Preliminary Results for the Year to 30 September 2008
11th Dec 2008
Pursuit Dynamics plc (AIM: PDX), the developer and exploiter of PDX®, the process improvement platform technology, is pleased to announce that it has continued to make good progress in the commercialisation of its wholly owned PDX technology during the year ended 30 September 2008.
Commercial Highlights
* Ethanol: significant advances in biofuels programme
* Basilisk decontamination licensed to EADS for the European NATO countries
* Aquasonic fire protection system launched
* Food and Brewing impacted by challenging trading in these sectors
* Signed contract for the installation of a PDX Ethanol Reactor Tower (ERT) with
Iroquois Bio-Energy Company LLC
Financial Highlights
* Turnover 2008 - £3.3 million (2007: £3.1 million)
* Operating loss - 2008 £8.0 million (2007 £7.0 million)
* Cash 2008 - £8.2 million (2007: £7.5 million)
Commenting on the results, Andrew Quinn, Chairman of Pursuit Dynamics Plc said:
"This has been another year of real progress for the Company and we have made strong advances towards achieving a sustainable revenue base from our groundbreaking technology. In particular, we have taken significant steps to build our business in the US bioethanol market, where we can see a clear path to profitability through the dramatic potential impact of our Ethanol Reactor Tower.
"2009 will be a challenging year for all business but despite the current economic crisis, we are confident that the real cost benefits and performance improvements that the PDX platform technology offers will result in further progress being made."
