Pursuit Dynamics plc is a UK based research and development company, which was founded in 2000 to develop and commercialise a revolutionary pumping and propulsion technology. Pursuit Dynamics (symbol: PDX) was listed on the Alternative Investment Market of the London Stock Exchange in May 2001.



PDX 25 Sonic.

The PDX Technology is a steam-based system that has applications in both pumping and marine propulsion. It is cheap to manufacture, extremely robust, contains no moving parts and is virtually impossible to block. Pursuit Dynamics owns 100% of the Intellectual Property Rights that surround the PDX Technology.



Pursuit Dynamics is now working towards the commercialisation of the technology it has developed.





Corporate website : http://www.pursuitdynamics.com/


Pursuit are rumoured to be close to closing their first deals, which may be in the food processing industry.

Quick sell now the ceo is .

Another profit warning... loss before tax of 15.3m (2009/10: 8.7m)

20p would be right .

BusinessWeekly.co.uk
Thursday, 15 December 2011 09:18 Tony Quested

Pursuit Dynamics in freefall: losses double, CEO quits

Pursuit Dynamics, the Cambridge UK technology business, was plunged into crisis when CEO Roel Pieper quit, losses almost doubled and revenues nosedived for the year to September 30.

News of a proposed rights issue to raise 9.38 million couldnt prevent the share price losing 123p 60.52 per cent to 80.25p.

Non-executive chairman Andy Quinn said that Pieper had resigned with immediate effect for personal reasons and he will return to his venture capital activities.

Non-executive director Jeremy Pelczer, who joined the board in June 2011, has assumed the role of interim CEO. He has held senior positions in engineering and industrial businesses including serving as CEO of RWE Thames Water and American Water.

The company claims it has the support from institutional investors to subscribe for all of the proposed new PDX shares and the issue is due to raise 8.8m net of expenses.

PDX said the proceeds would provide further funding for the commercialisation of its technology portfolio.

Quinn said: Although the generation of revenue and cash from the commercialisation of PDX's reactor and atomisation technology has progressed at a lower rate than we had anticipated, giving rise to a need for additional funding, PDX's prospects remain strong.

We are pleased that our institutional investors have demonstrated their commitment to the company and its technology by supporting this fundraising.

Revenues for the year plummeted to 490k from 128k. The loss before tax was 15.3m _ up from 8.7m last time. The company had cash of 7.3m at period-end.

The board said it expected the business to be cashflow and EBITDA positive before the end of the fiscal year. The Board and new management team have already initiated a rigorous review of operating cost which is expected to reduce expenditure by some 3m this year.

Quinn said: We enter 2012 with improving contract visibility and confidence that the revenue profile of the business will develop as expected.

The planned fundraising we have announced today should assure shareholders, customers, and suppliers that our business is well-equipped financially to take full advantage of the opportunities we are generating.

Ouch!

They were fun for a while - but it was a long long time ago.

8.8 million fundraising is nothing compared to the losses it incurred.

hlyeo98: yes but the surprise is big investors didn't mind "pumping" (geddit?) more money in, when they did and presumably the losses were building - although there may have been a "big order" anticipated that melted away even after some robust (and dedicated?) investment.
Very few Companies can resist spending their shareholder's money to reap rewards for the Board. They treat Co money as "free" - to be gambled with. Whereas if a potential customer is interested, it is they who should pay for development, since it locks them into the project and costs Small-Co nowt, when/if Big-Co walks away after 6-months.

News 15Dec2011:- losses cause big fall in sp
Oh deary, 15m loss on a turnover not much larger than two corner-shops. No wonder the CEO wanted OUT.
Not one of mine as I disliked the IP...

It will fall to 50p.

So funny if you read the broker note from Cenkos (post 936) - so much hype you can't imagined.

a disaster of a company.

another 15% off.

67p at close of 2011 at its bottom. More decline in 2012.

I thought these were long gone.

Pru 14 -> 17%

Rights issue only 11.2% take up EVIL is right about this one ............ getting shorter!

Coming to the end... Proctor and Gamble says it is out... like in the Dragon's Den.

I wish I had listened to EK on this one ...what a short...

And Cenkos and Mirabaud said to would go to 1100p. Some useless tip.

Investors’ gamble on Pursuit Dynamics (LSE: PDX.L - news) failed to pay off as more than three-quarters of the technology company’s market value was wiped out after it disclosed that it had lost out on a potential contract with Procter & Gamble.

Pursuit, whose technologies are used to save energy and speed up mixing and heating processes, announced a joint development agreement with the American consumer giant in late 2010. But P&G has decided not to pursue further evaluation or development of Pursuit’s technology at this stage and will not be entering into exclusive licensing discussions with the company.

The news came after Pursuit saw a sharp slide in its shares last week, prompting the company to say on Friday that it knew of no reason for the falls and that its discussions with P&G were “nearing an outcome”.

It is thought that Pursuit learnt of P&G’s decision on Friday evening, after the market closed, and the announcement was made yesterday morning.

Jeremy Pelczer, Pursuit’s interim chief executive, said he was “obviously extremely disappointed with the decision”. As a result of P&G’s move, Pursuit’s annual revenues will be “materially below the company’s earlier expectations”.

Shares in Pursuit, which a year and a half ago were trading at a high of 732½p, slumped 56¼, or 79.2pc, to 14¾p.

The disappointment was the latest setback for Pursuit shareholders.

In December, the company called on shareholders for £9.4m with a rights issue at 100p a share eight months after raising £8m via a placing at 250p at the same time as reporting an increased £15.3m loss and the resignation of its chief executive.

Paul Kavanagh, of Killik Capital, described the loss of P&G as a “significant blow” for Pursuit.

“They’ve got a tough job in the next few weeks in establishing with their lead investors as to what the right route for the business going forward is and whether there is sufficient in the technology to push shareholder patience further,” he added.

Pursuit said it would speed up a strategic review of the business to allow for an update to be provided by the end of June.

Pursuit’s slide aside, the market was on perkier form following a torrid time last week. Even though the weekend’s G8 summit brought little to reassure investors beyond the usual platitudes, the FTSE 100 (Euronext: VFTSE.NX - news) gained 36.86 points to 5,304.48. Bargain-hunting helped the index rise, as did comments from Chinese policymakers suggesting that they could take measures to spur growth.

I think shareholders' confidence has been irreversibly eroded in this company. And turnover has never been significant. It was the most over-valued share on the market.