SciDev Ltd reported a record second-half EBITDA of AUD 2.5 million, more than double the first half, as its Water Solutions segment drove profitability gains despite headwinds in Energy Services.
The company’s Water Solutions unit generated AUD 48.3 million in revenue for the half, up 13% year-over-year, while underlying EBITDA reached a record AUD 4.2 million, an increase of AUD 3.6 million from the prior year. The segment’s recurring revenue share rose to 38% of total revenue, up from 30% a year earlier, reflecting a strategic shift toward sustainable contracts.
SciDev’s Energy Services segment maintained profitability with EBITDA of AUD 4.8 million, though the unit faced challenges following the loss of a major contract. The company exited direct operations in the U.S. and U.K. Water Technology markets, transitioning to a channel partner model to eliminate ongoing losses.
Liquidity improved, with net cash totaling AUD 6.8 million and total available liquidity at AUD 13.8 million. Corporate costs were reduced by approximately AUD 1.6 million, contributing to a total cost base reduction of AUD 4 million across the year. The current ratio stood at 5.12, while the InvestingPro Financial Health score was 3.32 out of 5.
Chief Executive Officer Todd Scott highlighted the contrasting performance between segments, noting that Water Solutions delivered record revenues and earnings while Energy Services faced setbacks. Scott emphasized a focus on markets where SciDev has a competitive advantage, pointing to recent entry into the data center sector as an example of targeted growth. The company secured two contracts in the segment within six months, including early-stage consulting for a major project and an embedded engineer model.
The Newmont Boddington Gold Copper Mine chemistry contract is expected to add approximately AUD 2 million in annual recurring revenue, while the Rum Jungle contract is valued at AUD 19.5 million. SciDev did not provide formal revenue or earnings guidance for FY 2027, stating updates would be provided through quarterly results and news releases instead.
