TIDMPBX
RNS Number : 8989A
Probiotix Health PLC
28 September 2022
28 September 2022
ProBiotix Health plc
("ProBiotix" or the "Company" or the "Group")
Unaudited Results to 30 June 2022
ProBiotix Health p lc (AQSE: PBX), a life sciences busi ness d
eveloping probiotics to tackle cardiovascular disease and other
lifestyle conditions, a nnounces its unaudited results for the
three month period from 31 March 2022, when the Company listed,
through to 30 June 2022 .
Highlights
-- Successful flotation on the AQSE Growth Market on 31 March
2022, raising GBP2.5m for future development of the Group
-- Significant benefits of public listing in enhanced corporate
profile, improved access to capital and greater ability to recruit,
retain and motivate key staff
-- Industry leader Steen Andersen appointed CEO
-- Confirmed orders to end of August of GBP1.12m, higher than sales for FY 2021 (GBP1.1m)
-- Invoiced sales in three month period to end of June of
GBP306,042 with a gross profit of GBP157, 577
-- Strong balance sheet with net cash balance of GBP2,034,509 as
at 30 June 2022 ( 2021: GBP196,982).
-- New customers gained in China, Israel, Hong Kong and Belgium
-- Third human volunteer study confirms efficacy of LP(LDL) (R)
-- Important entry into dairy market with functional yoghurt
containing LP(LDL) (R), with key health claim "helps to reduce
cholesterol"
-- Expanding CholBiome(R) portfolio with phytosterol-containing
product with US health claims to support expansion into US
market
Stephen O'Hara, acting CEO of ProBiotix, commented: "The
separate public listing of the Company enables us both to raise
awareness of the scale of the opportunity in probiotics and to
accelerate the realisation of our strategic objectives through
improved access to capital and by helping us to attract, retain and
motivate key personnel. The recruitment as CEO of such a leading
industry figure as Steen Andersen would not have been possible had
Probiotix remained part of a larger group.
"Reported first half sales understate the success of the Company
in winning new customers, expanding into new territories and
developing its product portfolio with confirmed orders as of the
end of August 2022 of more than GBP1.12m, already higher than sales
in the full year 2021 (GBP1.1m).
"We will continue to grow the business through a clear strategic
focus on commercialising products across more territories with
larger partners supported by a developing product pipeline - both
by exploring new probiotic strains and by extending the
applications and use of LP(LDL) (R). We will expand our range of
finished products with the addition of a phytosterol product to the
CholBiome(R) portfolio, and continue to develop the substantial
opportunities in dairy with major partners.
"Given the scale of the market opportunity, the proven efficacy
of our existing products, the substantial scope for expansion of
our range and geography, the significant benefits of public listing
and the financial strength of the Company, we look to the future
with confidence and enthusiasm."
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:
ProBiotix Health plc https://probiotixhealth-ir.com/
Stephen O'Hara, Chief Executive Contact via Walbrook
below
Peterhouse Capital Ltd (AQSE Corporate Adviser Tel: 020 7220 0500
and Broker)
Mark Anwyl Tel: 020 7469 0930
Duncan Vasey
Walbrook PR Ltd probiotix@walbrookpr.com
Anna Dunphy Mob: 07876 741 001
Chairman's and Chief Executive's Statement
We are pleased to report the Company's inaugural results as a
separately listed public company, covering the period ended 30 June
2022. For the first three months of this period ProBiotix was a
wholly-owned subsidiary of AIM-listed OptiBiotix Health plc
("OptiBiotix"). On 31 March 2022 ProBiotix floated on the AQSE
Growth Market, raising GBP2.5m through a placing and subscription
of shares to accelerate the future development of the Group.
OptiBiotix shareholders received a dividend of approximately
GBP10.24m in specie through the distribution of ProBiotix shares to
them on the flotation, while OptiBiotix retains a 44% shareholding
in the Company following its flotation.
As the listing took place on 31 March 2022 the accounts show the
results for ProBiotix health from when it became a plc, the three
month period from 31 March 2022 through to 30 June 2022. This makes
year on year comparisons challenging as you are not comparing
similar time periods.
