Envirosuite Secures Odour Monitoring Contract With Kuwait Environment Public Authority

Envirosuite Secures Odour Monitoring Contract With Kuwait Environment Public Authority

As per the recent ASX announcement dated 17th December, environment management tech firm, Envirosuite Limited (ASX: EVS) wins a significant contract with Kuwait Environment Public Authority (K-EPA) to provide a city-wide odour monitoring and management system for community well-being.

Envirosuite Limited provides real-time environmental management software solutions across the range of industries such as mining, oil refineries, government, and port operators. Its offering includes Environmental Compliance, Risk Management, Incident Intelligence, Impact Modelling, Blast Management, and Environmental Intelligence.  [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

EVS’S three-year contract with K-EPA marks its debut entry into the first whole-of-city application as well as the first sale of its new proprietary E-nose sensors, effective smell detective device.

The cloud-based odour management device got transferred as part of Envirosuite’s acquisition of Odotech Inc in early 2018.

The contract will involve K-EPA capitalizing on Envirosuite’s environmental software solutions in analysing and thereby catering to odour issues and general air quality management in Kuwait, thereby improving citizen’s welfare.

The contract, currently in its initial phase, is expected to expand given the success of this project.

As stated by company Chairperson Peter White, the company is looking forward to delivering its world-class odour management platform across Kuwait City. The company is standing strong to make a robust long-term footprint as leading air quality solutions provider.

As per ASX announcement on 11th October 2018, Envirosuite received a significant upgrade order from BHP Joint venture- Carbones del Cerrejon, biggest coal-miner in Latin America. Envirosuite has provided effective environmental compliance and risk management solutions to Cerrejon for past 2 years for dust management and air pollution issues.

The company has also received a purchase order from Cerrejon pertaining to two additional solutions- Blasting solution and Water Monitoring solution.

Envirosuite recently announced the shareholder approval (at September Annual General Meeting) and finalization for the second tranche of share placement. This involved raising $7.4 million by issuing 98,693,254 shares at an issue price of $0.075. The first tranche involved the issue of 34,640,080 shares, raising around $2.6 million at an issue price of $0.075.

As per recent ASX release, Envirosuite reported continued growth in Annualized Recurring Revenue. It targets at reaching $6 million ARR by June 2019 and continue to achieve 100% growth in ARR in the following financial year.

Financial performance

As per the company’s financial performance for the year ended 30th 2018, the company’s operating revenue fell by whooping 72% from $16211k in 2017 to $4577k in 2018. The loss after tax at$ 5168k, increased by 19% as compared to $ 4336k last year.

The company’s earnings per share stand at 2.2 cents as compared to last year’s figure of 2 cents.

Stock performance

EVS stock has performed poorly this year with a YTD return of around -27%. The company’s current share price at $0.060 represents around 86% down from its inception at $0.400.

The company has a market capitalization of $19.22 million and earnings per share of -0.022 AUD.


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