(Boursier.com) — As of June 30, 2022, the PAT Group recorded a turnover of 896 K, down 10% compared to the 1st half of 2021. The group’s activity was impacted by lower sales in a cosmetic active in the context of the renewal of ranges at one of its customers and sales in the Premium range of Clariant which have not yet taken off significantly.
However, given less impairment than in 2022, the half-year net income as of June 30, 2022 is proportionally in line with that of the previous financial year. The Operating Result stands at -1,534 KE as of June 30, 2022.
PAT SA recorded a turnover of 188 KE as of June 30, 2022. Its net income in H1 2022 improved to -842 KE, against -1,150 KE in H1 2021 due to lower impairments. The third product, Rootness AWAKE, co-developed with Clariant, was launched in May in New York City and has been very well received by the market. Its Equibiome product, co-developed with SEPPIC, a subsidiary of Air Liquide, generated the first sales of active ingredients via two hand creams from Laboratoire Dermophil.
The PAT Group receives subsidies for investments in ‘R&D’, but also the research tax credit and recorded a total of 1,142 KE during the 1st half of 2022 on these two items.
Thus, the net half-year result is in line with that of the previous year and amounts to a loss of -1,051 KE.
Financial debt having increased by 842 K (PGE) to support the company’s significant research effort, the net debt ratio stands at 75% against 46% in 2021.
OUTLOOK
The Rootness Awake product has just received a 1st Prize at the BSB Award in Germany in September. The three PAT products co-developed with Clariant have already won 6 international awards in 2 years.
At the level of the subsidiaries: the tensions noted since June 30 on the supplies of Couleurs de Plantes should impact the rate of growth of the activity. However, projects are succeeding in particular in the field of textile printing. The sustained activity of Straticell related to studies for third parties should make it possible to achieve commercial and profitability objectives with very good prospects for future years. Temisis, having obtained significant results on the discovery of the MOA of its TEM1657 molecule, should consolidate its “First in Class” positioning. Finally, new results from the preclinical study on Cellengo’s memory ingredient confirm its interest in nutraceuticals.
On the strength of all these elements, for 2022, and in the absence of significant disruption of the economy, the PAT Group should record a level of turnover comparable to 2021 and plans to reach financial equilibrium from 2023 mainly thanks to the take-off of cosmetics sales at its partner Clariant(C).
To fuel its product portfolio and finance the various development projects in nutraceuticals (memory product) and pharmaceuticals (anti-inflammatory product) over the next 3 years, the group has already secured more than six million euros in grants, repayable advances in addition to future research tax credits.
In this context, management is confident in its ability to seize all the commercial opportunities that are already emerging and to significantly increase its growth in the medium term, both in terms of its turnover and its profitability.
FINANCIAL CALENDAR
Presentation H1 2022 Half-Year Results: November 9, 2022
Euroland Forum: November 22, 2022
2022 turnover: March 1, 2023.