8th Apr 2021 17:46
Water Intelligence PLC - provider of precision, minimally-invasive leak detection and remediation solutions - Reacquires its central Florida, US franchise within the its American Leak Detection subsidiary for USD660,000, which includes all assets to conduct operations including trucks and equipment.
Price is based on 2020 full-year results of about USD660,000 in sales and USD150,000 in adjusted profit.
"A few days ago, Water Intelligence communicated that President Biden's American Jobs Plan would significantly increase market demand for water infrastructure solutions and that the Group would accelerate its strategic growth plan to take advantage of the opportunity. Today's franchise reacquisition should be seen in that context as it provides greater scale to corporate operations in eastern Florida, a geography with high demand for water infrastructure solutions," company says.
It adds: "Strategically, the Central Florida reacquisition will enable ALD to link operations along the eastern part of Florida from its Central Florida location to fast-growing corporate operations in Orlando, to the east, and sizeable Melbourne and Miami operations, to the south. Demand is high for ALD water leak detection and repair offerings in this geography because of various factors ranging from the number of swimming pools to level of disposable income to rainy weather. In linking the above four eastern Florida operations, ALD expects to achieve even faster growth through fulfilling pent-up demand and creating operating efficiencies from scale."
Current stock price: 760.00 pence, up 7.0% on Thursday
Year-to-date change: up 52%
By Paul McGowan; [email protected]
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