PET reports audited First Half 2023 results commentary & trading status update

Interim accounts released; trading status update

Phoslock Environmental Technologies (ASX: PET) today released audited financial results for the half year ended 30 June 2023. The Appendix 4D and interim report accompany this announcement.

Revenue for the period was $1,002,000, which was down 20% on the $1,258,000 generated in the prior corresponding period. The decrease was primarily as a result of project delays converting to contracts and a slower than expected ramp-up of new projects. Gross profit was $531,000 for the six months (6 months to 30 June 2022: $715,000). The gross profit margin was 53%, down from the prior period’s 56% as a result of increased sales to distribution partners and fluctuating freight rates within the period. Underlying EBIT for the period was a loss of $3,636,000 compared to a loss of $5,311,000 in the prior corresponding period.

As foreshadowed in the Company’s announcement of 31 August 2023, the interim accounts have been prepared on a non-going concern basis.

Trading Status

The securities of the Company were involuntarily suspended from quotation by the ASX on 14 August 2023. The Company securities will remain suspended until such time as ASX is satisfied with its compliance with Listing Rule 12.2.

The Company will engage with ASX in relation to the suspension, having regard both to Listing Rule 12.2 as well as the other matters concerning the Company’s activities and future which were referenced in the Company’s announcements to the ASX on 15 August 2023 and 31 August 2023, and will advise the market of updates in due course.

This announcement has been approved by the Managing Director and Chairman

For the full announcement Download PDF.

To see the Appendix 4D report Download PDF.