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13 Dec 2017 3:17
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  •   Home > News > Business

    Syft posts first-half loss as costs climb

    Syft Technologies, which makes high-tech chemical sniffer devices to test air quality, reported a first-half loss partly due to fundraising costs.

    7 December 2017

    Syft Technologies, which makes high-tech chemical sniffer devices to test air quality, reported a first-half loss partly due to fundraising costs.

    But the company said it expects the rest of the year to be "significantly stronger" as it continues to ramp up spending in key areas like sales and marketing.

    Christchurch-based Syft, which trades on the Unlisted market, reported a loss of $40,000 in the six months to September 30 versus a profit of $779,000 in the same period a year earlier.

    Total operating revenue rose to $4.8 million from $4.4m, but expenses jumped to $3.1m from $1.9m.

    Of that, capital raising costs were $271,000 while sales and development costs increased to $2.1m from $1.4m.

    "The major event in our business over the last six months was the $7.5m capital raise of new equity which was strongly supported by both existing and new shareholders," said chief executive Doug Hastie in a statement.

    The funds would result in a "step change" as "we configure our business for the rapid growth we expect".

    Mr Hastie said the company has been managed conservatively but "this cautious mode of operation has had a large opportunity cost give the size of the potential pie".

    Syft has the potential to be a large and very profitable company, "but to be truly successful, we need to make greater investment in sales, marketing and customer driven development," he said.

    One of its main constraints is finding talented people, he said.

    The company's core product uses sensors to sniff out contaminants in the air, even in minuscule amounts.

    It also has technology for the environmental industry to monitor potentially harmful gases, and rapid trace analysis for high-precision technology manufacturing equipment, which can be damaged by contaminants in the air.


    NZN




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