SciDev Limited (ASX:SDV) have announced their March 2020 Quarterly results.
What are the key highlights?
- Record quarterly sales to customers of AUD$7.3m (up 80% on the December quarter), with cash receipts of AUD$5.8m (154% increase on the December quarter).
- First cash flow positive quarter generating AUD$0.7m, record sales in March AUD$4.8m.
- Notable orders included the MaxiFlox® trial order with Syncrude which marked SciDev's first entry into large Canadian oil sands market, and the MaxiFlox® trial order with Las Bambas, which marked SciDev's first entry into large South American copper market.
- Meeting the current oil & gas industry's needs for reduction in production costs, the company is fast tracking its patent-pending xPAM. This greatly improves the handling of dry chemistries with improved dispersion and fast hydration in water allowing for lower CAPEX, improved pad utilisation and a reduced overall cost per barrel production cost.
- A commercial trial has been secured in New Caledonia with a French multinational mining and metallurgy company which is expected to commence in Q4 FY2020 pending current travel restrictions.
- SciDev MaxiFlox® technology trials were successfully started and are ongoing at a large-scale gold project in PNG.
- Following lab-scale technical evaluations executed in the December quarter with a major Australian copper producer the company has received commitment to move to full-scale plant trials with MaxiFlox® chemistry. It is expected that field trials are expected to commence in Q4 FY2020.
- During the quarter, the company executed the supply, installation and commissioning of flocculant equipment under contract to Yancoal Australia’s Warkworth operation with final completion expected in early Q4 FY2020.
- SciDev continues to be active in other areas of the Bowen Basin, with continual support of a largescale CHPP which has been challenged with process water quality issues.
- SciDev has adopted a comprehensive COVID- 19 Workplace Policy to ensure the safety of staff, whilst continuing to deliver bespoke chemistry solutions and professional services in this challenging macroeconomic environment.