25th Apr 2018 14:19
LONDON (Alliance News) - Water Intelligence PLC on Wednesday said it looks forward with confidence after reporting a rise in quarterly profit.
The environmental services and technology company said its pretax profit rose 50% to USD600,000 for the three months to the end of March compared with USD400,000 for the same period in 2017.
This was after sales grew 40% to USD5.3 million from USD3.8 million.
Water Intelligence said these results provide a strong foundation to sustain its growth path alongside the GBP4.2 million it raised last month. The company said the fundraising expanded its institutional investor base on both sides of the Atlantic.
Since then, the group has completed the acquisitions of the Louisville and Bakersfield franchises in the US, it said, while its pipeline of opportunities to expand into new territories remained strong.
The company said performance was driven by all business lines. Its American leak detection business grew royalty income by 6.5% to USD1.7 million from USD1.6 million the year before.
Corporate-run operations rose 67% year-on year to USD2.5 million from USD1.5 million, including the municipal component, which was up 25% to USD500,000 from USD400,000.
Parts and equipment sales also grew 20% to USD250,000 from USD210,000 the prior year, while Water Intelligence's business-to-business channel sales reached USD900,000 versus USD300,000 a year earlier.
"We are enthusiastic about our mission. Solutions to the problems of water loss are in increasing demand irrespective of one's perspective on economic cycles," said Executive Chairman Patrick DeSouza.
"With its strong base of business, Water Intelligence is just at the beginning of its upward journey given the increasing saliency and cost of water worldwide. We have had a good start to the year and we look forward with confidence," DeSouza added.
Shares in Water Intelligence were up 2.3% on Wednesday at 240.36 pence per share.
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