Doubled Revenue for BLIS Technologies
Doubled Revenue for BLIS Technologies Indicates Strategies Are Beginning to Show Effect
Following the release of a year-end result that shows a doubling of revenue to $2.631 million, and a loss slightly less than the previous year at $1.373 million, BLIS Technologies chief executive Barry Richardson said sales growth is set to continue.
Richardson said it was a loss making year but optimism is warranted, especially given the revenue earned in the second half of the year was 34% higher than the first half due to a number of projects culminating and beginning to contribute to revenue during the year.
He said BLIS products had performed well in clinical trials in Europe and new BLIS products had been launched in Poland and Italy. New international distribution agreements had been negotiated, and access issues had been overcome in the United States for ingredients.
“We have some very useful and professional partners in the markets now. We are especially interested in what is happening with BLIS products in Eastern Europe.”
The company also commissioned a new lozenge production plant and blister packing capability in Dunedin that is now contributing to revenue. A second blister pack machine is to be installed in the coming weeks.
Richardson said that the lozenge production plant along with a nutritional formulation plant are tangible outcomes of a strategy to move more into higher value finished products alongside the ingredients already being supplied through BLIS distributors.
“What it means is that we have total control over the quality of our products so we can ensure their effectiveness.”
He said another positive development has been the addition of two new directors to the board who bring experience in offshore and consumer marketing. Graeme Boyd, a former CEO of Comvita, and Veronica Aris who had been involved in marketing and sales roles in healthcare, natural health supplements, pharmaceuticals and consumer products joined as directors during the year.
BLIS also added to its management team a new business development position specifically focused on growing existing and new Australasian and Asian markets.
“Over time as we nail down market access and regulatory requirements in each market a greater proportion of spend will be directed to market development.”
All indications are that sales growth in ingredients will continue in the United States. Finished product sales are expected to continue growing in Europe, Asia and Australasia.
“When we look at the pipeline we expect trading revenue in the coming financial year to increase by a similar dollar amount to that achieved in the current year.”