Blis Technologies confident it can deliver another annual profit

Friday 26th July 2019

Blis Technologies remains confident it will deliver another profit in the current financial year as revenue remained strong in the first quarter.

The Dunedin-based company reported a maiden profit of $381,000 in the 12 months ended March 31, turning around a loss of $1 million a year earlier and its earnings before interest, tax, depreciation and amortisation were $896,000 versus an ebitda loss of $422,000 in the prior year.

Chair Tony Offen told shareholders at the company's annual meeting that first-quarter revenue was $2.8 million, up 63 percent on the same period a year earlier, and for an ebitda surplus of $519,000.

“This provides us with further confidence to continue our re-investment into growth and that we will deliver another profitable growth year for 2020, with ebitda expected to be in line with last year," he said.

The shares last traded up 13.5 percent, or 0.5 of a cent, at 4.2 cents and have more than doubled this year.

Chief executive Brian Watson noted that key progress was made with the launch of Blis' expanded product range into the Australian pharmacy network from April 1 this year through its exclusive distribution agreement with iNova Pharmaceuticals.

Looking ahead, he said growth opportunities in the current financial year include Canada, where it will target a distribution partnership to launch within the pharmacy channel, China cross-border e-commerce and Daigou markets, market expansion with iNova Pharmaceuticals and expansion of online sales.

He also underscored that skin is an important target for the company's R&D pipeline and Blis innovation is focused on developing and commercialising BLIS Q24, a unique patented strain of a species that naturally lives on the skin.

Blis was formed to commercialise probiotic bacteria for use in consumer products for oral health, colds and flu. In 2000, it bought Otago University's rights to Salivaricin B, a substance which acts as a natural antibiotic to control strep throat.

(BusinessDesk)

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