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Australian environmental technology firm, Envirosuite Limitedâs (ASX: EVS) shares went up by 13.043% today (i.e., 6 March 2019) after the company announced its first industrial manufacturing win in the European region.
In an announcement made on 6 March 2019, the company announced that multinational steel-making company Tata Steel Limited has adopted the Envirosuite platform. This is the companyâs first global win in the steel manufacturing sector. Envirosuite platform will allow Tata Steel plant to take action before air quality issues occur and respond rapidly and effectively while incidents are emerging.
While commenting on this significant win, the companyâs CEO Peter White informed that the Envirosuite platform is extremely well-suited for steel manufacturers and working with Tata Steel at this initial site is an excellent commercial entrance for the company into this sector.
Mr. white congratulated Tata Steel in taking a global leadership position in their sector to implement a proactive management approach to the air quality experienced in their neighbouring communities.
He further told that the company is looking forward to broadening its relationship with Tata Steel as well as other participants in the metals manufacturing sector.
As per the companyâs announcement, Envirosuite will be used at Tata Steelâs Port Talbot operation in West Glamorgan, Wales, UK to proactively manage and drive improvement in the air quality impacts of their operations.
Envirosuiteâs unique set of tools for air quality management will be configured to allow a wide variety of operational and environmental staff to better manage the relationship between Tata Steelâs operations and the air quality in the surrounding community.
In the first half of FY 2019, the company reported revenues from ordinary activities of $4.306 million which was 306% higher than the previous corresponding period (pcp). However, the company reported a net loss of $2.081 million which was 10% higher than the loss of $1.891 million in pcp.
During the half year period, the company announced several commercial achievements, most notably being the achievement of reaching its ARR target for FY18 and a number of significant client wins that gave a strong start for the new financial year. During the half year period, the company completed a capital raising of $10 million from institutions and sophisticated investors. The company also entered into the âsmart-citiesâ sector that is already proving to be a significant addition to its existing focus industry sectors of wastewater and mining.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The stock last at a price of $0.130, up by 13.043% during the dayâs trade with a market capitalization of ~$42.5 Million as on 6 March 2019. The stock has provided a year till date return of 82.54% & also posted returns of 41.98%, 74.24% & 32.18% over the past six months, three & one-months period respectively. It had a 52-week high price of $0.140 and touched 52 weeks low of $0.037, with an average volume of ~1,073,991.
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