14th Sep 2015 07:56
LONDON (Alliance News) - Water Intelligence PLC on Monday expressed confidence for its full year as it reported a rise in pretax profit for the first half of 2015, boosted by a 25% rise in revenue.
Water Intelligence provides leak detection and re-mediation services. For the half year to end-June the company posted a pretax profit of USD909,829, up from USD612,380 a year before, as revenue rose to USD4.4 million from USD3.5 million. The company said that all of key components, royalty income, corporate store sales, and other sales including product and equipment, all saw positive growth in the period.
The company said that it expects its adjusted operating profits for 2015 to be in line with analyst expectations as it will increase spending in its second half, which will partly offset strong revenue growth. It anticipates revenue ahead of analyst expectations for the full year.
Water Intelligence did not propose an interim dividend, but noted that "if all continues as expected" it will revisit its dividend policy. It did however say that its priority remains sales growth and increasing market share.
"We are pleased that the strategic choices we have made to grow our brand - national sales channels and reinvigorated corporate presence via selective franchise re-acquisition - are bearing fruit. Our entire franchise system is unified behind our direction and reinvesting for future growth," said Executive Chairman Patrick DeSouza in a statement.
Shares in Water Intelligence were up 16% at 54.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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