Scidev Ltd - SciDev Ltd (ASX:SDV) revenue up 382% in 1H FY2020 results
Scidev Ltd (ASX:SDV)

SciDev Ltd (ASX:SDV) revenue up 382% in 1H FY2020 results

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Published Feb 27, 2020

What happened?

What's happened?

SciDev Limited (ASX:SDV, "SciDev") released its financial results for 1H FY2020.

What are the key highlights?

  1. Record half-yearly revenue up 382% to AUD$6.12m (1H19: AUD$1.3m)
  2. Three-year MaxiFlox® supply contract (AUD$8-12m) signed with mineral sands major, Iluka Resources.
  3. 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.
  4. 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.
  5. Key hires to support SciDev’s next stage of growth, including Chief Financial Officer, Chief Operating Officer and hires in key technical roles.
  6. Gross profit margins for the period were 30.3%. Margins were elevated given the higher level of professional services revenue booked in the quarter.

Managing Director's summary

Lewis Utting Managing Director of Scidev Ltd has provided a statement.
Lewis Utting
Lewis Utting
Managing Director, Scidev Ltd

"The first half of financial year 2020 was a period of record revenue for SciDev as we successfully executed on a range of business development opportunities globally. Complementing our contract wins, we were pleased to have made two acquisitions – ProSol Australia and Highland Fluid Technology – which expand our addressable markets into attractive new verticals and geographies. We have maintained momentum into the second half of 2020, and we remain focused on growing our existing organic growth pipeline and moving towards positive cash flow generation in the near term."

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Analysts thoughts

SmallCapInsider from Mawson Graham provides perspective on this recent announcement.
SmallCapInsider
Written by SmallCapInsider
Published Feb 27, 2020

1H FY2020 was a transformational period for SciDev. Not only did SciDev enter into agreements to acquire two complementary businesses during and shortly after this period, SciDev also demonstrated revenue growth which was up 382% PCP. As SciDev focuses on the opportunities they have in their pipeline across the base metal, oil, gas, waste-water, civil & construction sectors, SciDev is well-positioned to continue growing revenues and move into cash flow positive territory.

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