28th Jun 2019 17:10
(Alliance News) - Water Intelligence PLC on Friday announced two commercial launches and said it is set to pass its next sales milestone in 2019.
At the leak detection and remediation firm's annual general meeting, Executive Chair Patrick DeSouza said the company is "on course" for its USD30 million sales milestone in 2019, rising from USD25 million in 2018, and its profit is "in line with expectation, even after additional reinvestment".
So far in 2019, the company has "executed strategic re-acquisitions of franchises in Niagara, Canada and South Atlanta, Orlando and Tucson in the US", said DeSouza. DeSouza said the re-acquisitions are accretive.
Most recently, Water Intelligence is launching sewer diagnostic product Project Orca and "AI enhanced sustainability video channel" Project Contextual Commerce.
"We are pleased to announce that start of sewer diagnostic projects using Orca technology. One contract has begun in California; one new contract will begin in the UK next month. The Orca acoustic technology is proprietary and has multiple uses ranging from asset surveys where manholes have been blocked to identification of cracks in a pipe with much more precision. During H2 we will also launch Project Contextual Commerce, which is a video channel to advance our participation in the rapidly growing 'Insuretech' market," said DeSouza.
"Our insurance company partners would like our American Leak Detection business to help sell and install new technology products geared for monitoring leaks and evidence of water damage. With our customized video channel, ALD can become a full-service partner of the insurance companies, not only pinpointing and fixing leaks but also advising and installing products for homeowners that help limit significant water-related claims," he added.
The company expects growth to continue into the second half of the year and is hoping to expand further internationally.
Shares in Water Intelligence closed down 3.0% at 341.50 pence on Friday.
Related Shares:
Water Intel.