9th Feb 2017 08:22
LONDON (Alliance News) - Leak detection firm Water Intelligence PLC on Thursday said it continued to deliver a strong financial performance in the fourth quarter of 2016 and will meet market expectations for the year.
Water Intelligence said its revenue growth outpaced market expectations, rising to USD12.2 million in 2016 from USD8.8 million a year before, while adjusted profit will be in line with the market view.
The company said is franchise and corporate sales channels were both strong in the year, with franchise royalty rates increasing and corporate stores sales showing robust organic growth.
"We achieved a lot during 2016 that point to a strong 2017: Sales growth was fed both organically through the development of business to business channels and through buying back selected franchises," said Executive Chairman Patrick DeSouza.
"Early indications are that our 2016 decisions will reinforce our capabilities to sustain strong growth and build a multinational company that takes advantage of market tailwinds for this sector," he added.
Water Intelligence shares were up 4.0% to 130.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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