We are pleased to share our Q3 FY23 results with year-to-date revenue of A$70.7m and improved gross profit margin.
Q3 FY23 Financial Highlights
Revenue of A$21.1m (+60% vs pcp) and cash receipts of A$20.4m
- Positive cashflow from operations of A$0.5m and unaudited underlying EBITDA of A$1.7m
- Improved gross profit margin of 28%
- Cash and cash equivalents at 31 March 2023 were A$7.7m with A$6.6m in inventory
YTD FY23 Financial Highlights
- Year-to-date FY23 revenue was A$70.7m with unaudited underlying EBITDA of A$4.2m
- Positive operating cash flow YTD of A$2.8m
Q3 FY23 Operational Highlights
- Blue-Chip operator in the Eagleford Shale has approved and is utilising SciDev’s proprietary emulsion technology providing material performance benefits
- Successful remediation of several per- and poly-fluoroalkyl (PFAS) contaminated sites, treating impacted water to below detectable levels. SciDev were operational on five PFAS treatment projects during the period generating A$2.0m in revenue
- Executed and commenced a three-year contract with Iluka Resources Limited, with an expected contract value of A$14.0m, to deliver MaxiFlox® chemistry to the Cataby Mineral Sands Mine
- Renewal of existing contract with Iluka Resources Limited, with an expected contract value of A$14.0m over three years, to deliver MaxiFlox® chemistry to the Jacinth-Ambrosia operation
- Awarded a three-year contract agreement to support tailings management at a major coking coal operation in Bowen Basin
- Contract awarded for the Design & Construct of two drinking water plants for the Queensland Government.
SciDev CEO, Seán Halpin, addressing performance for Q3 FY23, said, “SciDev continues to grow the footprint of our water technologies and chemical services businesses with major clients across a range of industries both here in Australia and in international markets. Whilst our underlying revenue remains consistent with the first half of FY23, revenue was down slightly on the prior quarter due to the reduction in one-off chemical sales we saw in the year’s first half. However, we anticipate revenue from three major new contracts – Iluka Cataby, New Chum, and Sydney Metro West – to deliver meaningful revenue uplift from the June quarter onwards. Importantly, we delivered another quarter of positive cash flow and EBITDA, highlighting our team’s dedication and focus to deliver improved returns. With an expanding customer base, growing regulatory tailwinds, a deep sales pipeline and a robust balance sheet, SciDev is well positioned for continued growth and delivering sustainable returns for our shareholders”.