Water Intelligence PLC Trading Update Regarding Sales Growth Milestone (7681U)

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RNS Number : 7681U

Water Intelligence PLC

27 November 2019

Water Intelligence plc

Trading Update Regarding Sales Growth Milestone

Water Intelligence plc (AIM: WATR.L), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to provide a trading update through the end of October with respect to a year-to-date sales growth milestone.

We report that once again we have surpassed the prior full-year revenue result earlier than expected. Through the end of October, we achieved $27.5 million in revenue which stands significantly ahead of the full year 2018 result of $25.5 million. Profit before tax (statutory and adjusted) remains comfortably in-line with expectations for full year 2019.

We are especially pleased to produce these strong top and bottom line results while re-investing during the year in three new lines of business for our next five-year growth plan which begins in 2020: (i) on-line product sales for water leak monitoring and water quality; (ii) proprietary sewer and wastewater technologies and solutions to supplement our leading clean water leak detection technologies and solutions; and (iii) cross-sales of our UK municipal solutions into the US. These initiatives will reinforce our growth trajectory.

Commenting on the Group's update, Executive Chairman, Dr. Patrick DeSouza remarked: "We are delivering on our objectives and we remain ambitious. While surpassing the sales milestone is important, we seek to finish the year strongly and to set even higher near-term targets than expected. We and our franchisees believe in the importance of our mission to provide technology solutions to water loss - a big issue facing the world. 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 our brand."

Enquiries:

 
 Water Intelligence plc 
 Patrick DeSouza, Executive Chairman       Tel: [phone] 
 Adrian Hargrave, VP Corporate 
  Development                              [phone] 
 WH Ireland Limited - NOMAD & Broker       Tel: [phone] 
 Adrian Hadden 
 James Sinclair-Ford 
                                          Tel: [phone] 
   Dowgate Capital Ltd - Broker & 
   Advisor 
   Stephen Norcross 
 IFC Advisory Ltd                          Tel: [phone] 
  Graham Herring 
  Zach Cohen 
 
 

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November 27, 2019 02:01 ET (07:01 GMT)