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Asia Pacific, Companies

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Phoslock goes for global growth under new CEO

Lachlan McKinnon, the freshly appointed CEO of ASX-listed water treatment specialist Phoslock Environmental Technologies, faces some ambitious top-line growth targets if he is to maximise the value of his compensation package.

The company’s market capitalisation of A$530 million (US$360 million) already anticipates substantial growth beyond the A$27-30 million sales target the company has set out for calendar 2019. Nevertheless, McKinnon’s staggered long-term incentive package hinges on the company achieving more than A$120 million in sales in 2020 and 2021 combined, and more than A$200 million in 2020, 2021 and 2022 combined.

90% of the customers who buy Phoslock’s environmentally friendly phosphorus removal product are government organisations, and the company’s global push has seen it build a pipeline of more than A$200 million in China alone, and A$130 million elsewhere. Its new ZEEP product will help close the loop by allowing phosphorus to be extracted and reused as a liquid fertiliser.