Sixth positive cashflow quarter and growing water treatment order book SciDev Ltd (ASX: SDV) ('SciDev' or 'the Company') is pleased to provide an update on its financial and operational performance for the quarter ended 30 September 2023 (Q1 FY24). Q1 FY24 Financial Highlights Revenue of A$21.6m (-16% vs PCP but +13% on Q4 FY23) and cash receipts of A$19.3m. The reduction in revenue versus the PCP was primarily due to the impact of the lower natural gas price on market activity in the US Oil and Gas sector Positive cashflow from operations of A$1.2m and underlying EBITDA of A$0.7m Gross profit margin of 25% - in line with prior quarters Cash and cash equivalents at 30 September 2023 of A$8m with A$8.2m in inventory. Q1 FY24 Operational Highlights Awarded A$4.6m Design and Construct contract with Acciona Construction Australia Pty Ltd for two water treatment plants in Sydney, NSW, to support the construction of the Western Harbour Tunnel Secured a two-year contract at the Thunderbird Minerals Sands Project, which is expected to generate approximately A$7.0m in sales over the period Successful commissioning and start-up support to John Holland Group for a tunnelling project in Australia for the supply of SciDev’s MaxiFlox® chemistry Completed a six-well field trial with a blue-chip operator in the Permian Basin, with SciDev chemistry subsequently adopted for ongoing operations Secured purchase order from a blue-chip mining client in Western Australia for the supply and support of multiple Water Quality Monitoring Systems into five operational mine sites SciDev’s FlourofIX™ PFAS treatment technology was utilised on seven PFAS remediation projects through the quarter, generating A$2.9m in revenue.
SDV Price at posting:
27.0¢ Sentiment: Hold Disclosure: Held
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