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Company News Summary

Phoslock Environmental Technologies Provides Business Update

26 Mar 2020  |  14:17:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Business Update

Phoslock Environmental Technologies provided an update reporting sales revenue for the 12 months to 31 December 2019 was $24.5m, up 32% YoY, Gross Profit Margin was 54.7%, up from 49.7% YoY, Net Profit (before Tax and Option Expense) was $3.7m, up 10% YoY and Net Profit after Tax was $2.7m, loss $1.0m YoY. In China, the Company's Changxing factory recommenced production of Phoslock on 17 February. Production was initially one shift. This moved to two extended shifts by 2 March. Production is averaging over 50 tons per day. The factory produced 60 tons of Phoslock, a new record for daily production. The Company maintains its FY2020 Revenue Forecast in the range $50m - $70m.

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