Talon CEO Dr Tony Parry said he was delighted with the response to the share issue, which was fully subscribed.
“The funds will be used for working capital to ensure that the environmental technology and agricultural growth opportunities available to the company are maximised, as well as to fund an upgrade to the kiln at our operations at Barraba in New South Wales,” Parry said.
Talon, based in Albany on Western Australia’s south coast, has developed a range of high-performance zeolite-based products from its core absorbent minerals business which have widespread application in waste-water treatment and remediation work, as well as the horticultural sector.
The company reported a six-fold increase in sales revenue for the 12 months of $9.83 million, up from $1.59 million for fiscal 1999 and putting it on course for its maiden annual operating profit.
Its wholly-owned subsidiary, Supersorb Minerals, posted full-year revenue of $9.78 million, up 167% on the $3.66 million posted for the previous year.
Supersorb, with three integrated operations at Mt Barker in Western Australia, Duaringa in Queensland and Barraba in NSW, mines, processes and packages granular absorbent products from the naturally occurring minerals spongolite, diatomite and kaolinite.
It is the leading supplier of absorbent materials to the pet litter and industrial market sectors in Australia.
Parry said the recently established environmental/agricultural products business was expected to impact positively on revenues and profits in the first half of the 2001 financial year.
“In the meantime, we are looking forward to an improved sales outlook for absorbent minerals with new brands and packaging machines bedded down,” he said.
“Our ongoing focus will be on higher margin lines, increased efficiencies and market growth potential focused on exports.”
