Turnover doubles in “pivotal year” for OptiBiotix Health
Revenues doubled in a âpivotal yearâ for York-based life science company OptiBiotix Health.
The listed company reported revenue of Â£ 1.52million for the year ended December 31, 2020, a 104% increase in revenue from Â£ 744,883 during the reporting period 13 months in 2019.
Gross profit rose 124 percent from Â£ 392,803 to Â£ 879,819 as increased sales volumes allowed the company to renegotiate the terms of contracts with its business partners and increase margins .
Operating losses were also reduced from Â£ 2.17million to Â£ 1.11million in 2020.
During the year OptiBiotix launched three SlimBiome products with Holland & Barrett. This was followed by the expansion of the product line in 2021 to eight H&B own-brand SlimExpert products.
A product line under the Optislim brand was also launched with Woolworths, ChemistWarehouse and on the OptiPharm Pty Ltd online store in Australia and New Zealand in October 2020.
Stephen O’Hara, Managing Director of OptiBiotix, said: âThis has been a pivotal year for OptiBiotix with a doubling of sales and significant cost reductions allowing our functional Probiotics and Fiber divisions to achieve profitability.
âThis is a substantial change from the divisional losses of Â£ 467,704 for ProBiotix and Â£ 451,572 for the functional fibers division reported in 2019. This has been particularly gratifying given the impact of the pandemic. of Covid-19 and the global recession in key markets, with weight management markets experiencing a growth decline of 9%.
âThe company is now in a position to have established the scientific, clinical and commercial viability of its first generation products (LPLDL and SlimBiome) with a network of internationally recognized partners who extend product lines and territories providing a solid basis for future growth. .
“We are also delighted to announce commercial advancements with our exciting second generation product pipeline with the industrial expansion of a line of our innovative SweetBiotix products and a number of major companies signing material transfer agreements as ‘they develop applications containing SweetBiotix. “