Profitable Blis points to significant growth

Dunedin company Blis Technologies has posted its second consecutive profitable year and says there remains significant international growth potential for its products.

Revenue for the 12 months to March 31 was up 29% on the previous year to $10.6million, ebitda of $2.1million was up 130% and, following a maiden net profit in FY19 — almost 18 years since listing — it has reported net profit of $1.6million, up 320%.

In a note to the markets, chairman Tony Offen said the company had made ‘‘pleasing progress’’ building on the momentum of recent years to again deliver on its financial objective of sustained profitable growth.

Its online sales presence and the distribution network it had built up over the past few years meant it had been well placed to respond to expected changes in consumer buying behaviours driven by the Covid-19 pandemic.

Overall revenue for Asia-Pacific dropped by 8% however the previous year comparison was skewed by the one-off pipeline fill to support the Australia launch in FY19, the note said.

In FY20, Australian sales were in line with expectation at about half of the volume recorded in FY19. Excluding Australia, the revenue for the rest of the region grew by 31%.

New Zealand revenues grew by 39% to $1.7million and ThroatGuardPro was the No1- selling throat lozenge in pharmacy.

In Europe-Middle East, there was a 33% increase in revenue while FY20 sales through the Amazon platform had grown almost five-fold.

The Covid-19 environment represented an increase in both risk and opportunity for the company. It believed there was a real opportunity to strengthen the company, building an even stronger brand and accelerating its market presence based on consumer interest in solutions to maintain health and wellbeing.

Key new growth opportunities in FY21 included Canada, China cross border e-commerce and Daigou markets. It would also prioritise growth opportunities with its existing distribution partners and its online channels.