Companies: PDX   

Steam specialist Pursuit Dynamics, a Growth Company Investor recommendation at 48p in August, has secured a US patent for its core marine propulsion and fluid pumping technology. The firm's unique, steam-based PDX Technology is basically a pump with no moving parts that can't be blocked. Having invested heavily in its technology the company, led by energetic CEO John Heathcote, is on the road to commercialising it. 'This first grant is an important one,' says Heathcote, 'it strengthens our IP position and our portfolio of licensable products.' As well as its marine propulsion system, Pursuit has a fluids handling system, leaving it well positioned to exploit the technology in the defense and recreational marine propulsion markets. Intriguingly, the existing technology has been enhanced to create a PDX homogeniser, boosting the market potential, as homogenisers are used in the food, chemical, dairy and healthcare industries. A development trial for the PDX Technology with a top confectionery maker, fully funded by the manufacturer, has already been announced. For the year to September, losses came in at around £1.5m (£1.6m), and there was £1.1m cash left. Awash with potential, we are still fans, but a £42.7m valuation for a business with no revenues last financial year suggests the buy is speculative. If you bought on our advice, you'd do well to book some profits.