What has happened?
SciDev released their results for the half-year period ending 31 December 2020. They reported favourable results with an inaugural net profit of A$0.4m for the period. In the report, they also highlighted record half-yearly results with a +300% increase in net profit versus 1HFY20, and cash receipts from customers up by +290% compared to 1HFY20. They also announced their expansion into the infrastructure sector, along with continued revenue growth in the mining sector.
What are the key highlights?
- In their latest announcement to shareholders, SciDev reported a total comprehensive profit for the half-year of A$0.432m, compared to a loss of (A$0.298m) for 1HFY20 and (A$0.626m) for 1HFY19, suggesting the accomplishment of key company milestones.
- The revenue reported for SciDev was up almost +300% to A$18.3m compared to the first half results of FY20. Similar results were observed for receipts from customers which showed an impressive increase of +315% to A$15.86m compared to the results released in 1HFY20.
- SciDev also almost doubled the amount of cash and cash equivalents on the books compared to 1HFY20, with the amount for 1HFY21 clocking in at A$7.107M. The company also reported a strengthening gross margin of 23% compared to a 17% profit margin for FY20.
- In regards to the operational highlights, the Company displayed a strong development pipeline with field qualification underway across all sectors. There has also been a continued expansion into the infrastructure sector, which along with their strong cash position could potentially provide opportunities for global growth.
- Finally, SciDev reported strong revenue growth in their mining sector division with sales stemming from a range of larger and more reliable blue-chip customers. Along with the revenue growth in mining, new offerings in Oil and Gas showed strong momentum as activities continue to rebound.