3rd Mar 2015 09:34
LONDON (Alliance News) - Shares in Hydro International PLC were trading higher Tuesday morning after the water treatment technology and products company said its pretax profit rose in 2014 as an improvement in its margins offset flat revenue.
Hydro said its pretax profit rose to GBP1.7 million against GBP1.4 million a year earlier, up 24%.
Revenue was flat at GBP32.2 million for the year but the company's operating margin improved to 5.8% against 4.9% a year earlier. The group said it made progress across all of its regional operations, barring its Asia, Middle East and Africa business where the turmoil in Ukraine resulted in the suspension of projects in Russia in the second half.
The company has proposed a flat dividend of 3.6 pence per share.
"With a solid year of increased orders behind us, we expect to deliver more growth during 2015 and beyond. Maintaining this momentum while we continue to make focused investments to build multiple, further sources of growth will ensure we have a suitably diversified, balanced business model. Hydro is developing well as a business, and I am very positive about the outlook and our wider prospects as a global company," said Chief Executive Michael Jennings.
Shares in Hydro were up 8.2% to 106.00 pence on Tuesday, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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