Blis Technologies posts positive first-half earnings, putting it on track for first annual profit since listing

Monday 21st November 2016

Blis Technologies turned to a first-half profit, allowing it to affirm guidance for its first annual profit since listing 15 years ago, as solid sales growth offset the impact of a strong kiwi dollar against the greenback and the euro.

Profit was $428,000 in the six months ended Sept. 30, from a loss of $405,00 a year earlier, the Dunedin-based company said in a statement. Sales jumped 41 percent to $3.8 million, with the fastest growth coming from North America and Asia. It first flagged the results on Oct. 20.

Earlier this year, Blis said it expects 2017 revenue of $8 million, generating earnings before tax of more than $700,000. It paid no tax in the first half. The company's net loss in the year ended March 31 was $816,000, while revenue more than doubled to $5.6 million.

"The focus of management this financial year is on establishing a strong base for sustainable profitable growth while delivering on market guidance," the company said. "Good progress has been made in building capability and capacity that is in line with the demands of rapid growth, and the financial performance remains in line with our full-year guidance".

Blis was set up to commercialise probiotic bacteria for use in consumer products for oral health, colds and flu and is focused on managing growth and continuing its strategy of securing regulatory approvals market by market. It first listed in 2001. Its shares last traded at 4.6 cents and have climbed 39 percent this year. NZX market surveillance quizzed the company about its surging stock in July but Blis said it was in compliance with disclosure rules and wasn't sitting on potentially market moving information.

BusinessDesk.co.nz

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