Join our daily newsletter At The Bell to receive exclusive market insights
- Secos Group (SES) expects to post a $2.6 million unaudited net profit in its FY21 annual report, a sharp turnaround from FY20’s loss
- The bioplastics developer says it brought in revenue worth $30 million over the past year, as well as $5.7 million in gross profits
- SES says the figures represents a 43 per cent and 54.8 per cent improvement year on year respectively, and come despite COVID-19’s impact
- The company expects similar growth in FY22, but noted ongoing disruptions related to the pandemic are causing uncertainty within the market
- Secos Group shares closed up 3.28 per cent at 31.5 cents each on August 11
Secos Group (SES) expects to post a $2.6 million unaudited net profit in its FY21 annual report, a sharp turnaround from FY20’s loss.
The bioplastics developer has released a preview of its 2021 financial year results, stating they mark a “material improvement” from last year’s $1.2 million loss.
SES also reported $30 million worth of revenue across FY21, a 43 per cent increase year on year, along with $5.7 million in gross profits — a 54.8 per cent increase.
The company said the expected results were pleasing given the impact COVID-19 had on operations throughout FY21.
“SECOS experienced significant disruptions throughout the past year due to the impacts of COVID-19, including numerous lockdowns and delays in shipping and logistic limitations,” SES said in a statement.
SES expects the pandemic to continue to impact the business in the 2022 financial year, noting “trading conditions remain uncertain”.
But, the bioplastics developer expects its capacity expansion rollout plan to be completed by the end of this year which should allow for higher growth.
Full details of the company’s FY21 results will be released later this month.
Secos Group shares closed up 3.28 per cent at 31.5 cents each on August 11.
