17th Jun 2020 12:06
(Alliance News) - Water Intelligence PLC on Wednesday reported double-digit earnings growth in 2019 and said it continued to see high demand for its services despite coronavirus pandemic.
The California, US-based leak detection and remediation solutions provider reported revenue growth of 27% in 2019 to USD32.4 million from USD25.5 million a year ago.
Pretax profit growth, meanwhile, exceeded revenue growth at 34% reaching USD2.4 million versus USD1.8 million in 2018.
Core business units - American Leak Detection and UK-based Water Intelligence International - each grew strongly in 2019 to establish a broad matrix of residential, commercial and municipal/water utility solutions to address both clean water and wastewater problems, the company noted.
"Superb 2019 results in both revenue and profit before tax growth once again validated our strategic direction," said Executive Chair Patrick DeSouza.
"Despite Covid-19, we have had a strong first half of 2020 and continue to execute our core strategy," continued DeSouza. "Given the increasing demand around the world for water infrastructure services - even during Covid-19 - we welcome the opportunity to aim high and to continue to deliver."
AIM-listed Water Intelligence shares were trading 12% higher in London on Wednesday at 322.00 pence each.
By Evelina Grecenko; [email protected]
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