Record Revenue and EBITDA Quarter
SciDev Ltd (ASX: SDV) (‘SciDev’ or ‘the Company’) is pleased to provide an update on its financial and operational performance for the quarter ended 31 December 2023 (Q2 FY24).
Q2 FY24 Financial Highlights1
- Record quarterly revenue of A$28.5m (+19% on Q2 FY23) and cash receipts of A$25.9m
- Underlying EBITDA of A$2.5m
- Gross profit margin of 26%, materially consistent with prior quarters
- Net operating cash outflow for the quarter was $0.8m due to longer project durations in Energy Services impacting the working capital cycle
- Cash and cash equivalents at 31 December 2023 of A$5.8m with A$8.1m in inventory.
1H FY24 Financial Highlights1
- Revenue of A$50.1m
- Unaudited and underlying EBITDA of A$3.2m with positive operating cashflow generation of A$0.5m.
Q2 FY24 Operational Highlights
- Awarded a contract to supply MaxiDry™ chemistry and services for a new tunnelling project in NSW, commencing in 4Q FY24
- First purchase order received for supply of MaxiFlox® chemistry to a new distributor in the water, paper and mining industry in Turkey
- Renewed a contract for R&D support through to December 2026 with Qatar Shell GTL, Ltd., a division of Royal Dutch Shell Group, Inc
- A major E&P producer has commenced a field trial of CatChek™ 12S technology, evaluating performance benefits when using wet sand applications in the Permian Basin in West Texas
- Secured an A$4.7m, two-year extension to a PFAS contract with a blue-chip Australian mining client
- Commencement of commercial operations on SciDev’s A$4.6M contract with Acciona
- Construction Australia Pty Ltd for the construction of two water treatment plants at the Western Harbour Tunnel project in Sydney, NSW.
Page 2 of 5 Q2 FY24 Results
SciDev CEO Seán Halpin, addressing performance for Q2 FY24, said, “Our growing revenue profile is a reflection of the increasing diversity of our client base. We are building positive momentum and seeing strong demand for our Chemical Services solutions in the North American and European markets, opening further avenues of growth for our Company. “SciDev continues to lead Australia’s PFAS water treatment sector. We continue to see strong engagement for our PFAS solutions in Australia and overseas, as increasing global regulation drives the need for PFAS-contaminated sites to be appropriately remediated and managed. The growing profitability of our business through the first half of FY24 reflects the leverage we have in our business, and with a strong pipeline, we anticipate continuing to deliver improved financial performance in coming periods.”