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Unit 1 | Email: projects@scidev.com.au |
8 Turbo Road | Website: www.scidev.com.au |
Kings Park NSW 2148 Australia | ASX code: SDV |
ABN 25 001 150 849 | |
Companies Announcements Office | |
Australian Stock Exchange | |
31st January 2022 |
December Quarter Trading Update
SciDev Ltd (ASX: SDV) ('SciDev' or 'the Company') is pleased to provide an update on its financial and operational performance for the quarter ended 31 December 2021 (Q2FY22).
Financial Highlights*
- Q2 FY22 revenue of A$13.7m a 32% uplift on Q1 FY22 with cash receipts of A$9.77m
- The December quarter saw a return of one-off project and services revenue as COVID related travel restrictions eased in some Australian states
- Operating cashflow in 2nd quarter was negative $1.9M primarily due to a planned inventory build, taking advantage of prevailing market prices and to insulate from seasonal supply chain risks
- The company successfully raised $17.4M in additional capital to be used to accelerate the growth of the business
- Cash and cash equivalents of A$16.4m as 31 December 2021
- Revenue figures are unaudited
New Innovation Success
- SciDev have been engaged by a leading ASX listed waste management company on the detailed design of a PFAS and ammonia water treatment system using SciDev technology
- Oil & Gas: Ongoing collaboration with BPX has translated into the CatCheck technology use on multiple wells operated by Haliburton with additional geographic basins being evaluated
- Continued development of environmentally friendly green chemistry initiatives to displace oil based chemistries
Commercial and Operational Highlights in Q2
- Iluka's Jacinth Ambrosia mine have extended the existing three-year contract for a further year, until August 2023
- Continued execution against contracts with major Australian mining companies, SciDev is now
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active on over 20 mine sites globally.
- Oil & Gas revenue was up 100% versus the prior quarter in part reflecting increasing market activities
- SciDev technology has delivered 11 full scale PFAS projects in the past 6 years, achieving a reduction in contaminant levels of over 99.999%.
- Business development activities in the global infrastructure sector continue, with focus on tunnel boring opportunities in the USA and Europe
- The company is awaiting results on several commercial tenders in Construction and Oil sands
- Several leadership changes in Oil & Gas, Mining & Construction and Finance
- Payments to Directors and their associates for the quarter ($208K) includes fees paid to Non- Executive Directors, remuneration to the MD&CEO and rent paid to a company associated with a Director.
Table1: Revenue by vertical*
Sector | Mining & | Construction | |||
revenue | Mineral | Oil & Gas | & | Water | Total |
(A$,000s) | Processing | Infrastructure | |||
Q2 FY21 | $4,248 | $4,048 | $387 | $208 | $8,891 |
Q3 FY21 | $2,949 | $4,858 | $3,071 | $341 | $11,219 |
Q4 FY21 | $4,887 | $3,637 | $951 | $3,761 | $13,239 |
Q1 FY22 | $3,401 | $4,000 | $54 | $2,939 | $10,394 |
Q2 FY22 | $2,788 | $8,009 | $12 | $2,935 | $13,744 |
*Unaudited
Outlook
Management focuses for FY22 include:
- Driving SciDev's market leading solution in the growing PFAS market
- Pursue opportunities in Construction in North America and Europe
- Continue to convert opportunities in Oil & Gas
- Execute on opportunities in Mining
- Continued focus on increasing sales and cash conversion in all regions
- Relocation and expansion of Australian manufacturing facilities and lab upgrade
- Expand inhouse Green Chemistry development and manufacturing to meet growing demand
Lewis Utting
Managing Director & Chief Executive Officer
This release has been approved by the Board of Directors of SciDev Limited.
