9th Oct 2018 11:28
LONDON (Alliance News) - Water Intelligence PLC said Tuesday it reacquired the US territories of Portland, Oregon and certain parts of Washington State from a current franchise holder.
The company, which provides leak detection and remediation services, said the franchise holder within its American Leak Detection subsidiary will continue to grow and pay royalties on its remaining Oregon operations.
Water Intelligence paid USD1.3 million to repurchase the activity in the region, funded from existing cash reserves. The acquisition is expected to be immediately accretive to earnings.
In 2017, the Portland region generated approximately USD1.1 million of revenue and USD350,000 of pretax profit, Water Intelligence noted. Looking ahead, the company said the Portland region is on track to beat its 2017 results in 2018.
Water Intelligence shares were trading 1.1% lower at 344.20 pence each.
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