Blis Tech boss Richardson resigns after nine years in charge

Blis Tech boss Richardson resigns after nine years in charge

Aug. 3 (BusinessDesk) - Blis Technologies chief executive Barry Richardson will leave the probiotic manufacturer at the end of the current financial year after nine years in charge of the company.

Richardson today announced his resignation to pursue other interests, and will stay with Blis to help pave a smooth transition for his replacement, the company said in a statement.

"With a doubling of revenue and some recent success in pushing through regulatory approvals for Blis products in international markets, now is a good time to hand the reins over to a new leader to take the company on to the next level of development," Richardson said. "At the recent AGM we forecasted a further large increase in revenues based on orders now in the pipeline. I think the company is in a place where it has a bright future and I am proud to have played a part in that."

Last week, Richardson told shareholders sales are expected to top $4.5 million in the year ending March 31, 2016, and will likely report "a small operating deficit before interest, tax, depreciation & amortisation" for the year.

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.

Blis shares fell 8 percent, or two tenths of a cent, to 2.3 cents today, and have climbed 32 percent this year.

(BusinessDesk)

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