-- Revenue of $9.9 million, up 38% on HY21 reflecting several factors including increased economic activity at the tail end of the pandemic, higher natural gas pricing, a warmer summer and successful business development initiatives.
-- The Company’s Activated Carbon Pellet business segment continued its strong momentum achieving revenue growth of 171% over 2H21 and 66% over 1H21. The growth was driven by an increased demand from the Company’s largest pellet customer as well as sales into new business verticals. Pellet sales accounted for 72% of revenue in line with the Company’s strategy to focus on its pellet business segment.
-- Gross margin of 36%, up from 26% in HY21 principally due to increased sales volume combined with lower production costs across all product lines.
-- Underlying EBITDA for 1H22 of $192k, compared to 1H21 EBITDA loss of $2.0m, with the significant improvement driven by higher revenue, lower production costs and lower operating costs.
-- The positive underlying EBITDA marks the first ever positive half for the Company demonstrating a swift recovery from the decrease in revenue resulting from the impact of COVID-19 and the growth in the revenue base as a result of the Company’s market diversification strategy.
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