Byotrol has issued a trading update, outlining that revenues will fall behind earlier expectations for two principal reasons: delays in achieving registrations of Anigene/Chemgene in Germany and a greater impact from the discontinuation of some low margin legacy products, as well as lower IP income. We reduce FY24E revenues by £1.7m (-24%), with EBITDA reduced to breakeven (vs. +£0.8m). The long-term strategic objective and investment thesis, however, remains unchanged: for the trading business ....