York’s OptiBiotix Health grows sales as it eyes US and Asia opportunities

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Life sciences firm OptiBiotix Health is eyeing sales growth having undergone a restructuring including a management shake-up.

In a wide ranging update to shareholders, the York-based specialist in modulating the human microbiome says it has shifted its focus towards the USA and Asia in order to access larger markets. It says sales of its sports nutrition ingredient, LeanBiome, to The Hut Group were 36.8% higher in 2023, with a further 39% rise forecast for 2024.

The group’s SlimBiome weight loss product has increased sales to Paradise Fruits, a German firm that makes gummies for Walmart, and online sale to China, by 744% on 2022’s figures. Unaudited results also showed sales to UK-based chain Holland & Barratt were up substantially, from a low base.

Bosses said the group had seen a gradual return to strong sales growth in the latter part of 2023 having suffered high stock levels, lower retail footfall and lack of new product innovation in the industry during 2022. CEO Stephen O’Hara took over as CEO of the group’s subsidiary OptiBiotix Ltd in Spring 2023 and is said to have led a more active management of key accounts to boost sales; sought new partnerships in the USA and India, and invest in e-commerce channels which were up 287% on 2022 thanks to Chinese demand for gummies and large increases in Amazon Prime subscriptions.

Mr O’Hara said: “We are pleased to report substantial progress over the last 12 months with our first-generation products returning to sales growth, a number of well-known corporate partners reaching agreements (e.g Tata, Brenntag,) and launching new products with major brands (MuscleTech) in new channels. We are also pleased to see continued growth of online sales, particularly in China, and are looking to replicate this success in other territories, such as India.

“These all have the potential to bring in significant future revenues. With all parts of the business returning to strong growth and a pipeline of potential multi million pound deals in India and the USA, we are excited about the future. Finally, we are pleased with progress on SweetBiotix, its first introduction into a finished product, and the scale of the opportunity forecast by DSM Firmenich. We believe we have a number of substantive opportunities, any one of which would be transformational for the Company and shareholders alike, and collectively change the future of the business.”

Original artice – https://business-live.co.uk/all-about/yorkshire-humber

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York’s OptiBiotix Health grows sales as it eyes US and Asia opportunities

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