SciDev Limited Achieves Record Revenue in Q4 FY24
SDV (SDV) Share Update July 2024 Wednesday 24th
SciDev Reports Record Revenue and Strong Financial Performance in Q4 FY24
SciDev Limited (ASX: SDV) has reported a record revenue quarter for Q4 FY24, showcasing significant growth in both its Water Technologies and Chemical Services divisions.
Instant Summary:
- Quarterly revenue of $29.9 million, up 56% from Q4 FY23.
- Cashflow from operations at $2.2 million.
- Annual revenue for FY24 reached $109.3 million, a 22% increase from FY23.
- Awarded significant contracts in Water Technologies, including a $4.75 million project with Acciona Construction Australia Pty Ltd.
- Expansion in Chemical Services across four Oil & Gas basins in North America.
Financial Performance
SciDev Limited has reported a remarkable financial performance for Q4 FY24, with total revenue reaching $29.9 million, a 56% increase compared to the same period last year. This growth is attributed to the strong performance of both the Water Technologies and Chemical Services divisions.
The company's annual revenue for FY24 was $109.3 million, marking a 22% increase from FY23. The underlying EBITDA for the year was $8.9 million, up 118% from the previous year. These figures highlight SciDev's successful execution of its growth strategy and operational efficiency.
Operational Highlights
In the Water Technologies division, SciDev secured several significant contracts, including a $4.75 million project with Acciona Construction Australia Pty Ltd to design and construct a water treatment plant for the Western Harbour Tunnel in Sydney. Additionally, a $2 million contract was awarded to supply a Build Own Operate water treatment plant in Victoria to treat PFAS-contaminated surface water.
The Chemical Services division also demonstrated strong performance, operating across four Oil & Gas basins in North America and supporting an average of eight completion fleets during the quarter. The division continued to expand its client base and secure new purchase orders for its MaxiFlox® flocculant and coagulant products.
CEO's Statement
SciDev CEO Seán Halpin commented on the company's performance, stating, 'We continue to build on the momentum of the past year as we accelerate our growth strategy. Driven by an expanding client base in all divisions and enhanced operational efficiency, we delivered record quarterly revenue of $29.9 million, up 56% over the same period last year.'
Halpin also highlighted the high demand for SciDev's proprietary technology, including its PFAS-remediation technology FluorofIX™, and the company's ability to provide practical and reliable water treatment solutions for its clients.
The record revenue and strong financial performance reported by SciDev are likely to positively impact the company's stock price. Investors are expected to react favorably to the significant growth in both the Water Technologies and Chemical Services divisions. The company's strategic focus on expanding its client base and enhancing operational efficiency positions it well for continued growth in the coming financial year.
Investor Reaction:
Analysts have praised SciDev's strong quarterly performance and its ability to secure significant contracts in the Water Technologies division. Investors have shown confidence in the company's growth strategy and its potential to capitalize on future opportunities in the PFAS-remediation market and other sectors.
Conclusion:
Investors should keep an eye on SciDev's continued growth and its ability to secure new contracts and expand its market presence. The company's strong financial performance and strategic initiatives make it a promising investment opportunity. Stay informed on SciDev's developments and consider the potential long-term benefits for your portfolio.