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For Further Information: | |
Corporate | Investors |
Lewis Utting - MD & CEO | Craig Sainsbury - Market Eye |
Heath Roberts - Company Secretary | craig.sainsbury@marketeye.com.au |
(+61) 2 9622 5185 | (+61) 428 550 499 |
About SciDev
SciDev is a leader in the environmental solutions market focused on water intensive industries. SciDev brings together world-class technology, chemistry and application to solve pressing operational and environmental issues for the water, oil and gas, mining and construction markets.
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Rule 4.7B
Appendix 4C
Quarterly cash flow report for entities
subject to Listing Rule 4.7B
Name of entity
SciDev Limited
ABN | Quarter ended ("current quarter") | ||
25 001 150 849 | 31 December 2021 | ||
Consolidated statement of cash flows | Current quarter | Year to date | |
$A'000 | (6 months) | ||
$A'000 | |||
1. | Cash flows from operating activities | ||
1.1 | Receipts from customers | 9,770 | 22,205 |
1.2 | Payments for | ||
(a) research and development | - | - | |
(b) product manufacturing and operating costs | (9,489) | (20,165) | |
(c) advertising and marketing | - | - | |
(d) leased assets | - | - | |
(e) staff costs | (2,117) | (4,412) | |
(f) administration and corporate costs | - | - | |
1.3 | Dividends received (see note 3) | - | - |
1.4 | Interest received | - | 1 |
1.5 | Interest and other costs of finance paid | (63) | (130) |
1.6 | Income taxes paid | - | - |
1.7 | Government grants and tax incentives | 19 | 1,163 |
1.8 | Other (provide details if material) | - | - |
1.9 | Net cash from / (used in) operating activities | (1,880) | (1,338) |
2 | Cash flows from investing activities | ||
2.1 | Payments to acquire and for: | ||
(a) entities | - | - | |
(b) businesses | (2,922) | (4,115) | |
(c) property, plant and equipment | (940) | (1,289) | |
(d) investments | - | - | |
(e) intellectual property | (34) | (59) | |
(f) other non-current assets | (41) | (48) |
ASX Listing Rules Appendix 4C (17/07/20) | |
+ See chapter 19 of the ASX Listing Rules for defined terms. | Page 1 |
Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B
only | Consolidated statement of cash flows | |
2.2 | Proceeds from disposal of: | |
(a) entities | ||
(b) businesses | ||
use | (c) property, plant and equipment | |
(d) investments | ||
(e) intellectual property | ||
(f) other non-current assets | ||
2.3 | Cash flows from loans to other entities | |
personal | 2.4 | Dividends received (see note 3) |
2.5 | Other (provide details if material) | |
2.6 | Net cash from / (used in) investing activities | |
3 | Cash flows from financing activities | |
3.1 | Proceeds from issues of equity securities (excluding | |
convertible debt securities) | ||
3.2 | Proceeds from issue of convertible debt securities | |
3.3 | Proceeds from exercise of options | |
3.4 | Transaction costs related to issues of equity securities or | |
convertible debt securities | ||
3.5 | Proceeds from borrowings | |
3.6 | Repayment of borrowings | |
For | 3.7 | Transaction costs related to loans and borrowings |
3.8 | Dividends paid | |
3.9 | Other (provide details if material) | |
3.10 | Net cash from / (used in) financing activities | |
4 | Net increase / (decrease) in cash and cash equivalents | |
for the period | ||
4.1 | Cash and cash equivalents at beginning of period | |
4.2 | Net cash from / (used in) operating activities (item 1.9 above) | |
ASX Listing Rules Appendix 4C (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Current quarter | Year to date |
$A'000 | (6 months) |
$A'000 | |
- | - |
- | - |
- | - |
- | - |
- | - |
- | - |
- | - |
- | - |
- | - |
(3,937) | (5,511) |
18,35818,388
- | - |
- | - |
(954)(954)
- | - |
(592)(1,194)
- | - |
- | - |
- | - |
16,812 | 16,240 |
5,4167,010
(1,880)(1,338)
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Scidev Ltd. published this content on 30 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2022 22:30:06 UTC.