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SECOS Group Ltd (ASX:SES)

ALERT: Price-sensitive ASX Announcement for SES
Current share price for SES : $0.038 0.003 (8.57%)+
Announcement
Release
30 Oct 2024 8:26AM
Price at Release
$0.035
Full Release
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Summary
SECOS Group Limited reported a strong performance in its Quarterly Activities Report for the September 2024 quarter, showcasing an overall increase in sales of sustainable products by 17.2% compared to the previous corresponding period. Notable highlights include a record growth in MyEco® branded global sales, achieving 62.8% growth, despite a seasonal decrease in council and waste management sales. The company continues to innovate with the successful launch of new compostable products and is actively participating in discussions regarding waste management standards in Victoria. The outlook remains optimistic with projected growth driven by strong demand for sustainable packaging solutions.
Key Points
  • Total sales of sustainable products were $3.7m in Q1 FY25, up 17.2% on prior corresponding period.
  • Record quarter for MyEco® branded global sales which were up 62.8% on PCP.
  • Sustainable Film sales increased by 77.8% on PCP.
  • Net operating cash flows of -$0.7m in Q1 FY25.
  • Closing cash of $5.2m with no debt.
  • Successful tender in Victoria for Ballarat Council expected to deliver $0.9m in sales.
  • Launch of a new compostable 12 Litre MyEcoBag® in 970 Woolworths stores.
  • SECOS continues to develop new resin grades and compostable products.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.