20th Sep 2018 09:49
LONDON (Alliance News) - Modern Water PLC said Thursday that its loss for the first half of the year narrowed on the back of a rise in revenue.
Shares in the water treatment technology firm were trading 11% lower at 9.90 pence each on Thursday.
For the six months to June 30, the company posted a pretax loss of GBP1.5 million compared to GBP1.8 million a year ago. Meanwhile, revenue jumped 22% to GBP1.9 million from GBP1.6 million.
The company said it is "close to successfully completing the re-design" of Microtox LX, its best-selling product. It expects to launch it globally in the next few months.
Looking ahead, Chief Executive Officer Simon Humphrey said: "Modern Water has made significant commercial progress in the first six months of the year and we are now in a position to build on these successes."
Modern Water said it is confident in meeting its annual expectations as it is "well placed" for revenue growth for 2018 and beyond.
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