SciDev Limited (ASX:SDV, "SciDev") released its financial results for 1H FY2020.
What are the key highlights?
- Record half-yearly revenue up 382% to AUD$6.12m (1H19: AUD$1.3m)
- Three-year MaxiFlox® supply contract (AUD$8-12m) signed with mineral sands major, Iluka Resources.
- Strategic AUD$1.9m acquisition of ProSol Australia Pty Ltd a bespoke solutions business delivering chemistry and services for the mining and water treatment industries in NSW.
- Post the end of the period, SciDev announced a strategic USD$6m acquisition of Highland Fluids Technology Inc (Highland), providing the Company with immediate access to the USD$2.5b US onshore oil and gas market. Transaction settlement expected this month.
- Key hires to support SciDev’s next stage of growth, including Chief Financial Officer, Chief Operating Officer and hires in key technical roles.
- Gross profit margins for the period were 30.3%. Margins were elevated given the higher level of professional services revenue booked in the quarter.