Pursuit on track in spite of operating loss
AWARD-winning Huntingdon-based atomiser technology company Pursuit Dynamics today told the Stock Exchange of an increase in its operating loss for the year to September 30 – but it is all part of a patient company plan.
After several years of R&D, PDX has recently won a series of contracts to exploit its technologies and deliver earnings over several years.
In its prelims, announced today, PDX says its operating loss before non-cash expenses rose by �1.4m to �7.2m (2009: �5.8m) following further investment in resources to ensure delivery of numerous opportunities.
It details a series of major new contracts, reported by The Hunts Post as they emerged, as well as two new products being developed in conjunction with a major German brewer.
Chief exec Roel Pieper told shareholders: ““The past year has been one of exciting change and progress at PDX.
“We have re-aligned our business into six distinct divisions, we have entered into a range of commercial agreements and we have significantly strengthened our senior management team. PDX has developed considerably over the past year and we have achieved tangible success in driving our commercial development.
“As we enter the next financial year we are in a strong position to build on the progress made last year.
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“We have now signed new agreements with two of the world’s major brewers and one of the largest brewers in Germany, four new bioethanol contracts and a collaboration with the Singapore Civil Defense Force. Our business divisions are all operating commercially and we have a very promising new business pipeline on the horizon.”