News blog
Proventec
- BY: Andrew Hore |
- POSTED: 13/11/2007 |
Proventec hopes that the launch of new, patented tooling for its steam cleaning machines, plus associated test results, will help to propel its growth.
Proventec expects to release test data carried out in conjunction with University College Hospital London in the next few weeks. It is being independently verified and is expected to confirm that Proventec’s steam cleaners and tooling can destroy hospital superbugs and bacteria. Proventec has already collected orders for the new tools which are specifically designed to clean mattresses, pipes and other parts of hospitals. The first deliveries will be in January.
In the first half there was a four month contribution from 80%-owned Contico. It generated just over half of the revenues of £5.82m in the six months to September 2007. Stripping out Contico the continuing operations doubled their revenues. There was ‘other income’ of £615,000, which relates to the proceeds of the disposal of Proventec’s stake in Ultra Motor. The reported profit rose from £123,000 to £391,000.
Net debt is £13.3m. There is still one investment held for sale – lithium sulphide battery developer Oxis - which is in the balance sheet for £100,000. Further acquisitions are likely to be funded by shares and an earn-out.
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