30th Sep 2019 17:06
(Alliance News) - Water Intelligence PLC on Monday said revenue grew and profit rose during a "strong" first half for the company.
In the six months to June 30, revenue rose by 35% to USD15.9 million from USD11.8 million, which the water leak detection firm said was "ahead of market expectations".
Pretax profit rose by 20% to USD1.5 million from USD1.3 million, "comfortably in line with expectations".
During the period, the company reacquired several franchises, "enabling the group to add scale financially and operationally".
Franchises in Ontario, in Canada and Georgia, Orlando and Arizona franchises, all in the US, were reacquired during the six months.
Executive Chair Patrick DeSouza said: "We are pleased, once again, with our consistency of delivery. We had strong results in the first half with strong organic growth, a healthy balance sheet and continued multinational expansion of operations.
"Given the strong global market demand for water and infrastructure services, we remain confident about the future and our ambition to transform the water infrastructure services sector and deliver real value to our shareholders."
Shares in Water Intelligence closed 6.1% higher 278.00 pence each in London on Monday.
By Eric Cunha; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Water Intel.