Strategic overview
ProBiotix is a life sciences business d e veloping probiotics to
tackle cardiovascular disease and other lifestyle conditions.
The market opportunity
The global probiotics market is forecast to reach $94.48 billion
by 2027, at a CAGR of 7.9%, dominated by the use of probiotics in
food and beverages, particularly dairy, and using clinically proven
probiotics as a natural replacement for pharmaceutical solutions
(Fortune Business insights, 2022).
The Group's strategy is to develop next-generation microbiome
solutions for a wide range of health conditions and to deliver
commercially successful products supported by a strong scientific
and clinical evidence base. We aim to partner with health and
wellbeing and/or pharmaceutical companies which are active in the
probiotics sector.
Since its creation, ProBiotix has made considerable progress and
has successfully transitioned from a research and development
specialist into a commercial organisation whose products are being
commercialised in over 60 countries.
Recent clinical studies with human volunteers have shown that
ProBiotix's principal product, Lactobacillus plantarum ECGC13110402
( LP(LDL) (R) ) can reduce key cardiovascular risk markers, such as
total cholesterol, LDL (bad) cholesterol, and Apolipo protein B
(biomarker of atheroschlerosis), by up to 34.2 per cent, 28.4 per
cent and 28.6 per cent respectively. Six publications on LP(LDL)
(R)'s mechanisms of action and three peer reviewed publications
have shown L P(LDL) (R) to be safe and well-tolerated, as well as
showcasing statistically significant reductions in multiple
cardiovascular disease risk biomarkers within six weeks.
The fact that 50% of all deaths globally can be related to
cardiovascular disease, and 80% are believed to be preventable
underlines the scale of the opportunity for L P(LDL) (R).
The CholBiome (R) portfolio
ProBiotix commercialises L P(LDL) (R) as an ingredient and in a
unique range of patented and proprietary food supplements
containing L P(LDL) (R) under the CholBiome(R) brand. The
CholBiome(R) portfolio currently comprises four products, which can
either be sold under the CholBiome(R) brand or customers' private
labels:
-- CholBiome (R)
Contains L P(LDL) (R) as the only active ingredient, to focus on
healthy cholesterol maintenance and deliver tangible health
benefits.
-- CholBiome (R)(X3)
A cholesterol-reducing formula that combines three targeted
ingredients into a triple-layer tablet. It consists of L P(LDL) (R)
, Monacolin K from red yeast rice, and Vitamin B3 (niacin) to
deliver a tri-factor approach that utilises synergistic mechanisms
of action to reduce cholesterol and aid overall cardiovascular
health.
-- CholBiome (R)(BP)
A blood pressure reducing formula that combines four
science-backed natural ingredients - L P(LDL) (R), Thiamine
(Vitamin B1), L-arginine and CoEnzyme Q10 - to provide a
multi-targeted mechanism approach for aiding hypertension and
improving cardiovascular health.
-- CholBiome(R)(VH)
A vascular health formula that combines three specialised
ingredients in a triple layer tablet. Consisting of L P(LDL) (R),
Thiamine and Vitamin K2 Vital (from Kappa Bioscience) to provide a
multi-targeted mechanism to work against the build-up of lipid and
calcium deposits in the blood vessels.
This gives us a product portfolio which allows us to create
different formulations to allow us to enter the widest possible
range of international markets. This is important because
regulatory conditions vary widely around the world. For example,
Monacolin K is used extensively across Asia but is prohibited in
food supplements in North America and subject to restrictions on
dosage in Europe. Our CholBiome(R) product range has been developed
to meet existing and anticipated regulatory requirements in all key
potential markets, and we anticipate adding a
phytosterol-containing product, CholBiome(R) CH with health claims
in the second half to support our expansion into the US market.
Benefits of public listing
We believe that the separate listing of the Company will enhance
recognition of the value of the probiotics opportunity by allowing
investors to perceive and evaluate Probiotix as a standalone
business in way that was not previously realised within its former
parent company. The listing also improves our access to funding,
enabling the Company to meet its working capital needs more
effectively than it could either as an unquoted company or as a
division competing for resources within a broader quoted group.
The enhanced status of the Company through the public trading of
its shares offers significant benefits in raising its corporate
profile and improving its ability to recruit and retain key staff.
