26th Jan 2015 08:20
LONDON (Alliance News) - HaloSource Inc said Monday that it expects its full year revenue to meet market consensus for 2014, and expressed confidence for its growth prospects in 2015 and beyond.
The clean water technology firm expects to post revenue of USD21.0 million, up from USD16.1 million in 2013, which it attributed to a strong performance from its drinking water and environmental water divisions, and a "more modest" revenue increase in its recreational water division.
In drinking water the company saw revenue rise 97% as it saw strong growth in the market for point-of-user water purification devices.
In environmental water revenue more than doubled as it expanded its partnerships in Canada and the US, and HaloSource said it expects to establish additional "strategic tie-ups" in 2015 as the US industrial markets continue to recover.
Its recreational water division saw revenues rise 1%, constrained by poor weather conditions in North America. Despite this, the company expressed optimism for a return to "solid growth" in 2015, citing signs of recovery in the overall residential real estate market.
HaloSource had cash of USD14 million at the year-end, which it said gives it "adequate capital" to continue executing its business plan.
"We remain focused on achieving cash flow breakeven and profit as we drive revenue growth and margin expansion while also maintaining tight reins on our spending," said Chief Executive Officer Martin Coles in a statement.
Shares in HaloSource are trading up 2.5% at 17.55 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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