Blis Technologies forecasts 75% gain in annual sales

Blis Technologies forecasts 75% gain in annual sales

July 31 (BusinessDesk) - Blis Technologies, the NZX-listed biotech company, said sales will rise as much as 75 percent, helped by demand in Europe, North America and in New Zealand.

Sales in the year ending March 31, 2016, are expected to "comfortably exceed $4.5 million," chief executive Barry Richardson told shareholders at their annual meeting. Blis would likely report "a small operating deficit before interest, tax, depreciation & amortisation" for the year.

First quarter sales doubled to $945,000, he said. "One-off costs in structuring operations to cope with the increased sales of part and finished products being incurred in the current half-year" meant the full benefits of the increased revenue would only be reflected in the full year accounts.

The company has a range of probiotic products targeted at oral health, colds and flu. Richardson said the company's priorities are managing growth and continuing its strategy of securing regulatory approvals market by market.

The company reported a doubling of revenues in the year to March 2015 to $2.631 million and an improved $1.37 million loss.

Blis shares last traded at 1.9 cents, valuing the company that first listed in 2001 at about $21 million. The stock has dropped 84 percent in the past five years.

(BusinessDesk)

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