10th Mar 2015 11:27
LONDON (Alliance News) - HaloSource Inc on Tuesday said its pretax loss narrowed in 2014 as the group reported revenue growth in its drinking water and environmental water divisions.
The clean water technology company said its pretax loss for the year was USD8.6 million, compared to a USD12.4 million loss posted a year earlier.
Revenue increased to USD21 million from USD16.1 million, boosted by strong performances in its drinking water and environmental water divisions. Drinking water revenue nearly doubled to USD6.3 million from USD3.2 million, while environmental water revenue more than doubled to USD3 million from USD1.3 million.
But revenue in is largest division, recreational water, was down 1% to USD11.5 million from USD11.4 million, hit by lower sales in the US due to the unseasonable weather conditions in the first half.
"With the support of both new and previously existing shareholders, we are confident in our ability to continue to grow revenues, expand margins and control expenses in order to reach cash flow break even and profitability while also making a critical difference in the world by bringing clean water to those we serve," said Chief Executive Officer Martin Coles.
Shares in HaloSource were flat at 18.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Halosource (Di)