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Company Announcements

Pre-close Trading Update

RNS Number : 5211N
TyraTech, Inc.
01 February 2016
 

Strictly Embargoed for 07.00: 1st February 2016

TyraTech, Inc.

("TyraTech" or the "Company")

Pre-Close Trading Update

TyraTech, Inc. (AIM: TYR and TYRU), a life sciences technology company focused on nature-derived insect and parasite control products announces its pre-close trading update ahead of its preliminary results for the year ended 31 December 2015.

2015 has been a step change year for the business with a large increase in year on year revenues and healthy gross margins.  This change has been driven by the continued commercialisation of the Vamousse® head lice treatment and shampoo formulations.

Vamousse® has received wide spread retail acceptance in the USA and UK as well as strong consumer endorsement of the efficacy of the product and growing sales.  Vamousse® is now the fastest growing national brand head lice product in the US.  The Vamousse brand is also well established and growing market share quickly in the UK and the Company plans to launch into other important European markets over the next couple of years.

Whilst total revenues for the year are expected to be marginally lower than expected, the net loss for the year is expected to be in line with expectations.  The Directors believe that the discrepancy in revenue expectations has arisen primarily as a result of the difficulties in budgeting the timing of revenues arising from the on boarding process of multiple new retailers.

In November 2015, TyraTech successfully completed a Placing raising £3.2m giving the Company sufficient cash resources to continue to invest in its business plan.  In order to further monetise its technology platform and continue its revenue growth, the business will continue to support its Vamousse® brand; as well as the recently announced move into the Animal Health market with its PureScience™ products.  These will be distributed by MWI Animal Health (NASDAQ:ABC) the leading animal health distribution company in the United States.

The preliminary results for the year ended 31 December 2015 will be announced on 7 April 2016.

*-ends*-

 

For further information please visit: www.tyratech.com or contact:

TyraTech Inc.

 

Bruno Jactel, Chief Executive Officer

Erica Boisvert, Chief Financial Officer

 

Tel: +1 919 415 4340

Tel: +1 919 415 4287

 

SPARK Advisory Partners Limited (Nominated Adviser)

Matt Davis / Mark Brady

 

 

 Tel: +44 20 3368 3551

 

Allenby Capital Limited (Joint Broker)

Chris Crawford

 

 

Tel: +44 20 3328 5656

 

Whitman Howard Limited (Joint Broker)

Ranald McGregor-Smith/ Niall Devins

 

 

Tel: +44 20 7087 4555

 

Belvedere Communications (PR)

John West / Kim van Beeck

 

 

Tel: +44 20 3567 0510

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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