RNS Announcements

ProBiotix Health plc (AQSE: PBX), the life sciences business developing probiotics to support cardiometabolic health, announces its unaudited results for the six months to 30 June 2024.

Highlights (including post period end)

• Turnover: +84% to £1.01m (2023: £0.55m)
• Gross Profit margin:  +8% to 56% (2023: 48%)
• Net loss reduced by 49% to £0.262m (2023: £0.512m)
• Substantial progress expanding the sales pipeline in North America and Europe
• Strategic partnership with a North American based contract manufacturer in late stage negotiations for bulk strains and finished formats
• Key appointments in Head of Marketing and regional Sales Manager Europe
• Operational separation from OptiBiotix Health due to conclude by the end of 2024
• Signed agreement with Chinese consumer brand, DanCare, for InstaMelt - launch due in Q4 2024
• Current trading shows continued good momentum.
  

Steen Andersen, CEO of ProBiotix, commented: "We are pleased with the performance of the Company for the first six months of the year, and the increasing market opportunity allows the Board to remain confident for our future growth strategy. With the anticipated addition of a local Sales Manager for North America, we will then have the core team in place which will help us drive forward our commercial efforts. Our focus remains on creating long term sustainable revenue growth through building the sales project pipeline and extending the product portfolio with existing customers, focusing on expanding the commercial platform in Europe and North America.

“With a typical sell-in cycle of 18-24 months in the dietary supplement industry, the Company began to see the first commercial return of the strategic investment materialising in a substantial expansion of the sales project pipeline, new customers being onboarded and a high success rate progressing line extensions with existing customers.  I am enthusiastic when it comes to the short as well as the long-term potential for creating value and a good return for the Company and its investors. I would like to thank our investors for their commitment and long standing support."

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.

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