The ability to attract personnel through the future grant of share
options will be of great value in securing, retaining and
motivating high calibre personnel. In particular, the appointment
of an industry-leading figure as CEO, announced in June, would not
have been possible in the absence of a public listing.
The Company believes that the scale of the opportunities
available to ProBiotix are greater than those previously being
exploited within OptiBiotix, where there was competition for
available resource across many parts of the business. A separate
listing, and the ability to fundraise independently, will enhance
the Company's ability to extend territories, grow
direct-to-consumer product sales, expand into the dairy market, and
further explore the potential of LP(LDL) (R) as a live
biotherapeutic or over-the-counter product with consumer health
pharma companies. These developments have the potential for
substantial future value enhancement.
Future strategy
The Group's strategic aim is to continue extending its product
range into new application areas, such as dairy and functional
foods; into new areas of health, including stress, anxiety, sleep
disorders, and allergies; and into new geographical territories,
principally focusing on the USA and Asia. Our objective is to
secure multiple deals with multiple partners - manufacturers,
formulators and distributors - allowing the Group to control the
complete value chain for the products it develops. Given a high
proportion of current sales are from a few partners we are working
hard to broaden our customer base by building new partnerships with
larger companies, particularly in the USA. This has been supported
by investment is a new business development director, Zac
Sniderman.
We believe that investor and consumer interest in probiotics and
the human microbiome is growing, presenting a significant market
opportunity. The Group intends to capitalise on this opportunity by
continuing to develop products with a strong scientific and
clinical evidence base which demonstrate clear product
differentiation and the potential for high commercial interest.
In this way, we intend to continue to develop the Group's
business in an area of science which we believe has the potential
to revolutionise the future of healthcare.
Commercial and scientific overview
Since the beginning of the current financial year we have
announced:
-- Publication of a third human volunteer study on the medical
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 many statins and
other treatments more typically associated with pharmaceuticals,
suggesting considerable 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 to the AQSE Growth Market on 31
March 2022, raising GBP2.5m for the further development of the
Company through a placing and subscription of new shares, while
giving OptiBiotix shareholders a dividend in specie, worth
approximately GBP10.24m, through the distribution of 0.554673 of a
ProBiotix share for every OptiBiotix share held.
-- The appointment of Steen Andersen as Chief Executive Officer
of ProBiotix Health, discussed in more detail below.
-- The launch by our partner Granja Pocha in Uruguay of a new
probiotic functional yoghurt brand, Yo-Life(R), containing
ProBiotix's patented cholesterol reducing Lactobacillus plantarum
strain (LP(LDL) (R)). Yo-Life(R) is a science-backed innovation
brand that has been developed to help reduce cardiovascular disease
risk, one of the leading causes of death in South America, by
lowering harmful cholesterol and blood pressure. Granja Pocha is
one of Uruguay's largest and most respected dairy producers,
specialising in the sale of products such as milk, cheeses and
yogurts under its Colonial brand. The launch followed two and a
half years of development work carried out by Granja Pocha and our
manufacturing partners CSL/Sacco to ensure the addition of LP(LDL)
(R) to yoghurt did not change its taste, texture, or shelf life. T
he launch of Yo-Life(R) represents a significant milestone for the
Company, as it extends the use of LP(LDL) (R) into functional dairy
foods with a health claim ("helps reduce cholesterol") which may be
replicated in other territories and other functional foods on a
global scale. This affords us entry to markets where volumes and
sales are significantly higher than the dietary supplement
industry.
-- Entry into an agreement with the University of Southampton as
part of a PhD studentship with Professor Jon Swann from the
University of Southampton and Professor Kieran Tuohy from the
University of Leeds as well as Fondazione Edmund Mach - Centro
Ricerca e Innovazione ("FEM"), based in Trento, Italy. The project
is designed to examine the role of LP(LDL) (R) a to improve sleep,
stress, and anxiety. Sleep aids and stress management products are
the fastest growing category within healthcare (Goldstein Market
Intelligence, 2020) and this is another step in extending the range
of applications for our scientifically and clinically proven
products into large growing markets where there is an unmet
clinical need. We also continue to explore with a partner the
potential of LP(LDL) (R) as a Live Biotherapeutic Product (LBP)
either alone or together with statins.
