RNS Announcements

ProBiotix Health plc (AQSE: PBX), a life sciences business developing probiotics to tackle cardiovascular disease and other lifestyle conditions, announces its audited results for the period ended 31 December 2022, the Company’s inaugural results as a separately listed public company following its flotation on the AQSE Growth Market on 31 March 2022. 

Highlights

• The Company continues to achieve rapid growth with revenue of £1.3m, a 19% increase on FY 2021 (£1.1m*)
• Cash balance of £1.74m as on 31 December 2022
• Financially robust with no debt and a strong balance sheet
• Successful flotation on the AQSE Growth Market on 31 March 2022, raising £2.5m for future development of the Group
• Third human volunteer study confirming safety and efficacy of LP_LDL®
• Research and clinical study agreements with two UK and one Italian university to examine the role of LP_LDL® to improve sleep, and reduce stress and anxiety
• The appointment of Steen Andersen as Chief Executive Officer of ProBiotix
• Appointment of Nutraconnect Pte Ltd, based in Singapore, as a new commercialisation partner to develop strategies to expand sales opportunities for both LP_LDL® and CholBiome®
• New customers gained in China, Israel, Hong Kong and Belgium

Post period

•  Strong order pipeline in 2023 with confirmed orders to first week of June 2023 of £1.1m
• Launch of Cholbiome_CH a dual action bilayer tablet containing phytosterols and LP_LDL^® to increase opportunities in the US market
• An enhanced strategy focusing on turnkey solutions and new line extensions

Steen Andersen, CEO of ProBiotix, commented: “Since I became CEO in January 2023, I have developed a strategy which focuses the business on becoming a solutions provider of finished probiotic products in consumer formats, both under our own brands and partner private labels, with the objective of building ProBiotix into a £10m turnover company in the years ahead.  Although the markets are challenging, we have a strong balance sheet with no debt, good sales growth and a healthy cash reserve.

“Given the scale of the market opportunity, the proven efficacy of our existing products, the substantial scope for expansion of our product range and geography and the financial strength of the Company, we look to the future with enthusiasm and high confidence in building a valuable company for shareholders”.

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