17th May 2018 14:34
LONDON (Alliance News) - Water Intelligence PLC said on Thursday profit rose in its last financial year due to a reduction in costs and increasing revenue from franchise royalties.
Water Intelligence's said that for its financial year ending December 31, pretax profit rose 38.9% to USD1.1million - up from USD772,471 the year before. Franchise royalty income rose by USD208,611 with unallocated head office costs falling by USD248,359.
The water detection company's revenue for the year was USD17.6 million, up from USD12.2 million year on year.
The company said its directors did not recommend the payment of a dividend.
Earnings grew 77% to 8.0 cents per share from 4.5 cents the previous year.
"All aspects of the business are delivering strong growth," said Water Intelligence Executive Chairman Patrick DeSouza. "We also have increased our capital base with institutional partners... we have extended our technology offerings through cutting-edge partnerships. With our existing and growing sales footprint, we can unlock value with both up-sales of new technology products and cross-sales between our American Leak Detection and Water Intelligence International operations."
The company said it plans to leverage its presence across the United States with product partnerships and is considering an acquisition to supplement its business model. The company plans on adding national contracts during 2018 and 2019 and says it views 2017 as a "jumping off point."
Shares in Water Intelligence were up 3.8% at 287.61 pence per share on Thursday afternoon.
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