Syft delivers operational revenue of $12.4m up 51%,

Machine sales increase to 37 an improvement of 32%,

Operating profit of $1.1m and cash balance of $5.5m


Doug Hastie Syft Technologies CEO

Doug Hastie

BE(Hons), MBA


Managing Director

Performance highlights (NZD)

Strong sales growth and recurring revenue

  • Syft continues its record of six consecutive years of growth with sales up 51% YOY
  • Growth expected to increase with more instruments sales creating more customer advocates of Syft Technologies
  • Machine sales increased to 37 up 32%
  • Average instrument sale price up 21%
  • Recurring revenue increased by $448,000 or 23%
  • Staff increase 70% from 46 people to 78 people
  • Large scale customers that continue to reorder
  • Many new large scale customers

FY18 results tables

Syft's Shareholders Update

 

Syft's Shareholders Update2

 

Disciplined execution and positive cash flow

  • Cash position, including short term deposits, stands at $5.5m
  • No delinquent debtors, so a better reflection of position would be cash plus debtors less creditors ($8.1m) at 31 March 2018
  • Gross margin increases to 57%
  • The increase in expenses is consistent with our current strategy

Corporate milestones

  • Appointed Martin Goldfinch and Doug Hastie to the Board
  • Employed a new CFO Nicole Robison and People Manager Caro Esterhuizen
  • Introduced a new accounting system – Microsoft Navision
  • Due to ongoing sales success we will employ a Senior Sales Manager to provide structure and mentoring to our talented staff
  • New customers including Max Plank Institute, US Air Force, Dow Chemical, NIOSH, Defence Science and Technology Lab (UK), Janssen Pharmaceutical

Manufacturing

  • We are continuing to outsource our manufacturing to the UK and Europe and are making good progress for continued expansion
  • Increase in manufacturing costs as a result of product development, new production staff and inventory write-downs
  • To help facilitate the manufacturing process we will employ a Senior Operations Manager who has experience with large scale manufacturing

Outlook

Syft is establishing multiple opportunities for continued growth and increasing market share. We will provide a further update at our AGM in August.

Syft Technologies Chief Executive, Doug Hastie commented: “not many New Zealand companies are growing as fast as Syft while remaining consistently profitable. I continue to be very positive on the future of Syft! We have an inspired team who are committed to the success of Syft.”

About Syft Technologies

Syft Technologies designs and manufactures revolutionary scientific instrumentation that enables instant detection of most gaseous chemicals.

Customers include:

  • Global companies such as Samsung, LG, SC Johnson, Ford, and Kraft Heinz Company
  • Universities such as Harvard, Stanford, Imperial College and Cleveland Clinic
  • Government agencies such as Australian and Canadian Customs

Services a diverse range of industries including semiconductor manufacturing, pharma, vehicle testing, environmental monitoring, and food and flavour research. Syft instruments deliver a combination of unique attributes: high selectivity, very low limits of detection, high throughput, ease of use, and very low total cost of ownership. Syft provides class-leading after-sales support.

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