Water Intelligence shares increased 4% to 739p in late afternoon trading on Thursday, after the group announced an annual revenue growth of 44% to $54.5 million in FY 2021 compared to $37.9 million in FY 2020.
The firm reported an adjusted EBITDA rise of 48% to $10.3 million from $7 million year-on-year, along with a statutory EBITDA increase of 72% to $11.4 million against $6.7 million.
Water Intelligence mentioned an adjusted pre-tax profit climb of 36% to $6.9 million compared to $5.1 million, and a statutory pre-tax profit surge of 80% to $7.6 million from $4.2 million.
The company also noted a strong balance sheet with adequate resources to carry out its growth plan, with $23.8 million in cash against $6.8 million the last year, net of bank debt of $15.5 million, with net of bank debt and deferred payments to franchisees of $1.8 million in cash.
It highlighted an adjusted EPS climb of 29% to 30.2c compared to 23.5c the year before, alongside a statutory EPS growth of 85% to 36.1c from 19.5c.
Water Intelligence successfully executed eight acquisitions, with five franchise, two bolt-on and one for technology.
The group also completed three financings, with two equity and £23.8 million added, and one bank debt with $3.2 million added.
The firm added 132 new workers to its headcount, including 73 technicians over the FY 2021.
“Despite Covid-19 disruptions, we delivered across the board in both 2020 and 2021 to deliver on our mission of building a world-class multinational growth company in an important space – water infrastructure,” said Water Intelligence executive chairman Dr. Patrick DeSouza.
“The marketplace now faces new challenges with inflation and labour retention layered on top of Covid-related issues. We will step forward to meet these latest challenges as well.”
“Our management team has only gotten stronger during 2021 as we added senior leaders and have continued to add technicians to meet strong market demand for our services and products. With the support of our investors, we have a strong balance sheet enabling us to navigate confidently in the short, medium and long run.”
Water Intelligence commented that it was confident in further company development in FY 2022, and said it was well-placed to navigate inflationary challenges to meet market expectations for the term, with a strong Q1 reported already.
The company did not recommend a dividend for FY 2021, following its lack of dividend payout in FY 2020.