Scidev Ltd - SciDev FY20 Full Year Results

What happened?

What's happened?

SciDev Limited (ASX:SDV, "SciDev") have released its FY20 Full Year Results.

What are the key accomplishments for FY2020?

Revenue increased by 518% to $18m (FY19: $2.9m), Cash receipts for FY20 increased to $20m (FY19: $2.8m), Net cash position at end of period of AUD$4.4m, with AUD$4.8m inventory at hand.
Strategic JV agreement signed with Nuoer China. The strength of both companies is expected to compliment one another and will allow the acceleration of global business development.
Two significant acquisitions which include ProSol Australia Pty Ltd (ProSol) and Highland Fluid Technology Inc (Highland). This has not only contributed to increased revenues but also the addition of new key personnel which will help contribute to the growth of SciDev.
Significant contract wins across several verticals, including Iluka’s Jacinth Ambrosia mineral sands operation, MMG Limited’s Las Bambas copper mine, and Syncrude’s full-scale Tailings Centrifuge Plant.
One key item for the company's outlook looking ahead includes the upgrade of its Kings Park manufacturing facility. This upgrade will help facilitate the supply of SciDev chemistry into the domestic infrastructure and mineral processing sectors. In addition to this, SciDev have outlined several growth initiatives across multiple market verticals.

For further information, please refer to the announcement linked below.

Managing Director's summary

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

Lewis Utting

Managing Director, Scidev Ltd

"In FY20 SciDev made significant progress and we are pleased to have recorded record revenue of $18m. This outstanding result would not have been possible without the substantial contributions of our team, and I thank each of them for their efforts. While the COVID-19 pandemic presented challenges in the second half, our incredible team continued to focus on delivering our customers with the highest levels of bespoke solutions. The value of our offerings continues to be demonstrated by the significant number of new contract wins across target verticals that occurred during the year. We are pleased to have successfully integrated the ProSol and Highland acquisitions, which have strengthened our platform for future growth. In addition, we are pleased to have strengthened our relationship with our partner, Nuoer Group, and look forward to the attractive opportunities our joint venture will deliver for both parties."