Interim Report - 31 December 2024 and App 4D
| Stock | Scidev Ltd (SDV.ASX) |
|---|---|
| Release Time | 27 Feb 2025, 8:49 a.m. |
| Price Sensitive | Yes |
Solid 1H financials & first strategic wins in Europe
- Revenue of $49.9m in line with pcp
- Underlying EBITDA of $3.4m up 6% on pcp
- Positive operating cash flow of $2.2m
SciDev Ltd (ASX: SDV) reported its financial and operational performance for the six months ended 31 December 2024 (1H FY25). The company delivered revenue of $49.9m, consistent with the prior corresponding period (pcp) despite a seasonal slowdown in the US Oil & Gas sector. Underlying EBITDA increased 6% to $3.4m, driven by high-margin chemistry and growth in water technologies. SciDev achieved positive operating cash flow of $2.2m and ended the period with $11.0m in cash. Key highlights include the growth of the European Water Technologies business with first contracts secured in Sweden and the UK for PFAS treatment, the securing of multiple water technology contracts in Australia, and the continued delivery of major projects including two water treatment plants for a large infrastructure project in Sydney. In the Chemical Services segment, SciDev participated in successful trials with blue-chip E&P companies in the Permian Basin, executed a supply agreement with a blue-chip client, and commercially launched a new Iron Tolerant Friction Reducer line. The Nuoer SciDev Joint Venture also continued to supply into Turkey and secured its first sales in the US mining market. Looking ahead, SciDev expects market conditions in the US Oil & Gas sector to continue improving, supporting a stronger second half. The company will also leverage its Nuoer SciDev JV to expand its customer base in the global mining market and focus on scaling operations and expanding its asset base in Europe to drive growth in water technologies.
SciDev expects market conditions in the US Oil & Gas sector to continue improving, supporting a stronger second half in line with the same period last year.
SciDev is focused on scaling operations and expanding its asset base in Europe to drive growth in water technologies, leveraging its Nuoer SciDev JV to expand its customer base in the global mining market, and accelerating expansion into the North American water technology sector with a focus on PFAS remediation.