Annual Report & Accounts 2014 - Comments from the Chairman
TYRATECH • ANNUAL REPORT 2014 • PAGE 2
C o m m e n t s f ro m t h e C h a i r m a n
Al a n R e a d e ,
N o n - E x e c u t i v e C h a i rman
Dear Shareholders,
Last year was a breakthrough year for TyraTech. Vamousse, the
first TyraTech-branded product, was successfully launched in
stores in both the US and UK; Guardian, the Company's personal
mosquito and tick repellent, was made available online in the
US; and TyraTech established operations in both the US and UK to
drive product development and commercialisation.
The Board of Directors believes that the commercial developments
of the past year validate the Company's technology and
demonstrate that its innovative products resonate with customers
by answering real market needs.
Specifically, following on from the 2014 Vamousse launch in
Walmart in the US, TyraTech has continued to expand its US
distribution in the first half of 2015, with key wins secured with
two major pharmacies, namely CVS and Walgreens. Within the
UK, we believe that several customer wins during late-2014 with
Boots, Tesco and Sainsbury's helped to influence the decisions of
other drug and mass market chains to stock Vamousse in 2015.
Combined, the US and UK distribution networks position TyraTech
well to continue gaining market share in the growing head lice
treatment category and drive revenue growth.
While focusing its efforts on a successful launch of Vamousse,
TyraTech also made its innovative Guardian mosquito and tick
personal repellent product available online in the US via Amazon.
com. Currently, the objective is to build a "grass roots awareness"
amongst outdoor enthusiasts from which the brand can grow
both in terms of wider distribution and a broader customer base.
The Company also enjoyed commercial success in the animal
health market. In 2014, an initial partnership with Novartis Animal
Health, currently being reassessed after the takeover by Elanco
Animal Health, allowed the company to provide products
for large industrial production animal facilities. Early in 2015, a
distribution agreement was reached with SmartPak Equine, the
largest distributor of equine products in the US, to launch a novel
equine fly repellent, OutSmart. In both cases, TyraTech's products
answered a market need for solutions that control insects with a
high level of efficacy and safety.
The above accomplishments reflect the dedication and
commitment of TyraTech's employees to the development and
launch of the Company's products. In addition, a valuable
network of partners has supported the Company's growth in
the domains of commercialisation, marketing, supply chain and
manufacturing.
I would like to take this opportunity to offer my sincere thanks to
all of the aforementioned parties.
Outlook
Going forward, the Company's focus will be on driving product
revenue growth, especially Vamousse. In the US in early-2015,
Walmart accepted the second Vamousse product, Lice
Protection Shampoo. Vamousse Shampoo opens an opportunity
to grow the lice treatment product revenue, while bringing real
value for retailers and the brand. In addition, the Vamousse
distribution network was expanded within both the US (Walgreens
and CVS) and the UK (Day Lewis and Lloyd's).
Guardian and OutSmart have gained an initial enthusiast
customer base, which, over time the Company will look to invest
in and build upon.
During this period of rapid development supported by the launch
of multiple products in two geographic markets, the Company
has learned how to generate sales under resource constraints.
The Board is particularly attentive to the optimisation of each
dollar spent and to the capture of market opportunities, two
objectives that will be balanced in the future.
Finally, I would like to thank our Board members, Company team,
partners and shareholders who have shown continuous support
to deliver the full value of TyraTech's technology.
Alan Reade
Non-Executive Chairman
22 June 2015
