12th Mar 2014 10:34
LONDON (Alliance News) - HaloSource Inc Wednesday posted a roughly flat pretax loss for 2013, as higher revenue was offset by increases in operating expenses.
The water purifying technology company posted a pretax loss of USD12.4 million, roughly flat on the previous year, as higher operating expenses offset a rise in revenues to USD16.1 million from USD13.3 million.
Operating expenses rose to USD18.6 million from USD16.7 million. Sales costs also rose to USD9.5 million from USD8.9 million in 2012.
Revenue growth was driven by the company's Recreational Water segment and its Drinking Water segment, boosted by new supply agreements, said the firm. In its Environmental Water segment revenue declined to USD1.3 million from USD2.2 million, hit by difficulties with regulatory issues in international markets and difficult weather conditions in the western US.
However, the company expects the Environmental Water segment to see a strong return to growth in 2014 as it moves past these issues.
HaloSource said during the second-half it had embarked on an aggressive cost management effort with the aim of lowering spending by 15% in 2014.
"We are very excited at the prospects for growth in all segments of our business in 2014 and beyond as we reach for cash flow break even and aggressive future growth funded from business operations," the company said in a statement.
Shares in HaloSource were trading down 7.1% at 6.50 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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