicity being gained in a number of business segments and discussions are ongoing with several major groups, any one of which could transform profitability. The weak share price is a natural result of growing City caution about technology companies; the risk/reward ratio remains high, but we remain positive about the medium term outlook. Research type: Outlook	Log in to download 12 page note available
Apr 29 2008	Interest from big names The basic message as Byotrol enters its closed season is that the momentum of approvals and potential business shows little sign of slackening. However, the timetable for revenue generation remains uncertain. Byotrol should get close to our 2008 revenue target, but the real opportunity is inherent in the various negotiations with multinational product manufacturers, which can transform profitability. Research type: Update	Log in to download 2 page note available
Dec 07 2007	Revenues short of targets While half-year revenues are up by 84%, this is well short of our targets. The momentum has clearly started to build, but the City is trying to balance the short term disappointment with the medium to longer term optimism being expressed by management. All the trials so far conducted tend to reinforce the management view. We believe that a market capitalisation of £15m undervalues this potential. Research type: Interim Review - Interim results	Log in to download 8 page note available
Jul 30 2007	Consumer moves The decision to establish a joint venture with What If Holdings to accelerate the development and marketing of Byotrol-based consumer products fits neatly with the previously stated group strategy. This is a potentially highly rewarding medium-term project, which opens doors to a number of potential global clients and could well be the catalyst to reverse the recent dull performance of the share price. Research type: Update	Log in to download 4 page note available
Jun 20 2007	Still building Byotrol continues to move firmly in the right direction, with increasing numbers of potential applications being explored and evaluated. However, as indicated in our previous research, assessing the timetable for potential customers to turn interest into firm orders remains an inexact science. The share price has drifted back in recent months to reflect this uncertainty, but a market capitalisation of under £25m falls some way short of valuing the potential. Research type: Interim Review - Full year results	Log in to download 8 page note available
Apr 23 2007	The excitement builds While Byotrol’s trading statement indicates that trading for the year to March 2007 was in line with market expectations, comments on business development are again encouraging. Recent share price movements reflect uncertainty about the size and timing of the take-off in revenue growth. We believe that this uncertainty will ease as more announcements on progress emerge over the course of 2007. Research type: Quarterly update	Log in to download 2 page note available
Jan 15 2007	Momentum building fast The pace of business development has been stepped up, both in the UK and abroad. A fund raising operation has secured the funds to finance the next stage of growth, while the new licensing and distribution agreement with Synergy Healthcare has raised the group profile in a number of areas. The obvious risks associated with bringing new technology to the market remain, but are outweighed by the potential. Research type: Update	Log in to download 6 page note available
Oct 06 2006	The clean machine Byotrol offers a unique anti-microbial technology suitable for reformulating cleansing, disinfecting, and sanitising products and processes. Recently granted US and EU approvals as well as positive indications from several leading customers in the food and healthcare markets suggest that the opportunities comfortably outweigh the obvious risks associated with bringing new technology into the market place. Research type: Outlook	Log in to download 12 page note available

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Peter Knowles
Director, Fyshe Horton Finney