Dunedin probiotics manufacturer Blis Technologies has posted a maiden profit, showing a $428,000 surplus for its half-year trading to September.
Revenue for the period was up 41% on a year ago to $3.83million, largely on rising sales in North America and Asia, and the listed company is ``on target'' to meet its guidance this financial year for revenue above $8million and surplus of more than $700,000.
Since its 2001 inception, Blis has returned losses totalling more than $33million.
Blis has more than 1.1billion shares on issue, which were unchanged at 4.6c yesterday, but up more than 75% over the past year. Blis did not post a dividend.
Blis manufactures probiotic bacteria used in oral health applications, including throat, ear, nose, halitosis, gum, teeth health and immune support, its mainstay brand being Blis K12.
Blis chief executive Brian Watson said in the financial report while total expenses for the half rose by $274,000 to $3.41million, most was due to investment in business development and improving internal capability.
``The financial result reflects the strong customer base that has been established across the key markets of North America, Europe, Australasia and Asia,'' Mr Watson said.
Australasia and Europe both showed small declines in revenue on a year ago, while North American sales rose from $496,000 to $1.17million and Asia grew from $284,000 to $936,000.
Three unidentified customers purchased $2.99million of Blis products during the half.
Mr Watson said Blis was continuing to invest in initiatives to open new markets and increase brand awareness.
While the strength of the New Zealand dollar had been challenging during the trading period, revenue impacted by the US dollar and euro had been offset by strong sales performances, Mr Watson said.
He predicted Blis was on target to deliver ``in excess'' revenue of $8million for the year and more than $700,000 surplus.
Blis had increased its net working capital, from $2.19million last year to $2.51million, which the board believed was ``sufficient'' to support the business.
