Dunedin probiotic company Blis has reported its smallest loss in 16 years, despite posting revenues of more than $6.5million for the full year to March.
To support growth, Blis is considering going to its shareholders for a cash boost.
Total revenue for the year rose by $886,000 to $6.54million and its earnings before interest tax, depreciation and amortisation improved from a $260,000 loss a year ago to a $585,000 surplus, while last year's $816,000 loss was pared back to a $24,000 loss.
Blis has $1.14million cash in hand.
Blis' accumulated losses since 2001 stand at more than $33million. For each of the five years to 2015, Blis had booked consecutive losses of least $1.3million annually.
Blis chief executive Brian Watson said it was ''disappointing'' to be reporting another annual loss, which was because of the revenue lost from orders being delayed by two overseas ''key customers'' following changes of ownership.
''[However] in both cases, these changes in ownership are seen as positive for Blis and should result in greater focus and investment in our business in the medium term,'' he said.
He also cited ''head winds'' from unfavourable foreign exchange crosses and dealing with regulatory lead times in other countries as the other key challenges during the past year.
Blis' shares were unchanged at 3.1c following the announcement.
Blis holds a deferred tax asset, and in February had said if it reached profitable operations for the year to March it would recognise about $1.3million of the tax asset.
Mr Watson said yesterday Blis had during the year switched from an ''over-reliance'' on contractors to employing staff, pushing up the salaries bill by $388,000 and is upgrading its plant in Dunedin, seeking more regulatory approvals and launching more products.
Mr Watson said Blis ''may consider options'' to support the growth, and might yet seek additional shareholder capital from either a share placement or share plan.
Blis' probiotics for human health, delivered in lozenges or dairy products, assist with health in ear, nose and throat applications, teeth and gums and haliotosis, but Mr Watson said dermatology was now a future focus.
''We expect that the new probiotic strain targeting skin applications will launch in the 2019 financial year,'' he said.
Blis was broadening its customer base. China was a key customer and progress had been made on launch plans. In Japan, there was a new co-branded, finished product launch, a launch in Australia of HoneyBlis and new ''launch activity'' in Europe and the United States, Mr Watson said.
Blis had submitted, or was in the process of seeking regulatory approvals, for products in Australia, the US and Canada.
