25th Sep 2014 09:46
LONDON (Alliance News) - Water Intelligence PLC Thursday said its pretax profit was slightly lower in the first half on flat revenue, as administrative expenses rose in the period.
The company, which provides smart water monitoring products and non-invasive leak detection and remediation services, said its pretax profit in the six months to June 30 was USD612,380, against USD615,380 last year.
The fall came on the back of a rise in administrative expenses in the period, up to USD2.6 million from USD2.4 million last year, as revenue came in flat at USD3.5 million. The rise in administrative costs was partly due to a ramp up in the group's headcount in the period, it said.
The company is optimistic for the second half, saying the improvement in its balance sheet to USD1.9 million from USD769,518 last year gives it the financing required to back its growth plans.
The group said it intends to reposition its UK product arm towards a focus on sales to residential and commercial users rather than utilities and said it plans to add further resources to its corporate stores and product and equipment sales in the coming year.
"We are pleased with the progress in our core franchise services business and remain confident in our ability to sustain the progress achieved in the first 6 months of this year while also taking further advantage of favourable market demand for water infrastructure solutions," said Patrick DeSouza, executive chairman of Water Intelligence.
Water Intelligence shares were untraded on Thursday at 34.5 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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