SYDNEY, AUSTRALIA: SciDev, a leading provider of water treatment and chemical solutions, has announced its future outlook and financial highlights for the first quarter of FY24 at its annual general meeting.
The company’s CEO, Seán Halpin, said that SciDev is well positioned to continue to grow its operational and financial footprint across FY24, with a focus on diversifying its technology portfolio, pursuing strategic opportunities in the global PFAS sector, and leveraging partnerships and licencing agreements in the mining and resources sector.
Halpin said company will actively pursue strategic opportunities to accelerate growth in the global PFAS sector with a focus on the European and North American markets.
SciDev will leverage strategic partnerships and licencing agreements to increase market share in the global mining and resources sector and pursue diversification of North America business by entering new markets and broadening service offerings where company has an established presence.
SciDev’s Water Technologies business, which offers innovative solutions for the treatment of PFAS and other contaminants in water, generated A$7.8m in revenue from ten PFAS treatment projects in Q1.
The company also secured a trademark for its proprietary PFAS treatment technology, FluorofIX™, and appointed a Vice-President for Europe to expand its presence in the region. SciDev also won a contract to provide a build-own-operate water treatment plant for the Sydney Metro West project, in collaboration with the Acciona Ferrovial Joint Venture.
SciDev’s Chemical Services business, which provides customised chemical solutions for the mining, oil and gas, and construction sectors, achieved significant growth in Q1, with contracts worth over A$40m from major domestic and international clients, such as Iluka Resources, First Quantum Minerals, and a major US E&P company.
The company also reported a 100% growth in North America, driven by the increased adoption of its proprietary CatChek technology, which monitors and optimises the performance of flotation circuits.
SciDev reported a Q1 revenue of A$21.6m and cash receipts of A$19.3m, with a stable gross profit margin and a positive cash flow from operations of A$1.2m. The company had a cash balance of A$8.0m at the end of September 2023.
Halpin said that SciDev’s client footprint continued to grow through FY23, as more companies turned to SciDev to utilise its industry-leading solutions.
He said that the company is committed to delivering value to its shareholders, customers, and stakeholders, by providing sustainable and cost-effective solutions for water and chemical management.
SciDev is a leader in environmental solutions focused on water-intensive industries. Our solutions allow clients to reuse water, improve operational efficiencies and reduce their environmental footprints. We deliver world-leading chemistry and water treatment technology with end-to-end support from our specialist scientists and engineers.
SciDev works with clients across a range of industries, including Mining, Oil & Gas, Construction & Infrastructure, Water Treatment.