21st Dec 2016 09:31
LONDON (Alliance News) - Leak detection firm Water Intelligence PLC on Wednesday said its revenue in the third quarter of 2016 outpaced market expectations, and it is on track to meet the market view on pretax profit for the full year.
By the end of September, revenue had reached the same level as generated in the whole of 2015, when it made USD8.8 million, Water Intelligence said.
The company added its pretax profit has grown in line with market expectations. In 2015, it made a pretax profit of USD972,440.
Water Intelligence said it plans to continue investing in its operations to drive more revenue growth in 2017, in particular by capitalising on demand for its services in the US market. It also anticipates margin growth in 2017 as many of the costs it will book for 2016 are one-off in nature, mostly relating to acquisitions it has made.
"We are encouraged by the above results as we accelerate our efforts to build a multinational growth company that provides solutions to meet the strong demand for water and infrastructure solutions," said Executive Chairman Patrick DeSouza.
Water Intelligence shares were up 12% to 91.30 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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