28th Jul 2015 09:31
LONDON (Alliance News) - HaloSource Inc on Tuesday said it remains focused on becoming cash flow breakeven and achieving profitability at least in line with market expectations, as revenue rose 3% in its first half.
The clean water technology firm said its revenue rose to USD7.5 million in the half year to end-June, up from USD7.3 million a year before, driven by an increase in revenue from its drinking water segment.
Revenue for the drinking water segment rose 33% to USD2.7 million from USD2.0 million, boosted by growth with strategic partners in China, India and Latin America. This offset a decline in revenue in its recreational water segment, which fell 10% to USD3.6 million from USD4.0 million, as a result of a one-off stocking order in the previous year.
"Against this growth backdrop, we remain focused on achieving cash flow breakeven and profitability at least in-line with market expectations through continued revenue growth, margin expansion and tight control of costs," said Chief Executive Officer Martin Coles in a statement.
Shares in HaloSource were down 2.4% at 20.50 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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