10th Feb 2020 09:20
(Alliance News) - Leak detection firm Water Intelligence PLC on Monday said it expects its 2019 results to be higher than market expectations on strong revenue increases from its two core divisions.
Water Intelligence said pretax profit rose 33% to USD2.4 million from USD1.8 million in 2018.
Shares were trading 9.0% higher at 346.00 pence each on Monday morning in London.
Revenue in the recent year totalled USD32.4 million, up 27% from USD25.5 million in 2018.
The positive performance was attributed to growth in the American Leak Detection and Water Intelligence International business units, both of which achieved higher revenue. American Leak Detection's revenue rose 29% to USD29.1 million in 2019 from USD22.6 million in 2018, while Water Intelligence International's revenue grew 14% to USD3.3 million from USD2.9 million.
"We had another strong year for all of our stakeholders. Global market demand for water infrastructure solutions is only increasing and our company continues to scale. Over the last five years we have produced a very strong compounded annual growth of 35% in terms of sales and 33% in terms of profits before tax, said Executive Chair Patrick DeSouza.
"Our customers, especially our business-to-business national accounts, value our service footprint across the US and ready delivery of proprietary, minimally invasive solutions to water leaks. Our franchisees support our growth plans and the number of franchisees producing over one million in sales continues to increase. Our shareholders continue to realize equity value from our growth trajectory in terms of both sales and profits."
Water Intelligence said full audited results will be published in mid-May.
By Ife Taiwo; [email protected]
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