27th Apr 2021 10:35
(Alliance News) - Water Intelligence PLC has achieved an "outstanding" performance in the first quarter, the leak detection technology specialist said on Tuesday.
Water Intelligence shares were up 9.1% at 883.50 pence in London in morning trading.
Pretax profit more-than-doubled in the first quarter to USD1.7 million, up from USD660,000 in the prior year. Revenue saw a similar improvement, climbing 38% to reach USD11.4 million, up from USD8.3 million year-on-year.
Water Intelligence said demand was expected to increase going forward, boosted by the Biden administration's American jobs plan and its anticipated USD100 billion investment in water infrastructure.
Executive Chair Patrick DeSouz said: "Once again we are reporting outstanding results. We are racing ahead as an essential service provider offering valuable water-related solutions to our residential, commercial and municipal customers during this late-Covid period.
"We are exceptionally pleased that each of our key performance indicators is strongly positive as we pass the mid-point of the second quarter. We are building on a great 2020 and proud that we have consistently delivered while scaling operations over the last five years.
"As our profits increase, we are committed to reinvest not only in more execution capabilities for current market capture but also in leading technologies that reinforce our brand and our growth throughout this decade."
By Will Paige; [email protected]
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