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Proventec
- BY: Andrew Hore |
- POSTED: 10/07/2007 |
Steam cleaning technology company Proventec is well-placed to improve its performance this year.
Although Proventec reported a profit of £1.3m in the year to March 2007 that was mainly down to gains on the sale of its technology investments, particularly Aim-quoted coatings company Hardide. A lack of supply of steam cleaning equipment from the Italian manufacturer held back the progress of the core business. New machines and tooling are due to be launched in the autumn. Management sees the US as an important market but it needs to build up stocks for the market. Proventec expects to release test data that will show that its steam cleaners can destroy hospital superbugs.
In June Proventec paid £5.5m for 80% of Contico Manufacturing, which widens the range of products it can sell as well as providing additional distribution capabilities. At the beginning of July the company raised £1m from a placing at 9p a share. At the end of March Proventec had net debt of £5.5m and it still has investments on its balance sheet which it can sell.
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