28th Apr 2009 07:00
Modern Water plc
("Modern Water" or the "Company")
AGM Statement
Modern Water plc, the owner of leading water technologies, holds its Annual General Meeting at 10:00 a.m. today, 28th April, at the Company's head office in Guildford. Neil McDougall, Modern Water's Executive Chairman, will provide the following update on trading to accompany the meeting:
"Modern Water achieved a number of important milestones in 2008. Our proving plant in Gibraltar, the first of its kind in the world to apply our manipulated osmosis desalination technology, produced its first fresh water in September. In the same month we signed a contract with the Oman Ministry of Water and Power to install a proving plant in Oman which we expect to be operational in mid-2009. This will be our first plant in the important Middle East market.
"In December, Modern Water acquired a 45% share in AguaCure Limited which specialises in proven electrochemical technologies in the treatment of water. AguaCure represents a good fit with our existing portfolio and we are excited about the opportunities that this business affords us.
"The Company's focus remains on owning water-related technologies with combined environmental and cost benefits. Given the worsening problem of water availability worldwide, international pressure on energy reduction and the drive for cost efficiencies, Modern Water believes demand for our products will continue to grow.
"Our progress during the year was achieved in spite of extraordinary turmoil in global financial markets. Whilst we have continued to develop and add to our technology portfolio, and as our workforce and geographical reach have expanded, we have maintained a prudent approach to growth in order to protect and increase shareholder value. The Company's balance sheet is strong with net cash of £26.8 million at 31 December 2008.
"With projects underway in key markets and near and longer term revenue streams in sight, we're on track to deliver on our vision and goals, and look forward to another year of success."
For further information:
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Modern Water plc |
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Neil McDougall, Executive Chairman |
01483 696011 |
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www.modernwater.co.uk |
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HeadLand Consultancy |
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Dudley White or Tom Gough |
020 7367 5228 |
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KBC Peel Hunt Ltd |
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Jonathan Marren or Oliver Stratton |
020 7418 8900 |
Related Shares:
MWG.L