Water Intelligence PLC (LON: WATR) have announced that 2019 revenue so far has beaten market forecasts, and profits will remain ‘comfortably in line’.
The company also announced figures for the third quarter of 2019. Here, figures were ahead of market expectations showing revenue growth of 34% in the third quarter of 2019 to $24.7 million from $18.5 million.
Within the growth to $24.7 million American Leak Detection franchise royalties increased 4.1% to $5.1 million from $4.9 million.
Look at sales based growth, these were also impressive observing a 45% increase to $6.1 million in the third quarter from $4.2 million the year before.
Water Intelligence reported its net cash at $2.7 million.
Executive Chair Patrick DeSouza said: “Global market demand for solutions to water loss from leakage is strong and continues to grow. We are accelerating our growth plan by building on our base of customers and adding more business lines such as municipal sewer and wastewater diagnostics and consumer sales of water / home services-related products and services via e-commerce. We are confident and have produced another strong set of numbers for both franchise and corporate-run operations across all of our key performance indicators.
DeSouza added “”Moreover, we believe strongly that our technology investments will enable us to sustain our growth trajectory in 2020 and beyond. Given our installed base of service operations, especially across the US, and the strength of market demand for both potable and non-potable water infrastructure solutions, we have a considerable opportunity for realizing significant value for our shareholders.”
Internal US corporate operations increased 47% year on year to $10.7 million from $7.3 million.
International operations increased additionally, to $2.8 million from $2.2 million, seeing a 27% rise.
These include UK municipal operations, UK-managed municipal operations in the US, and full-service operations in Ontario, Canada and Sydney, Australia.
Currently, shares of Water Intelligence are trading at 286p per share. With this news, shares have seen an appreciation of 7.52%. 28/10/19 11:05BST.
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