PDX half-year revenues quadruple
PDX, a fluid technology firm, gave its investors a much needed cheer with the announcement of its half-year results, which saw revenue more than quadruple and losses remain stable following the execution of a cost reduction programme.
PDX, a fluid technology firm, gave its investors a much needed cheer with the announcement of its half-year results, which saw revenue more than quadruple and losses remain stable following the execution of a cost reduction programme.
Earlier this week, the company saw its share price dive 77% after Procter and Gamble (P&G) ended an agreement to use the former's technology, prompting the company to warn that revenue and profit for the full year will be materially below earlier expectations.
During the six months ended March 31st, revenues increased year-on-year from £0.1m to £0.5m while operating expenses increased from £5.1m to £7.5m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Loss before tax remained steady at £7.78m compared to £7.2m the corresponding period. The company was keen to emphasise that it has reduced its costs by 25% from 2010-11 levels. Basic losses per share were the same year-on-year at 10.21p.
Interim Chief Executive Officer, Jeremy Pelczer, said: "As noted in the P&G update on May 21st, there is no doubt that the company is disappointed with the decision by P&G. The challenges and opportunities we face will be addressed within the current strategic review, the findings of which will determine the next stage in the company's development.
"Confidence remains strong in the technology and within the strategic review we are considering all options. In light of the P&G decision we need to make significant and carefully-costed decisions in targeting the right applications, partners and customers to produce meaningful revenue growth."
The firm has decided to speed up a strategic review already underway to help it deal with P&G's decision.
Cash and equivalents at the end of the period leapt from £9.1m from a debt of £4.2m the same date the year previous.
The share price rose 7.5% to 10.75p by 12:47.
NR
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Skipton launches a retirement bond with monthly income – is it any good?
The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
By Katie Williams Published
-
Pensions: 140,000 pensioners to be hit by surprise tax demand
Tens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
By Chris Newlands Published