Preliminary Results for the year ended 31 December 2016

HaloSource Inc. (HAL.LN, HALO.LN), the global clean water technology company traded on London’s AIM, today announces its preliminary results for the financial year ended 31 December 2016.

Financial Highlights

·      Consolidated revenues from continuing operations (the Company’s Drinking Water segment) were $2.1 million (2015: $4.3 million)

·      Operating expenses from continuing operations of $10.3 million (2015: $10.8 million) 

·      Income from discontinued operations, the Company’s Recreational and Environmental Water segments which were disposed in 2016, was $0.4 million (2015: loss of $0.8 million), including a gain on the sale of the two segments of $1.5 million total

·      Net loss of $10.7 million (2015: net loss of $11.4 million) 

·      Total net cash at year end, including short-term investments, of $2.1 million, which is expected to fund the Company until the end of Q2 2017

·      Pursuit of additional equity financing or sale of the Company, as announced on 9 January 2017, continues

Operational Highlights

·      Completed the sale of the Company’s Recreational Water and Environmental Water businesses to focus exclusively on the Drinking Water business

·      Simplification of the Company’s supply chain and closure of its manufacturing facility in India to improve gross margins in 2017 and beyond 

·      New lab established in India, cost-effectively increasing the Company’s capability to provide global support for microbiological and heavy metals testing, as well as innovation

·    Continued advancement of the Company’s lead reduction technology, including successful completion of pilot scale production as previously announced

James Thompson, Acting CEO of HaloSource, said: 

“In 2016 we successfully implemented our plan to focus exclusively on HaloSource’s Drinking Water business, whilst continuing to aggressively reduce our cost of goods and operating expenses. We remain committed to delivering our class-leading HaloPure® Drinking Water technology through current and future strategic partnerships with some of the world’s leading brands and retailers.  In addition, we look forward to completing the commercialisation of our previously announced lead reduction technology, thereby opening the Company’s products to more new customers and markets around the world.”

Read the full notice here