The Dunedin NZX-listed biotechnology company held its annual meeting yesterday.
Chief executive Brian Watson discussed the previous year’s financial results, progress against its objectives and talked about its new partnership with Swedish-based Probi.
Chairman Tony Offen, whose three-year term ends in July next year, stepped down as chairman at the end of the meeting.
He was replaced by Geoff Plunket who was re-elected to the board along with Barry Richardson.
Mr Watson described the financial year ended March 31 as one of investment ‘‘for the future’’, including significant allocation of resources and funds towards long-term growth opportunities.
Despite the ‘‘volatile’’ market conditions caused by Covid-19, Blis had achieved another profitable year.
Revenue of $10.6million was similar to the previous year.
The company recorded earnings before interest, taxes, depreciation, and amortisation (ebitda) of $1million, and net profit of $600,000.
Blis was prioritising building its branded products presence in e-commerce channels.
It planned to use the $9million raised in capital funds from the investment from Probi to finance growth priorities.
Probi, a global probiotics company, will take a 13% shareholding in the company.