During the first half we have also gained a number of new
customers, with notable achievements including the placement of new
orders for LP(LDL) (R) as an ingredient from China and Israel, and
for our finished product Cholbiome(R) from Hong Kong and Belgium.
Our new Belgian partner offers promise as they are already
operating in the online dietary supplement channel in key markets
including the USA, China and Germany, as well as Belgium itself,
and supplying leading retail channels such as Amazon in the USA and
TMall in China.
Results
ProBiotix results for the three month period ended 30 June 2022
are set out below.
As the Company's listing took place on 31 March 2022, the
accounts show the results from 31 March 2022 through to 30 June
2022. Results for the period prior to that are included within the
Optibiotix Health PLC interim accounts.
The comparatives shown in the accounts are the results for
Probiotix Limited for the previous 6 month period.
Since the beginning of the financial year ProBiotix has received
confirmed orders for its products totalling GBP1.12m. These are
invoiced on dispatch so that the accounts only record sales of
products invoiced during the period of GBP306,042 (2021 6 months:
GBP537,262).
Gross profit for the period was GBP157,577 (2021 6 months:
GBP258,855). After total administrative costs of GBP412,499 (2021 6
months: GBP181,477), loss before tax was (GBP73,704)(2021 6 months:
profit GBP46,630).
Within the administrative costs for the period to 30 June 2022
there were one- off recruitment and expenses connected to the
listing process. If these were discounted there would have been a
small profit for these results.
As at 30 June 2022, the Group enjoyed a strong balance sheet
with cash balances totalling GBP2,034,509 (2021: GBP196,982).
Board and management
We were delighted to announce in June 2022 the appointment of
Steen Andersen as Chief Executive Officer ("CEO"), and look forward
to Steen joining the Company after completion of his notice period
with his current employer. This appointment is part of a
long-planned strategy to appoint an experienced industry business
leader to the Company to drive sales and profitability, allowing
the current acting CEO to focus on finding and developing new
technologies that will provide the pipeline of new products and
applications to ensure future growth.
Steen has more than 30 years' experience in building businesses
in the Probiotics industry, having been President of Deerland
Probiotics and Enzymes, President and CEO of Bifodan, President and
CEO of Fluxome, and Vice President of Human Health at Chr. Hansen.
Deerland is a market leading turnkey probiotic solution provider
acquired by ADM in November 2021 to help ADM meet the $775 billion
global demand in health and wellness. Prior to joining Deerland,
Steen was President and CEO of Bifodan, a market leading provider
of ready to market probiotic dietary supplements and over the
counter (OTC) pharma products. Bifodan was acquired by Deerland in
November 2019. Steen was integral in building these businesses,
increasing global reach, revenues, and profitability. Prior to this
he worked as CEO and President at Fluxome, a young biotechnology
company, and Vice President of Chr. Hansen's Health and Nutrition
unit where he built an organisation and position in the market
allowing the company to become a leading provider of probiotic
solutions within the dietary supplement space.
Steen brings experience of selling high value turnkey probiotic
solutions as supplements and OTC solutions in international
markets, building strategy and organisations, a wealth of industry
contacts, and is well respected within the probiotic industry. He
has a strong track record of rapidly growing sales and
profitability and has been involved in a number of acquisitions and
takeovers in support of accelerating business growth. His
experience in the Probiotics industry will help build ProBiotix's
business in its next phase of growth, as it moves from selling
ingredients to delivering high value turnkey solutions.
ProBiotix will also benefit from a number of senior appointments
immediately below the level of the main Board that were made by its
former holding company and continuing major shareholder OptiBiotix
in the early part of the current financial year. These will
contribute to the development of both ProBiotix and OptiBiotix
under a shared service agreement which will allocate their costs
between the companies according to usage.
Paul Cannings joined 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 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 ProBiotix and OptiBiotix
products in North America.
Shiraz Butt also joined in March as E-Commerce Director. His
role is to grow the online sales business by selling ProBiotix and
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 in its own right. 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.
