Hunts innovator optimistic of cah-positive 2010
HUNTS Post Business Awards winner Pursuit Dynamics, which operates at the cutting edge of atomiser technology, is optimistic of achieving positive cash flow next year in spite of reporting further preliminary losses. AIM-listed Pursuit, based in Huntingdo
HUNTS Post Business Awards winner Pursuit Dynamics, which operates at the cutting edge of atomiser technology, is optimistic of achieving positive cash flow next year in spite of reporting further preliminary losses.
AIM-listed Pursuit, based in Huntingdon, said turnover, excluding discontinued operations, in the year to September 30 fell to virtually nil (�50,000, compared to �500,000 in 2007/08, but a cost-cutting programme had reduced cash operating costs by �1.1 million to �5.8 million (2008: �6.9million).
Monthly overhead cash burn reduced to �400,000 (2008: �700,000) after disposal of Pursuit Processing Limited and Huntingdon head office restructuring.
The loss for the year, excluding discontinued operations, was �6.5million (2008: �6.9million). Including discontinued operations, it was �7.1million (2008: �7.5million).
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New chief executive Roel Pieper said: "The PDX technology represents an exciting platform for delivering returns to our shareholders. Having now spent three months in the business and with the benefit of the successful fund-raising, I believe the challenge and opportunity lies in driving financial returns out of the inherent innovation within the company.
"With the new strategy being implemented, we expect to demonstrate commercial success with a number of our existing and new business activities. Given our lean cost structure, we are cautiously optimistic that we may be able to achieve positive cash flow towards the end of the 2009/2010 financial year. In addition, we will continue to explore new business activities to ensure a full pipeline of value creation opportunities for the future."
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Pursuit, founded in 2000 at the start of five years' product development work, was The Hunts Post Business of the Year in 2007, when it also won the innovation award. Dr Marcus Fenton, who leads the company's research and development team, was last month named Employee of the Year 2009.