- Yesterday afternoon, SciDev (SDV) entered a trading halt ahead of a capital raise announcement
- Prior to entering a trading halt, the water treatment specialist released its June quarterly report
- SciDev accumulated $8.1 million in cash receipts from customers – marking a 36 per cent rise on the March quarter
- Despite this, sales dropped 24 per cent on the March quarter, which SciDev attributes to COVID-19
- Similarly, project delays have caused anticipated revenue to be included in the 2021 financial year instead of FY20
- Company shares last traded for 68.5 cents each on July 14
Yesterday afternoon, SciDev (SDV) entered a trading halt ahead of a capital raise announcement.
SciDev will remain in a trading halt until the earlier commencement of normal trading of Monday, July 20, or unless the announcement is released earlier.
Prior to entering a trading halt, the water treatment specialist released its quarterly report for the June period.
SciDev reportedly compiled $8.1 million in cash receipts from customers for the June quarter, which represents a 36 per cent increase on the March quarter.
SciDev also experienced its second cash flow positive quarter in a row.
Despite this, sales dropped 24 per cent on the March quarter, which SciDev attributes to COVID-19. The company claims the pandemic led to weakened demand, specifically in North America, for its specialised technologies.
Additionally, the delay in a number of overseas projects has caused anticipated revenue from those projects to be included in the 2021 financial year as opposed to FY20.
While the company had a generally cashflow positive quarter and $7.6 million in leftover finance facilities, it’s preparing for an upcoming capital raising.
Company shares last traded for 68.5 cents each on July 14.