Life sciences technology group TyraTech Inc (LON:TYR) posted higher annual gross profits and revenue and said it was targeting expansion into new markets.
TyraTech, which focuses on nature-derived insect and parasite control products, said gross profit rose 31.4% to $4.6mln on a 154% increase in gross product revenue to $7.1mln in the year to the end of December.
Gross revenue lifted 51% to $7.4mln while the group’s net losses fell to $2.3mln from $5.1mln a year ago.
The company significantly expanded the number of stores stocking its flagship Vamousse head lice treatment and shampoo.
More than 24,000 shops in the US, including Walmart (NYSE:WAL), Walgreens, CVS and Rite Aid, and over 7,800 in the UK, including Superdrug, Boots, Sainsbury’s (LON:SBRY) and Tesco (LON:TSCO), now stock Vamousse.
TyraTech undertook its first major expansion into continental Europe with the launch of the full Vamousse range and Guardian personal mosquito and tick repellent in France.
Morrisons (LON:MRW) has also begun selling Vamousse in the UK.
The group also plans to launch its PureScience insect and parasite control range of products for animals.
PureScience, which will be initially targeted at the poultry market, uses plant-derived active ingredients with powerful natural insecticidal properties.
TyraTech is launching the product at a time when existing synthetic-based insecticides face increasing levels of resistance and regulatory pressure.
Chief executive Bruno Jactel said the company plans to launch its products in other mainland European countries.
“We made good progress in 2015 and the board of directors is confident we will continue to grow sales of our existing products as well as deliver innovative new products,” he said.
Shares in TyraTech rose 0.12p, or 4%, to 3.25p in early London trading.
House broker Whitman Howard, which has a 'buy' recommendation on the stock, expects the company to break even at a pre-tax earnings before interest level in 2017.
"Tyratech’s outlook statement appears positive," the broker said in a note.
"It refers to a combination of expansion across both lines of consumer health (Vamousse and Guardian) and a major step-up in animal health which clearly benefits from sizable addressable markets."