31st Jul 2018 11:47
LONDON (Alliance News) - Shares in Water Intelligence PLC rose on Tuesday after the company said it expects half-year profit growth of 48%.
Shares were trading 6.1% higher at 411.60 pence each.
The company, which provides leak detection and remediation solutions, said the first six months of the year have been "very productive", as it expects pretax profit to increase to USD1.3 million from USD850,000 reported in the comparative year-ago period.
Sales are expected to be 39% higher year-on-year, at USD11.8 million from USD8.5 million.
The company's core American Leak Detection business grew sales to USD10.3 million, 37% higher year-on-year, while UK-based operations Water Intelligence International grew sales by 48% to USD1.5 million, swinging to a USD60,000 profit from USD40,000 loss a year ago.
The company said it is on track to meet its goal of passing USD20 million in annual sales in 2018.
Water Intelligence expects to publish interim results in the week starting September 10.
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