Dry steam cleaning equipment supplier Proventec improved its underlying profits in the year to March 2008.
The acquisition of cleaning products manufacturer Contico helped boost revenues from £4.96m to £14m. Sales of steam cleaning equipment grew by one-third. Reported profits were flat at £1.3m. Stripping out payments received for its stake in Ultra Motor, Proventec moved from a loss to a £213,000 profit in 2007-08. Net debt is £12.8m. There are £2.9m of investments in surface coatings businesses in the balance sheet.
The 14 month NHS tender for sole provision of steam cleaning equipment started in January but it will make a full contribution this year. There will also be a significant contribution from the new tools that have been developed for the company‘s equipment. Both of these will make a particularly strong contribution to the second half.
Proventec is keen to expand internationally and is looking at acquisitions in the US and Germany. There is also a possibility of licensing its technology in the Middle East. Further expansion of the distribution network is also planned.
Management believes that the secondary quotation on Alternext will encourage more European investors.
The shares rose 1p to 176.5p, valuing Proventec at £21.5m.
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