Outlook
We aim to continue capitalising on the benefits of our public
listing, expanding our existing product portfolio into new
geographical territories, increasing our direct-to-consumer sales
of finished products, and developing new technologies that offer
enhanced potential for the future. We will continue to work with
AQUIS and explore opportunities on other markets, including AIM, to
increase liquidity in ProBiotix shares.
As noted above, confirmed orders received during the year to end
of August of GBP1.12m exceeded those invoiced and reported in the
full year results for 2021. During H2 we also expect to expand our
CholBiome(R) range by adding a phytosterol-containing product with
US health claims that will support our planned expansion into the
important US market. We would anticipate revenues from this coming
through in 2023.
The pace of our entry into new geographical areas reflects the
fact that ProBiotix is dependent on its partners' thorough and
successful registration in each territory of our LP(LDL) (R)
ingredient or CholBiome(R) finished products as dietary
supplements. That regulatory processes may take as little as one
month in Europe, but as long as 24 months in Asia and South
America.
Some important markets like Brazil have a very long registration
period: a minimum of 18 months for dietary supplements, plus
additional time if the regulatory authority does not find the
documentation satisfactory. We entered an exclusive agreement with
our partner Ayalla in Brazil in September 2020, and they have since
worked with an experienced regulatory consultant who had already
successfully registered other probiotic strains in the Brazilian
market, and who built a registration dossier on LP(LDL) (R). Ayalla
filed this dossier with Anvisa (the Brazilian Health Regulatory
Agency) in August 2021 and the regulatory process is still ongoing.
We anticipate regulatory approval of LP(LDL) (R) in Brazil during
2023.
Similarly, in June 2020, Probiotix entered an agreement with
Actial Pharmaceutica Srl., a leading probiotic company known
worldwide amongst medical doctors and gastroenterologists for its
probiotic brand VSL#3(R). After a positive introduction of
CholBiome(R) to Actial's local distributors in 2021, Actial entered
an agreement for CholBiome(R) and CholBiome(R)(X3) formulations
with a Malaysian distributor in June 2021 and has since then have
been developing a registration dossier for the Malaysian
authorities. Probiotix anticipates regulatory approval and launch
of the CholBiome(R) formulations under the VSL# brand in 2023.
Whilst regulatory approvals are costly and take a long time they
represent significant barrier to entry to many companies reducing
the competitive landscape and creating the potential for long term
recurrent revenues.
In October 2022 we will be presenting at the 6th Microbiome
Movement - Human Nutrition Summit in the USA on our next generation
clinically proven probiotics for cardiovascular health. This will
highlight LP(LDL) (R) clinical studies and help create interest in
the US market. The Company has commissioned a consultant to explore
pharma partnerships in the UK and Europe with the aim of
understanding the potential for LP(LDL) (R) as a live
biotherapeutic in these markets. Our US partner continues to
explore development of a biotherapeutic, despite the difficult
trading environment. The development of a live biotherapeutic is a
high risk, high-cost opportunity, which is not within the
capabilities of ProBiotix but is available for licensing to
suitable partners.
During the second half we will continue to focus on
commercialising products across more territories with larger
partners supported by a developing product pipeline - both by
exploring new probiotic strains and by extending the applications
and use of LP(LDL) (R). This will include expanding our range of
products with the addition of a phytosterol product to the
CholBiome(R) portfolio as part of our focus on growing
opportunities to provide final product solutions to partners,
rather than selling ingredients. Following our successful yoghurt
launch with Granja Pocha in Uruguay, we will also continue to
develop the substantial opportunities with major partners in the
dairy market, which affords us considerably greater potential for
volume sales than the market for dietary supplements.
The scale of the market opportunity in probiotics, the proven
efficacy of our existing products, the substantial scope for
expansion of our range and geography, the significant benefits of
public listing and the financial strength of the Company, all allow
us to look to the future with confidence and enthusiasm.
