SOP issues its Trading & Business Update for the fourth quarter of FY23

Synertec Corporation Limited (ASX: SOP) provides a quarterly update, highlighting the successful commercial operations of the first Powerhouse unit ordered by Santos Limited (ASX: STO) under the Goods and Services Contract (GSC) since 1 April 2023. The company remains engaged with Santos, progressing towards a broader Powerhouse commercial roll-out. Additionally, Synertec explores various opportunities with major Australian and global companies to implement Powerhouse technology across sectors like energy and mining.

With a total FY23 Group revenue and other income range of AU$15.0 million to AU$15.5 million (up by 25% compared to FY22 and 80% compared to FY21), Synertec raised AU$8 million (before costs) through share issuance to accelerate Powerhouse technology roll-out and overall growth initiatives. The Group maintains a healthy net cash position of around AU$10.7 million as of 30 June 2023.

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