RNS11 Sep 2017 08:19
11/09/2017 7:00am
UK Regulatory (RNS & others)
Halosource Di (LSE:HALO)
Intraday Stock Chart
Today : Monday 11 September 2017
TIDMHAL TIDMHALO
RNS Number : 3005Q
HaloSource Inc
11 September 2017
11 September 2017
HaloSource, Inc.
("HaloSource" or the "Company")
Interim results for the six months ended 30 June 2017
HaloSource, Inc. (HAL.LN, HALO.LN), the global clean water technology company trading on London Stock Exchange's AIM market, today announces its interim results for the six months ended 30 June 2017.
Highlights
-- Revenue from continuing operations of $0.9 million (H1 2016: $1.4 million)
-- Net cash used in operating activities reduced by 58% to $2.1 million (H1 2016: $5.0 million)
-- Reduced operating expenses from continuing operations by 38% to $3.2 million (H1 2016: $5.2 million), expected to decrease further in H2 2017
-- Net loss reduced by 29% to $3.2 million (H1 2016: $4.5 million)
-- Net cash and short-term investments at period end of $2.1 million ($2.1 million as at 31 December 2016)
James Thompson, CEO of HaloSource, said:
"We are very pleased with the progress we have made with our newly executed all Drinking Water business strategy. We generated over 30% revenue growth over H2 2016, our first half year period since exiting our other water related businesses. We made significant announcements in the area of lead-removal (our manufacturing scale-up deal with Chematek, SpA), restructured our supply-chain (exiting manufacturing in India) and signed a brand new e-commerce distribution partner in China (JiuBan).
HaloSource today is a very different business than just one year ago. We are no longer distracted by the non-core commercial activities of our former Environmental Water and Recreational Water businesses. This focus, along with the continued development of a new, proprietary heavy-metal removal offering, will fuel our growth and future profitability. With the expected addition of lead and arsenic reduction to our existing bacteria and virus disinfection technology we expect to cover a much larger segment of the global drinking water contamination landscape. This expanded technology offering not only provides us more to offer new and existing customers in Asia and Latin America, but also enables us to move into the largest markets for drinking water devices; the United States and Europe.
On the product side, in addition to continuing to offer our technologies on an OEM basis, we also are now offering our own astrea(TM) branded line of hydration products (bottles and pitchers); one of the fastest growing segments in the global housewares market. As evidenced by our recently signed distribution deal with JiuBan in China, the market for hydration products is accelerating. We also believe we will expand our gross margins with these types of deals, reflecting products developed with world-class technologies combined with world-class regu