Syft delivers operational revenue of $7.1m up 49%*

Operating profit of $0.6m, up 140%*

Cash balance of $6.0m.

* Compared to prior period of six months to 30 September 2017

Doug Hastie Syft Technologies CEO

Doug Hastie

BE(Hons), MBA


Managing Director

 

Performance Highlights (NZD)

Continued strong, and profitable sales growth

  • An additional $1.2m of revenue (and corresponding profit) had to be pushed into the 2ndhalf of the financial year due to a delay in opening the Korean office. This would have produced revenue growth of 74%
  • Syft Korea in now operational and trading
  • We are on-track to deliver our full year forecast revenue of $22m and $6.3m profit
  • Many new large-scale customers as well as repeat purchases from existing customers
  • Gross margin has increased from 56% to 62%, through higher selling prices

Disciplined execution and positive cash flow

  • Cash position, including short term deposits, stands at $6m
  • No delinquent debtors, therefore a better reflection of our position would be net working capital which is $11.2m
  • The increase in expenses is consistent with our current strategy

Outlook

  • Syft is establishing multiple opportunities for continued growth and our pipeline looks very strong. We confirm our full year forecast given at the AGM of revenue $22m and $6.3m profit

Syft Technologies Managing Director, Doug Hastie commented: “I feel we are on the cusp of a wave. While we have had strong profitable growth over the last few years, I expect our rate of growth to increase given the scale of opportunities we see now. Our primary issue now is creating an organisational structure to deal with this rapid growth.”

 

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

We service 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.

 

For a copy of the interim financial statements, refer to:

Syft Technologies Interim Financial Statements Sept 2018