How SciDev’s $10m Permian Basin Deal Could Drive FY26 Growth
SciDev Limited reported a 5% revenue decline in FY25 but secured major contracts and reaffirmed strong growth guidance for FY26. Key proprietary technologies like CatChek™ and PFAS treatment are driving expansion.
- FY25 revenue down 5% to $103.4 million
- Underlying EBITDA declined 19% to $7.1 million
- CatChek™ sales surged 46%, gaining US Oil & Gas market share
- Secured $10 million Master Services Agreement in Permian Basin
- Reaffirmed FY26 revenue guidance of $120–140 million
Financial Overview
SciDev Limited closed FY25 with revenue of $103.4 million, a 5% decrease from the previous year’s $109.2 million. Underlying EBITDA fell 19% to $7.1 million, reflecting increased investments in growth initiatives and one-off transaction costs linked to an abandoned acquisition. Despite these headwinds, the company maintained a positive operating cash flow of $2.9 million and ended the year with a strong cash position of $9.7 million.
Strategic Growth and Market Expansion
The standout performer was SciDev’s proprietary CatChek™ technology, which saw sales jump 46% year-on-year, driven by significant market share gains in the US Oil & Gas sector, particularly in the Permian Basin. This momentum culminated in a Master Services Agreement expected to generate up to $10 million in revenue in FY26. Additionally, the Water Technologies division secured a $5.6 million contract for a major water treatment facility in New South Wales, despite a 26% revenue decline in this segment due to project delays and completion of legacy contracts.
International and PFAS Remediation Progress
Internationally, SciDev made meaningful strides in PFAS remediation, a growing environmental concern. The company secured contracts across Australia, Europe, and the US, including a $2.5 million FluorofIX™ project at the former Munmorah Power Station and its first US Department of Defense contract for PFAS-contaminated waste treatment. These wins signal SciDev’s expanding footprint in global environmental remediation markets and underpin its confidence in future growth.
Governance and Outlook
To support its next growth phase, SciDev strengthened its board with experienced appointments from resources, energy, and infrastructure sectors. CEO Seán Halpin emphasized the company’s disciplined capital allocation and focus on long-term shareholder value. Despite short-term volatility in the US Oil & Gas market, SciDev reaffirmed its FY26 revenue guidance of $120–140 million, anticipating growth driven by proprietary technologies and expanding contract pipelines.
Looking Ahead
While FY25 presented some challenges, SciDev’s strategic investments and contract wins position it well for a rebound. The company’s diversified portfolio across chemical services and water technologies, combined with its international expansion, suggests a promising growth trajectory as markets shift from pilot projects to full-scale deployments.
Bottom Line?
SciDev’s FY25 results set the stage for a potentially transformative FY26, with contract momentum and technology leadership key to unlocking growth.
Questions in the middle?
- How will SciDev manage near-term US Oil & Gas market volatility impacting Energy Services?
- What is the timeline and scale for PFAS remediation projects transitioning from pilots to full commercial operations?
- Will SciDev pursue further acquisitions or partnerships to accelerate growth after the recent abandoned deal?
