13th Jun 2016 08:07
LONDON (Alliance News) - Water Intelligence PLC on Monday said it has seen a "very positive start" to 2016 and said it plans to recommend a dividend at the end of the year, as it reported a rise in pretax profit for 2015.
The company, which finds and plugs water leaks, reported a pretax profit of USD972,440 for 2015, up from USD585,170 the year before, as revenue rose to USD8.8 million from USD7.2 million, although this was partly offset by a step up in administrative expenses.
Water Intelligence said its momentum from 2015 continued into the first third of 2016.
During the first quarter of 2016, the company completed share actions which provide it with the flexibility to issue dividends and buy back shares when compatible with the reinvestment required for its growth plan.
For the year ahead, the company intends to begin increasing research and development spending, and, subject to meeting its operating performance targets and its investment needs, it plans to recommend a dividend for its shareholders at year end.
"We are pleased with the 2015 results and the good start to 2016. The strategy for future growth, put in place by the board, is starting to show results. With recent additions to the management team, we are raising our sights for building a multinational growth company. Market demand for solutions to water loss is only increasing," said Executive Chairman Patrick DeSouza in a statement.
Shares in Water Intelligence were up 19% at 70.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Water Intel.