15th Sep 2015 08:42
LONDON (Alliance News) - HaloSource Inc Tuesday expressed confidence in its outlook for 2015, as it reported a slightly narrowed pretax loss for its first half.
The clean water technology company posted a pretax loss of USD5.4 million, narrowed slightly from a pretax loss of USD5.7 million a year before, on revenue of USD7.5 million, up from USD7.3 million a year before.
HaloSource attributed its rise in revenue to continued growth in its Drinking Water segment, as its strategy of going to market via strategic partners continued to build momentum. In China and India its partners continued to expand sales, marketing and distribution of their water purification devices using HaloSource's 'HaloPure' disinfection technology.
Following the year end, the company signed a deal with Panasonic Corp's Indian subsidiary to launch a new line of water purification devices using 'HaloPure', and the first of two devices in the line are scheduled to begin selling in September.
The growth in Drinking Water helped offset a fall in revenue in its Recreational Water segment, as a result of the company previously cutting the size of its direct sales team and shifting towards a lower cost, commission only indirect sales model in an effort to improve profitability in this segment.
"We continue to sharpen our focus on delivering sustainable growth in revenue, margins and profitability and we remain confident in our outlook for the full year," said Chief Executive Officer Martin Coles in a statement.
Shares in HaloSource were down 1.5% at 20.80 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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