Pesticide developer Tyratech Inc (LON:TYR) has narrowed its 2009 loss to $13.9m from $17.4m on the back of higher revenue and lower costs. Product revenues in the year to December grew to $2.9m from $1.0m and overall revenue increased to $6.6m from $5.9m. Research and development costs fell to $4.4m from $5.3m. Overall operating expenses were reduced by 30% to $14.2m. Cash fell to $1.3m from $9.2m as a result of funding the operating loss for the year and increases in working capital.
The group's preliminary unaudited results were announced on February 24. Changes since then resulted in an increase in revenue of $0.8m and an increase in the operating loss of $0.9m in the audited accounts. Post-period the company announced a agreement with Terminix International, extending their strategic partnership through 2013, with a substantial increase in the first order volume for the SafeShield product.
Chairman Alan Reade said: "2009 has been a year of development and we now have a solid platform for future growth and revenue generation. We are confident of our ability to take this technology to market with products that our partners can commercialise. Furthermore, we are committed to leveraging these products into other markets in the US and globally."
Last May, shares in TyraTech were trading at around 75p but since January have struggled to break past 11p. In April, the company said it was close to raising £2.2m from investors in order to plug its short-term capital needs. Shares in the company remained unmoved today at 13p.
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