Why did HSC Technology (ASX:HSC) shares close 12.5% higher today?

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Summary

  • HSC Technology Group has obtained PO from ACH Group for ~ A$618,000 concerning two additional residential care sites in South Australia.
  • Through this deal, the Company further extends its relationship with ACH Group.

HSC Technology Group Ltd (ASX:HSC) announced that it had obtained additional purchase order (PO) from the Aged Care & Housing Group Inc (ACH Group) concerning additional two sites of residential care in South Australia for ~A$618,000.

Following the announcement, the HSC shares moved north, ending the session 12.500% higher at A$0.018.

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HSC Technology Group is a provider of multiple Related Health & Smart Home solutions. Its assistive technology platforms let aged and disable people to stay independent via data analysis, along with human examining, to determine residents’ schedules & identify irregularities.

Earlier on 28 January 2020, the Company was given a bid to offer assistive technology to multiple ACH Group sites in SA. The ACH Group tender seeks out a solution aiming at effectiveness and optimisation with the help of IoT technology throughout its residential aged care sites. These residential aged care sites have over 800 residents altogether. The assistive technology scope comprises nurse call tracking, real-time location systems, along with the TALIUS IoT solution.

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FY2020 Highlights

In FY2020 ended 31 December 2020, the Company reported 428% growth in sales, which reflects the investment in the team and technologies supporting HSC’s go-to-market strategy. During this period, HSC appointed three additional business development managers to support various projects. HSC demonstrated success in selling into key market segments. It includes:

  • Community Housing: Bolton Clarke
  • Residential Aged Care – Aged Care and Housing (ACH) Group
  • Disability Housing: Odyssey Lifestyle Care Communities
  • International: St John's Home for Elderly Persons in Singapore.

Overall, the year 2020 was positive for the Company, and it achieved its objectives to turn around the Company's past legacy issues.

Upcoming Plans

In the upcoming period, the Company has plans to invest in a best-of-breed solution for assistive technology. It would partner with several exciting and innovative partners like  CardiacSense, CSIRO and Tochtech, to offer additional health innovation and drive corporate performance.

ALSO READ: HSC Technology (ASX:HSC) raised $3M from Institutional placement; trading halt lifted

 


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