Posted on 24th January 2023
SciDev is pleased to announce our Q2FY23 results with an increased cash flow from operations of A2.3million.
Highlights:
- Revenue of A$23.9m (+74% on pcp) and cash receipts of A$25.1m (+157% on pcp)
- Cashflow from operations of A$2.3m and unaudited underlying EBITDA of A$0.9m
- Gross profit margin of 25%
- Continued to expand customer footprint in Energy Services
- Secured a contract with Cleanaway Waste Management, with a minimum contract value of A$2.15m
- SciDev had seven operational PFAS treatment projects during the quarter generating A$2m in revenue
- Continued to expand our highly skilled staff with key hires across our technical and sales teams to fast track delivery of our growing sales pipeline
- Post quarter end, SciDev signed a three-year contract with Iluka Resources, with an expected contract value of A$14.0m to deliver MaxiFlox® chemistry to the Cataby Mineral Sands Mine.
Ending the quarter on a positive note, we signed a $14 million contract deal with IlukaResources where we will deliver MaxiFlox® chemistry to the CatabyMineral Sands Mine. Alongside this, we also signed a contract worth an estimated A2.15m with Cleanaway Waste Management to deploy a Build Own Operate (BOO) water treatment plant (WTP) designed in house, to treat PFAS-impacted leachate.
With another impressive quarterly result, we believe 2023 will be a strong year for our company and look forward to more challenges and bigger opportunities for growth.
SciDev CEO, Seán Halpin, addressing quarterly performance, said, “It was exceptionally pleasing to deliver another quarter of strong financial and operational performance. Importantly, we delivered positive cashflow during the quarter, highlighting the ability of our business to grow in a manner that will deliver ongoing returns to our shareholders.
During the period, we treated PFAS-contaminated water on seven sites for clients across various industries and we continue to engage with multiple blue-chip mining and infrastructure companies to provide sustainable solutions for PFAS. We have and continue to secure a number of new build on operate contracts over recent quarters and remain actively engaged in the construction and deployment of our water treatment technology. Due to the nature of these projects, revenue will only be recognised when the technology is on site and as such we expect to deliver meaningful growth in our Water Treatment revenue over the remainder of FY23.”
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