12th Mar 2019 10:32
LONDON (Alliance News) - Leak detection firm Water Intelligence PLC on Tuesday said results for 2018 have beaten the market's expectations.
Water Intelligence has posted revenue of USD25.3 million for 2018, up 44%, while statutory pretax profit rose "strongly" to USD1.8 million.
The company's adjusted pretax profit rose to 48% to USD2.5 million, beating market expectations of USD2.2 million, Water Intelligence said.
Water Intelligence's core units did well, it said, with revenue in its main American Leak Detection business up 45% to USD22.5 million.
Executive Chair Patrick DeSouza said: "We have delivered another strong year growing all business units and exceeding market expectations; the operative concept is 'sustained growth' which we first articulated in the chair's statement in 2015 and reiterated during each of the last three years.
"And we have delivered just that with 40% plus compounded annual revenue growth since 2016 and back-to-back years of statutory profits before tax growth averaging above 50%."
"We remain ambitious reinvesting in technology to provide solutions to both clean and waste water problems. Water and infrastructure solutions are needed globally no matter what the background macroeconomic or political conditions," DeSouza added.
Shares were 6.3% higher on Tuesday at a price of 338.00 pence each.
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