PBX Probiotix Health Plc

15 July 2024

ProBiotix Health plc

("ProBiotix" or the "Company")

Six month trading update

ProBiotix Health plc (AQUIS: PBX), a life sciences business developing probiotics to support cardiometabolic health, announces a trading update for the six months ending 30 June 2024.

The key highlights for the period, extracted from the Company's unaudited management accounts, are:

·    Turnover: £1.005m (2023: £0.522m)

·    Gross profit %: >50%; (2023: 48%)

·    EBITDA loss  £0.275m (2023: £0.512m)

Following a positive first six months of the year, the execution of the Company's strategy is on track, and the unaudited turnover for the period to 30 June 2024 stands at £1.005m. This figure is 82% above that achieved for the same period last year, continuing the positive trend from 2023. The gross profit % will be similar to that for the full year to 31 December 2023.

The net unaudited loss of £275,000 for the six months to 30 June 2024, is a decrease of 46% on the same period last year.

The Company is pleased to report that their commercial partner in the USA obtained positive clinical results for IBS and antibiotic recovery with their probiotic product containing LP_LDL as one of the key strains. These findings hold significant potential for future expansion into new application areas and uses of LP_LDL.

The Company is also pleased to announce that it is in the last phase of closing a long-term strategic partnership agreement with a North American based contract manufacturer of bulk strains and finished formats. The agreement plays a pivotal part in the Company's strategy defined in 2023 and will serve as a leverage to improve product costs as well as providing short-term commercial access to Canada. A further announcement will be made in due course.

Also during the period, the Company participated in two key scientific and commercial events, Probiota and Vita-foods. These events confirmed the strength of our cardio-metabolic value proposition through several new commercial leads and projects being initiated.

Overall, the Directors are pleased with the first six months results which are in alignment with the strategic objectives set out. They have confidence that the positive growth will continue throughout the second half of the year which traditionally has performed better than the first six months.     

The Company expects to announce its interim results for the 6 months ended 30 June 2024 during the second half of August 2024.

Adam Reynolds, Non-Executive Chairman of ProBiotix Health plc commented: "We have had a very strong first six months of the year, and momentum is continuing to grow as we move into H2. If we continue on this upward trajectory as planned, we hope that we will start to see the fruits of our labour reflected in our valuation. We remain thankful to our shareholders for their support and look forward to providing further, more regular updates."

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