Singapore-Australian water and wastewater treatment company, De.mem (ASX: DEM), achieved sales growth of 262 per cent in 2019, according to a company announcment.
The company, which produces membrane filtration systems in Singapore and Queensland, recorded revenues of $10.5 million in the year, up from $2.9 million in 2017.
De.mem chief executive, Andreas Kroell said: “(Calendar year) 2018 has been a great year for De.mem with progress in all key areas.
“We have met our financial forecasts, achieved significant year on year revenue growth, and firmly established our operations in Australia and Asia.”
During the year the company opened offices in Adelaide and Melbourne, broadened its marketing into the food sector and developed a new UIltrafiltration membrane in-house.
The company’s cash balance at the end of the year was $1.7 million with an additional $400,000 received from investors in January.
Kroell said the development of its own hollow-fibre membrane was an important milestone which demonstrated De.mem’s in-house R&D capabilities.
“The new membrane has been extensively pilot tested and shows excellent technical performance.
“It combines a relatively low pore size, which indicates a strong rejection of contaminants, with high throughput.”
During the final quarter of the year the company delivered a chlorination system to the Maranoa Regional Council in Queensland, and sold a membrane-based water treatment system to the South32 Cannington mine.
Kroell said the company had built a strong sales pipeline which would translate into revenue in 2019.
“We see considerable scope for growth in the water and wastewater treatment markets with a lot of opportunity evident in municipal, food and beverage, and agricultural sectors.”
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