Q3 Results: SciDev continues soaring!
This morning, we announced our Q3 results, where we once again delivered record revenue and EBITDA. SciDev CEO Seán Halpin addressed performance for Q3 FY24, saying, “Our performance in this quarter demonstrates the continued momentum and high demand for SciDev technology as we strengthened our industry position, delivering a record quarterly revenue of $29.1m. Importantly, we continue to grow in a sustainable manner, recording a positive cashflow over the course of FY24 and delivering a year-to-date EBITDA of $6.8 million.
“The company’s strong financial performance is driven by the growth in our client base and operational performance across all markets. Our market share in the oil and gas sector improved significantly as our industry-leading proprietary chemistry is increasingly adopted by a growing client base across multiple onshore basins. We are also expanding the number of SciDev products provided per completion fleet to ensure we continue growing our market share.
“It was a pleasure to welcome Mike Utsler as Non-executive Director. Mike’s extensive experience in the global and North American oil and gas sector and comprehensive strategic and technical knowledge will be invaluable as we continue to grow our American energy business.
“Our results represent a strong set of operational outcomes and successful project milestones that continue to advance our growth strategy as an emerging water tech leader. In the long term, the mega-trends playing out in the world around us continue to underline our confidence in the future demand for our industry-leading solutions.”
“Our results represent a strong set of operational outcomes and successful project milestones that continue to advance our growth strategy as an emerging water tech leader. In the long term, the mega-trends playing out in the world around us continue to underline our confidence in the future demand for our industry-leading solutions.”
Q3 Results
Q3 FY24 Financial Highlights
- Revenue of $29.1m, up 38% on Q3 FY23 (previous corresponding period or “PCP”) and cash receipts of $31.3m
- Cashflow from operations of $3.8m and underlying EBITDA of $3.6m
- Stronger gross profit margin of 30% driven by growing demand for proprietary chemistry solutions, particularly in Energy and improved profitability in the Water Technologies business
- Cash and cash equivalents at 31 March 2024 of $9.1m ($5.8m at 31 December 2023).
YTD FY24 Financial Highlights
- YTD FY24 revenue of $79.4m and unaudited underlying EBITDA of $6.8m, up 12% and 62%, respectively, on the same period in FY23
- Positive operating cashflow of $4.3m.
Q3 FY24 Operational Highlights
- Successfully executed field trial of MaxiFlox® chemistry to a major global gold producer in Central America
- Nuoer SciDev JV Pte Ltd incorporation established in Singapore, expanding on the current partnership with Nuoer Group to take the MaxiFlox® chemical solutions to the global mining industry
- Operated on nine PFAS treatment projects through Q3, generating $3.0m in revenue
- Post quarter end, SciDev executed a contract with an initial value of approximately $2m with Ventia Utility Services Pty Ltd for the supply of a Build Own Operate (BOO) water treatment plant using FluorofIX™ to remediate a PFAS-contaminated site in Victoria, Australia
- Appointment of Mike Utsler as Non-executive Director
