OptiBiotix Health increase gross profit in first six months 2023

OptiBiotix Health, a life sciences business developing compounds to tackle obesity, cardiovascular disease, diabetes and skincare, finished first half of trading with sales of £351k, compared to the year 2022  sales of the same period, of £119k, which is a 195% increase over, the company said in its unaudited results for the six months ended 30 June 2023.

The company reported a 154% increase in gross profit from £62k in H1 2022 to £158k in H1 2023 and a 17.3% reduction in administrative expenses from £1,108k to £918k.

Stephen O’Hara, CEO of OptiBiotix, said: “The focus for 2023 has been on moving the business to profitability by a reduction in costs, a focus on existing partners returning to forecast, bringing in new partners particularly in the USA and Asia, and expanding e-commerce channels to reduce partner dependency.”  He said that good progress has been made in each of these areas.

Outlook

O’Hara said that the aim for the second half of the year is to maintain focus on managing costs, growing sales and closing out ongoing discussions with a number of larger partners across first and second-generation products to ensure a return on investment from the expansion of the company’s commercial and business development teams.

“We are particularly excited about our second-generation products approaching commercialisation given their uniqueness in the marketplace. Our sweet prebiotic fibres, called SweetBiotix create the opportunity to replace unhealthy calorific and cariogenic sugars with healthy fibres in a wide range of food and beverage products.”

O’Hara saod that the group has no debt, it has a strong balance sheet, and retains significant exposure to the considerable growth potential of the microbiome through its shareholdings in ProBiotix Health plc and SkinBioTherapeutics plc.