9th May 2018 11:56
LONDON (Alliance News) - HaloSource Corp on Wednesday reported a narrowed annual loss despite a drop in revenue as it continues to focus on its Drinking Water business.
For 2017, clean water technology firm HaloSource posted revenue of USD2.0 million, slightly down from USD2.1 million the year before.
Despite this, its pretax loss narrowed to USD6.8 million from USD11.0 million, mainly due to a fall in operating expenses to USD6.3 million from USD10.3 million. Operating costs fell, the company said, as a result of reduced headcount after shedding two of its three businesses in 2016.
Sales were flat in 2017, HaloSource said, but USD600,000 worth will be carried into 2018 revenue as they were not deemed to meet the criteria for recognition until early this year.
Looking ahead, the company expects to increase sales and gross profit in 2018, though it does face "significant" risks related to its continued requirement for external financing.
HaloSource also expects first half 2018 trading to improve year-on-year, and it expects results for the entire year to meet expectations.
The focus for 2018 will be to reach profitability, and it is confident its newly-launched 'astrea' heavy metal reduction bottle in the US will be a commercial success.
Shares were untraded on Wednesday at 1.375 pence each.
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