A Reynolds and S O'Hara
28 September 2022
Consolidated Statement of Comprehensive Income
For the period to 30 June 2022
Period to 6 months to Year to
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
Continuing operations GBP GBP GBP
Revenue 306,042 537,262 1,100,132
Cost of sales (148,465) (278,407) (545,181)
-------------- -------------- --------------
Gross Profit 157,577 258,855 554,951
Share based payments (38,988) - -
Depreciation and amortisation (23,900) (23,225) (120,881)
Other administrative
costs (349,611) (158,252) (328,273)
Administrative expenses (412,499) (181,477) (449,154)
-------------- -------------- --------------
Operating (loss)/profit (254,922) 77,378 105,797
Finance income / (costs) 181,218 (30,748) (62,954)
-------------- -------------- --------------
Profit/(Loss) before
Income tax (73,704) 46,630 42,843
Income tax - (6,316) (6,497)
-------------- -------------- --------------
Profit/(Loss) for the
period (73,704) 40,314 36,346
Other Comprehensive - - -
Income
-------------- -------------- --------------
Total comprehensive
income for the period (73,704) 40,314 36,346
Total comprehensive
income attributable
to the owners of the
group (73,704) 40,314 36,346
(73,704) 40,314 36,346
Earnings/(loss) per
share
Basic & Diluted - pence 4 (0.082)p 40.31p 36.4p
Basic & Diluted before (0.076)p 40.31p 36.4p
Profit on investment
revaluation - pence
Consolidated Statement of Financial Position
As at 30 June 2022
Notes As at As at As at
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
ASSETS GBP GBP GBP
Non-current assets
Intangibles 344,227 370,908 345,990
-------------- -------------- --------------
344,227 370,908 345,990
-------------- -------------- --------------
CURRENT ASSETS
Inventories 5,837 20,415 11,281
Trade and other receivables 508,634 631,853 742,380
Cash and cash equivalents 2,034,509 196,982 146,048
-------------- -------------- --------------
2,548,980 849,250 899,709
-------------- -------------- --------------
TOTAL ASSETS 2,893,207 1,220,158 1,245,699
EQUITY
Shareholders' Equity
Called up share capital 5 60,833 1,000 1,000
Convertible loan note
equity - 122,617 122,617
Group reorganisation reserve 1,000 - -
Share premium 3,129,863 - -
Share based payment reserve 38,988 - -
Retained Earnings (617,465) (539,793) (543,761)
-------------- -------------- --------------
Total Equity 2,613,219 (416,176) (420,144)
-------------- -------------- --------------
LIABILITIES
Current liabilities
Trade and other payables 201,256 506,338 503,460
-------------- -------------- --------------
201,256 506,338 503,460
-------------- -------------- --------------
Non - current liabilities
Deferred tax liability 78,732 78,551 78,732
Convertible loan notes 1,051,445 1,083,651
-------------- -------------- --------------
78,732 1,129,996 1,162,383
-------------- -------------- --------------
TOTAL LIABILITIES 279,988 1,636,334 1,665,843
-------------- -------------- --------------
TOTAL EQUITY AND LIABILITIES 2,893,207 1,220,158 1,245,699
Consolidated Statement of Changes in Equity
For six months to 30 June 2022
Called Convertible Share Group Share-based Retained Total
up loan notes premium Reorganisation Payment Earnings Equity
Share reserve reserve
Capital
GBP GBP GBP GBP GBP GBP GBP
------------ -------------- -------------- -------------- -------------- ------------ --------------
Balance at 31
December 2020 1,000 122,617 - - - (580,107) (456,490)
Profit for the
year - - - - - 36,346 36,346
------------ -------------- -------------- -------------- -------------- ------------ --------------
Balance at 31
December 2021 1,000 122,617 - - - (543,761) (420,144)
Group
reorganisation (1,000) (122,617) - 1,000 - - (122,617)
Loss for the
period - - - - - (73,704) (73,704)
Share based
payments - - - - 38,988 - 38,988
Share Issues 60,833 3,464,217 - - - 3,525,050
Share issue
costs - (334,354) - - - (334,354)
------------ -------------- -------------- -------------- -------------- ------------ --------------
Balance at 30
June 2022 60,833 - 3,129,863 1,000 38,988 (617,465) 2,613,219
------------ -------------- -------------- -------------- -------------- ------------ --------------
Consolidated Statement of Cash Flows
For the six months to 30 June 2022
Notes 6 months 6 months Year to
to to 31 December
30 June 30 June 2021
2022 2021 Audited
Unaudited Unaudited
Reconciliation of loss before
income tax to cash outflow from
