- SciDev (SDV) is anticipating around $4 million in revenue from the oil and gas sector will be received during the second quarter of the 2021 financial year
- In comparison, the chemistry technology developer made $3 million in revenue from the sectors during Q1 FY21
- The revenue increase is being driven by a surge in activity within the U.S. oil and gas sector after both were impacted by COVID-19 earlier this year
- The uplift has in turn increased demand for SciDev’s Highland Fluid Technology (HFT) chemistry and professional services
- SDV reports its HTF business has managed to grow its market share and secure several new contracts over the December quarter
- Shares in SDV have ended the day up 8.33 per cent at 78 cents each
SciDev (SDV) is anticipating around $4 million in revenue will be received during the second quarter of the 2021 financial year, an increase on last quarter’s results.
The chemistry technology developer expects all of that revenue to be received from its business operating within the U.S. oil and gas sectors.
If the company does hit $4 million in revenue, it will represent a decent increase from the $3 million in revenue it made during the first quarter of FY21.
The forecast jump in revenue is being solely attributed to the uplift in activity within the North American oil and gas sectors, which were impacted by COVID-19 during the June period.
The increase in activity within those sectors has in turn driven demand for SciDev’s Highland Fluid Technology (HFT) chemistry and professional services.
HFT essentially works to process and recycle the ‘workhorse’ fluids used in the upstream oil and gas business.
“SciDev, through HFT, continues to see strengthening activity levels in the U.S. Oil & Gas Sector,” Managing Director and CEO Lewis Utting explained.
Along with the increase in forecast revenue, SDV reports its HTF business has managed to grow its market share and secure several new contracts over the December quarter.
“Our supply chains remain strong and customer demand is growing. Our investment in organisational capability during CY2020 is yielding results, with HFT capturing an increasing amount of market share,” Lewis added.
Shares in SciDev have ended Tuesday’s session up 8.33 per cent, trading at 78 cents each.