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FT: Halosource in the swim

by: David Blackwell 

Published: February 23 2011 22:43 | Last updated: February 23 2011 22:43

Nevertheless, overseas companies with a good growth story in emerging markets can still tempt investors. The best example is Halosource, the US-based water purification company that raised $50m by a placing at 135p a share on joining Aim in October. This week its maiden results showed revenues rising from $11.8m to $14.1m last year, and the pre-tax loss up from $9.5m to $11.4m. Most of the revenues derive from the North American swimming pool and leisure park market, but the growth is expected from the drinking-water purification and environmental clean-up divisions, which lifted sales by 40 and 98 per cent respectively. The market capitalisation of £83m ($134m) is underpinned by hopes for growth in China and India. At that valuation, it cannot afford to put a foot wrong.