operations
Operating (loss)/profit (73,704) 46,629 42,843
Decrease/ (Increase) in inventories 5,444 (20,415) (11,281)
(Increase)/decrease in trade
and other
receivables 233,745 (153,269) (263,794)
(Decrease)/increase in trade
and other
payables (302,204) 163,017 160,137
Share Option expense 38,988 -
Finance expenses - 30,748 62,954
Depreciation and amortisation 23,900 23,225 45,396
------------ ------------ ------------
Net cash outflow from operations (73,831) 89,935 36,254
Interest received (181,218)
- -
Tax received - - -
------------ ------------ ------------
Net cash (outflow)/inflow from
operating activities (255,049) 89,935 36,254
Cash flows from investing activities
Purchase of intangible assets (22,137) (31,561) (28,814)
------------ ------------ ------------
Net cash (outflow)/inflow from
investing activities (22,137) (31,561) (28,814)
------------ ------------ ------------
Cash flows from financing activities
Share issues 2,165,647 - -
Disposal of Investments -
------------ ------------ ------------
Net cash inflow from financing 2,165,647 -
activities
------------ ------------ ------------
Increase/(decrease) in cash
and equivalents 1,888,461 58,674 7,440
Cash and cash equivalents at
beginning of year 146,048 138,608 138,608
------------ ------------ ------------
Cash and cash equivalents at
end of year 2,034,509 196,982 146,048
Notes to the results
For the three months to 30 June 2022
1. General Information
Probiotix Health Plc is a com pany incorp orated and d omiciled
in England and Wales. The com pan y 's offices are in Wakefield.
The com pany is listed on the AQUIS market of the Lo nd on Stock
Exchange (ticker: PBX).
The financial information set out in this 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 310 December 2022 will be prepared under
International Financial Reporting Standards ("IFRS").
Copies of the annual statutory accounts and the Half Yearly
report can be found on the Company's website
https://probiotixhealth-ir.com/financials/latest-results
2. Basis of preparation and significant accounting policies
This 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 European Union.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the accounting policies and making any estimates. Changes
in assumptions may have a significant impact on the financial
statements in the period the assumptions changed. Board of
Directors believe that the underlying assumptions are appropriate
and that the financial statements are fairly presented. The Board
of Directors believes, there are no areas involving a higher degree
of judgement or complexity, or areas where assumptions and
estimates are significant to the financial statements, and
therefore, these financial statements have limited disclosures.
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 Company on the AQUIS market only the
turnover from Probiotix Health Limited for the period 31 March 2022
to 30 June 2022 are included the figures below.
Revenue analysed by geographical market
Period ended
30 June
2022
GBP
UK 21,750
US 190,356
International 93,936
------------
306,042
During the reporting period one customer represented GBP190,356
(62.2%) 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 6 Months
to to Year to
30 June 30 June 31 December
2022 2021 2021
Unaudited Unaudited Audited
Basic
Earnings attributable to ordinary
shareholders (73,704) 40,314 36,346
Weighted average number of shares 90,398,559 100,000 100,000
Earnings /(Loss) per-share (0.082)
- pence p 40.31 p 36.34p
Diluted
Earnings attributable to ordinary
shareholders (73,704) 40,314 36,346
Weighted average number of shares 96,898,559 100,000 100,000
Earnings/(Loss) per-share -
pence (0.076)p 40.31p 36.34p
As at 30 June 2022 there were 6,500,000 outstanding share
options.
5. Share Capital
Issued share capital comprises:
Period Period Year
to 30 June to 30 June to 31 December
2022 2021 2021
Unaudited Unaudited Audited
GBP GBP GBP
Ordinary shares of 1p
100,000 - 1,000 1,000
Ordinary shares of 0.05p 60,833 - -
each
121,666,666
-------------- -------------- --------------
60,833 1,000 1,000
6. Post balance sheet events
No post balance sheet events.
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END
NEXFLFLRARIDFIF
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September 28, 2022 02:02 ET (06:02 GMT)
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