27th Nov 2019 11:36
(Alliance News) - Water Intelligence PLC said Wednesday it has "once again" surpassed the prior full-year revenue result earlier than expected this year.
Water Intelligence shares were 5.0% up in London at 283.50 pence each on Wednesday.
The water leak detection firm said through the end of October it achieved USD27.5 million in revenue, which is "significantly ahead" of the full year 2018 result of USD25.5 million.
Profit before tax remains comfortably in-line with expectations for full year 2019, the company said.
"While surpassing the sales milestone is important, we seek to finish the year strongly and to set even higher near-term targets than expected," Executive Chair Patrick DeSouza said.
Water Intelligence said it is "especially pleased" to produce "strong results" while re-investing during the year in three new lines of business for its next five year growth plan which begins in 2020.
The new lines of business include on-line product sales for water leak monitoring and water quality. Also new are sewer and wastewater technologies to supplement the company's clean water leak detection. The third line of business consists of cross-sales of UK municipal solutions into the US, the company said.
"Our level of execution and strong market demand for water infrastructure services globally enable us to accelerate our next five-year growth plan. Given our existing sales footprint in the US, UK, Australia and Canada, we remain confident in our ability to leverage out brand," DeSouza said.
"We and our franchisees believe in the importance of our mission to provide technology solutions to water loss - a big issue facing the world," DeSouza noted.
By Loreta Juodagalvyte; [email protected]
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