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- Release Date: 13/03/14 15:36
- Summary: GENERAL: BLT: BLIS Technologies Limited Update and Guidance
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BLT
13/03/2014 13:36
GENERAL
REL: 1336 HRS BLIS Technologies Limited
GENERAL: BLT: BLIS Technologies Limited Update and Guidance
Pursuant to its governance review BLIS Technologies Limited ("BLIS") has
appointed Tony Offen to the newly established role of Deputy Chairman. Mr
Offen who was first appointed to the Board in 2009 will also Chair the Audit
Committee. The Board intends to appoint an additional Director to strengthen
the organisations marketing expertise in due course.
Since reporting interim results in November the Company has substantially
achieved its near term development objectives albeit with some delays.
New laboratory facilities are substantially complete with staff expected to
transfer to the new premises in April.
The nutritional plant has been commissioned and the Food Safety Plan was
approved in February but Registered Manufacturing Plant status remains
pending, the latter being required to allow export of product to target
markets in Asia. Accordingly no meaningful nutritional sales are now
anticipated for the 2014 financial year.
Ingredient sales into the United States have resumed but some shipments have
been delayed due to stringent border control protocols.
The delays resulting from regulatory certification and approval processes
mean that trading revenues for the 2014 financial year are now expected to be
about $1.25 million. This will be about a 12% increase on the $1.121 million
recorded in the 2013 year despite the discontinued operations of BLIS
Functional Foods ("BFF") which contributed $408k to 2013 turnover.
An operating loss of about $1.6 million is now anticipated for the 2014
financial year. A loss of this magnitude will be about 15% lower than the
$1.856 million recorded in 2013. The decision not to capitalise any further
development costs on products that are now in commercial production will
result in about $0.1 million of costs capitalised rather than the $0.467
million capitalised during 2013. Accordingly the pre-capitalisation
operating loss for 2014 will be about 30% lower than that recorded in 2013.
Aggregate revenues are expected to more than double in the 2015 financial
year driven by the commencement of nutritional sales and strong growth in all
remaining product categories.
An operating deficit is anticipated in the first half of the 2015 financial
year with the Company expected to move into operating profit during the
second half of the year.
Peter Francis Fennessy
Chairman
End CA:00248160 For:BLT Type:GENERAL Time:2014-03-13 13:36:12
