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SciDev (ASX:SDV) - Managing Director & CEO, Lewis Utting - The Market Herald
Managing Director & CEO, Lewis Utting
Source: Switzer Financial Group
  • 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.


Find out more about this capital raise


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