7th Mar 2019 13:31
LONDON (Alliance News) - Leak detection technology firm Water Intelligence PLC said on Thursday it has repurchased a franchise in the US state of Georgia for USD425,000.
Water Intelligence is buying the franchise in south Atlanta, and said it is strategic for "various reasons".
Firstly, Water Intelligence wants to create a corporate presence in what it said is a "central" area for it. Secondly, the franchise achieved 2018 sales of USD320,000, but Water Intelligence believes this can grow much faster under company control.
Lastly, the company said there is "significant" under-developed territory in southern Georgia, and Water Intelligence wants to exploit this.
On the product front, Water Intelligence will be introducing a new sewer diagnostic product into its American Leak Detection business franchise system in the second quarter of 2018.
Water Intelligence will release a trading update on March 12.
Executive Chair Patrick DeSouza said: "The first quarter has been very productive in continuing the strong trajectory the company has enjoyed consistently over the last several years. We aim high and deliver.
"We will provide a detailed update with our 2018 trading update. We continue to look forward to a strong 2019 building upon our record and our goal of significant and sustainable multinational growth."
Shares were 3.7% higher on Thursday afternoon in London at 321.52 pence each.
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