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WATR Water Intelligence Plc

415.00
-2.50 (-0.60%)
13 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Water Intelligence Plc LSE:WATR London Ordinary Share GB00BZ973D04 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.50 -0.60% 415.00 410.00 420.00 419.00 415.00 417.50 12,455 15:05:34
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Cmp Processing,data Prep Svc 71.33M 3.67M 0.2112 19.65 72.04M

Water Intelligence PLC Q1 Trading Update

16/05/2024 7:00am

RNS Regulatory News


RNS Number : 6287O
Water Intelligence PLC
16 May 2024
 

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Q1 Trading Update: Sales and Profit Growth

Water Intelligence plc (AIM: WATR.L) (the "Group" or "Water Intelligence"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to provide its unaudited Q1 Trading Update for the quarter ended 31 March 2024. 

The Group continued its solid growth trajectory in terms of both revenue and profits. Margins remained firm despite continued inflationary pressures on labor and materials.  Subsequent to the quarter, the Group executed transactions that are expected to provide growth momentum for 1H.

Financial Highlights / KPIs

·    Revenue increased by 6% to $20.5 million (Q1 2023: $19.4 million)

o Franchise royalty remained flat at $1.9 million (Q1 2023: $1.9 million)

o Franchise related sales (franchise sales, equipment sales, business-to-business channels) declined by 12% to $2.8 million (Q1 2023: $3.2 million)

o US Corporate locations increased by 11% to $13.6 million (Q1 2023: $12.3 million)

o International Corporate locations rose by 5% to $2.1 million (Q1 2023: $2 million)

 

·    Profit Before Tax (Statutory) grew by 14% to $2.0 million (Q1 2023: $1.75 million)

·    Profit Before Tax Adjusted (before non-cash expenses of amortization and share-based payments; and non-core costs) increased by 8% to $2.5 million (Q1 2023: $2.3 million)

 

·    EBITDA rose by 9% to $3.5 million (Q1 2023: $3.2 million)

·    EBITDA Adjusted (before non-cash share-based payments; and non-core costs) rose by 9% to $3.8 million (Q1 2023: $3.5 million)

 

·    EBITDA margins at 17.0% (Q1 2023: 16.7%) remained firm, slightly increasing despite persistent inflation in the US

·    EBITDA Adjusted margins at 18.5% (Q1 2023: 18.1%)

 

·    Balance sheet strength at 31 March 2024

o Cash at $12.7 million

o Bank Debt and Deferred Acquisition Payments at $19.9 million with payments spread through 2027 at a fixed interest rate of approximately 5%

Corporate Development

·    On February 1, the Group announced two new national insurance contracts: i) a multi-year extension of a current national insurance customer; and ii) a new national customer that is a leader in the high-end residential and property management market

·    On February 15, the Group announced the reacquisition of its Pittsburgh, Pennsylvania franchise that is part of its ALD subsidiary

Subsequent Events

·    On May 9, the Group announced the reacquisition of its Fresno, California franchise

·    On May 9, the Group announced the sale of a new franchise in Albany and Saratoga, New York

Commenting on the Group's performance, Executive Chairman, Dr. Patrick DeSouza remarked:

"We continue to navigate stagflationary pressures in the US with success.  We are expecting that all of our investments - from new offerings like ALD Water Management Solutions and Pulse to our Salesforce operating system and video commerce technology - will start to contribute to new sources of organic growth as we progress through the next two quarters.  We also believe there to be attractive opportunities for accretive acquisitions and our balance sheet and credit facilities will enable us to execute our growth plan fully."

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 


Enquiries:

Water Intelligence plc

Laura Bass, Director of Strategic Finance                                                         Tel: +1 203 584 8240

Grant Thornton UK LLP - Nominated Adviser                                           Tel: +44 (0) 20 7383 5100

Philip Secrett

Harrison Clarke

Ciara Donnelly

RBC Capital Markets - Joint Broker                                                           Tel: +44 (0)20 7653 4000

Jill Li

Elizabeth Evans

Daniel Saveski

Dowgate Capital Ltd - Joint Broker                                                             Tel: +44 (0)20 3903 7715

Stephen Norcross


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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