Proventec: cleaning up!

Proventec, the provider of specialist steam cleaning and coatings technologies, issued interim results for the six months ended 30 September 2009. Much like Pure Wafer, the past few months have largely been all about cost cutting and survival!

Turnover of £8m was broadly at a similar level to the comparable period (2008: £8.2 m) with Gross profit maintained at £3.4 million. The loss before tax was £1m compared with a loss of £649,000 for the comparable period. The group raised £1.5m in the period through a placing of shares at a price of 50p (current 56p).During the period they acquired controlling stakes in Frank GmbH and CryoJet Industrial Services BV both of which appear to be performing well.Cryojet, the Group’s specialist, industrial cleaning service provider, utilising steam and proprietary dry-ice technology, has been working with a major petroleum producer in Rotterdam to solve the heavy duty cleaning problems associated with the refurbishment and rolling maintenance requirements of that industry. Within the last two weeks Cryojet has completed a specific cleaning project and this is now being evaluated by the main board of the customer with a view to recommending the adoption of Cryojet’s cleaning systems on a global basis for their group.They are currently developing an improved industrial steam machine which will be less than half the price of existing technologies.The balance sheet looked somewhat stretched at 30th September and there was a net operating cash outflow of c£1.4m in the period.