News blog
Proventec
- BY: Andrew Hore |
- POSTED: 29/11/2009 |
Proventec has won a new contract from NHS Scotland for cleaning products.
This news came after Proventec reported an increased loss for the six months to September 2009. Revenues fell from £8.2m to £8m while the loss rose from £649,000 to £1.02m.
The steam cleaning systems supplier is cutting its costs so that it can cope with slower growth than it originally anticipated. The business is being split into two: healthcare and industrial. There has been a slow up take in the healthcare sector even though there is evidence that steam cleaning is effective in hospitals. A fully funded trial with the Durham and Darlington NHS Trust should provide more evidence. Results are expected in the second quarter of 2010.
The industrial division includes the Cryojet dry ice cleaning system. Cryojet is working with a petroleum business in Rotterdam and one project is being evaluated. New steam cleaning equipment is being developed for the industrial sector.
Net debt was £16.2m at the end of September 2009.
At 57p a share, Proventec is valued at £8.79m.
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