Dunedin-based probiotics company Blis Technologies has described a more than $1 million annual loss as having evolved from a "year of two halves’’.
Despite a strong second-half rally of almost 20% revenue growth, it could not make up for poor, unexpected trading in the first half.
For its year to March, revenue declined from last year’s $6.54 million to $5.28 million, reporting a $420,000 loss in earnings before interest, tax depreciation and amortisation and a net loss of $1.04 million; against a $24,500 loss a year ago.
Total accumulated losses of the oral health and supplements company have been pushed out to $34.4 million since 2001.
Blis shares, of which there are more than 1.1 billion on issue, slumped 35% to 1.8c last October, after it downgraded expectations of posting a maiden profit.
Following yesterday’s announcement, Blis shares were unchanged at 1.7c, down 48% on a year ago.
Blis chairman Tony Offen said in the NZX update yesterday said despite second half trading revenue rising 19%, it was not sufficient to offset the disappointing start to the year.
"It has been a year of two halves with a disappointing first half, followed by a recovery in the second half," Mr Offen said.
He was confident the second-half recovery would be sustained, to help return to "solid revenue growth".
Woes from the first half trading included several customers choosing to run down stock levels, long lead times with new customer initiatives, delays in new regulatory approvals and limited resources to target accelerated growth opportunities, Blis’ annual report said.
Second-half highlights included the 19% gain in revenue, change in New Zealand distributor, expanded promotion to medical health professionals and gaining Australian regulatory approval for its cornerstone Blis K12 product.
