Total
0
Shares
SECOS Group’s (ASX:SES) MyEcoBag sales exceed expectations
Source: SECOS
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Bioplastics developer SECOS Group (SES) is on track to table a material increase in sales and achieve a record quarter
  • The company expects to invoice between $7.3 million to $7.8 million worth of deliveries in the December quarter, compared to $5.8 million in the September period
  • Unaudited figures also show the September quarter was the company's most successful to date in terms of biopolymer sales
  • SECOS has been expanding its production capacity, drawing on funds from a recent capital raise, and will continue to do so in 2021
  • Shares are up 12.9 per cent at market close, trading for 17.5 cents

SECOS Group (SES) expects to table a material increase in sales and achieve a record quarter of sales in the December period.

The company is on track to invoice between $7.3 million to $7.8 million worth of deliveries in the current quarter, compared to $5.8 million in the previous quarter.

In spite of COVID-19 related shipment delays, sales volumes in the September quarter were considerably higher than the year before.

In fact, unaudited figures show it was the company's most successful to date in terms of biopolymer sales, constituting 57.5 per cent of total sales.

"We remain on track to meet or exceed our internal sales targets and are actively expanding capacity to supply current sales commitments and to cater for additional growth opportunities that we see," CEO Ian Stacey said.

Headquartered in Melbourne, SECOS has production facilities in China and Malaysia.

During the quarter, the group drew on funds from a recent $15 million capital raise to invest in augmenting production capacity for its council food and organic waste bags as well as dog waste bags.

SECOS will also increase resin making capacity in the first quarter of 2021 to keep pace with demand.

"I am glad to say we have an experienced operational team around the world who are working hard to meet the evolving needs of our customers. I thank them for their contributions to our results and for the support of the Board who are all working on delivering on our promise to grow at a pace which continues to exceed bioplastic industry averages," the CEO concluded.

Shares are up 12.9 per cent at market close, trading for 17.5 cents.

SES by the numbers
More From The Market Herald
CPV up 11 per cent after recieving order from Grafsol

" ClearVue Technologies (ASX:CPV) tables half-year report

ClearVue Technologies (CPV) has tabled its half-year report for the 2021 financial year, revealing a 51.6 per cent increase to reported revenue from...
- Chairman of Pyne & Partners, Christopher Pyne - The Market Herald

" Titomic (ASX:TTT) engages former Defence Minister’s firm

3D printing company Titomic (TTT) has entered into an agreement with Christopher Pyne and his lobbying firm, Pyne & Partners.
Enegex (ASX:ENX) eyes $1.2M in exploration funding for South West Terrane

" Inventis (ASX:IVT) cancels buyout of QLD furniture companies

Inventis (IVT) is not going ahead with its planned acquisition of two Queensland companies, Emtek Furniture and DesignSpace Commercial Furniture.
SciDev (ASX:SDV) - Managing Director & CEO, Lewis Utting - The Market Herald

" SciDev’s (ASX:SDV) HFT receives purchase order from ExxonMobil

SciDev’s (SDV) U.S. subsidiary, Highland Fluid Technology (HFT), has received a US$500,000 (around A$638,000) purchase order from oil and gas giant, ExxonMobil.