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HaloSource Inc – “Trading Update” + shares down more than 20% =?

By Steve Moore | Friday 20 November 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Headquartered in the US with operations in China and in India but listed on AIM (Hmmm), shares in clean water technology company HaloSource Inc. (HAL) currently trade more than 20% lower today. This is on the back of a “Trading Update” – which includes that “total consolidated revenues for the year ending 31 December 2015 will be materially lower than market expectations and, consequently, the net loss for the full year will be higher than market expectations”

This is with the company noting “some delays in key customer rollouts together with some operational challenges as we increased manufacturing capacity at our drinking water facility in China which has temporarily affected our ability to fulfil customer orders”.

However, it adds that it “is confident that these production delays will in no way impact the marketplace demand for its class-leading HaloPure disinfection technology for 2016 and beyond” and “remains confident in the business strategy and growth opportunities as the water technology integrator and solutions provider for global multinational corporations. In particular, the benefits of various operational developments are starting to take effect”. Hmmm.

Results for the first half of 2015 showed a loss of $5.45 million – taking the company’s accumulated deficit to more than $120 million – with current assets over total liabilities $15.73 million, including $9.83 million of cash & short-term investments.

With rollout delays and operational challenges thus again depleting a balance sheet which shows a track record of vast losses, my only stance here currently can be sell/bargepole.

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  1. I see from HaloSources’ website that the two biggest shareholders are Invesco Perpetual (28.5%) and Woodford Investment Management (24.9%).
    A nasty hit with the shares down 39% today.

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