Water Intelligence PLC Trading Update 3Q 2019 (2431R)
28 Octubre 2019 - 1:00AM
UK Regulatory
TIDMWATR
RNS Number : 2431R
Water Intelligence PLC
28 October 2019
Water Intelligence plc
Trading Update 3Q 2019
Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or
"Company"), 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 for year-to-date through the end of the third quarter.
Results for 2019 through Q3 are ahead of market expectations for
revenue and comfortably in-line with expectations for profits
before taxes (statutory and adjusted).
Highlights:
-- Financial: Water Intelligence revenues grow strongly by 34%
to $24.7 million (3Q 2018: $18.5 million; FY 2018: $25.5
million)
Key Performance Indicators
o Franchise: American Leak Detection franchise royalties grow 4%
to $5.1 million (3Q 2018: $4.9 million)
-- Implying approximately $67 million in year-to-date gross
sales to third parties from which royalty is derived
o Franchise-Related Activities: business-to-business insurance
channel; equipment sales, franchise sales grow 45% to $6.1 million
(3Q 2018: $4.2 million)
o US Corporate-Operated Locations: grow 47% to $10.7 million (3Q
2018: $7.3 million)
o International Corporate-Operated Locations: grow 27% to $2.8
million (3Q 2018: $2.2 million)
-- Includes UK municipal operations, UK-managed municipal
operations in the US and full-service operations in Ontario, Canada
and Sydney, Australia
o Net Cash (Cash minus Borrowings): +$2.7 million
-- Water Intelligence profits before taxes (both statutory and
adjusted for amortization, non-core costs and share-based payments)
comfortably in-line with expectations
-- Corporate Development: New municipal business line in US
growing and technology reinvestment and commercialization advancing
strongly
o Roll-out of new municipal leak detection business in US with
joint US (American Leak Detection) and UK (Water Intelligence
International) team;
o Roll-out of proprietary sewer and wastewater diagnostic
product in both UK and US; first sales / leasing of product
anticipated during 4Q
o Q3 investment in Entertainment AI and acquisition of
e-commerce and video search technology to enable Water Intelligence
to sell consumer water-related products; Company working with
insurance companies to market/resell water monitoring products and
provide leak detection services
Commenting on the Group's performance, Executive Chairman, Dr.
Patrick DeSouza remarked: "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.
"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.
As important, we seek a leadership role in providing solutions for
the critical problems of water loss and contamination for our
global stakeholders in creating a more sustainable world. We are
pleased to deliver for both shareholders and stakeholders and note
with pride a recent mention of our good work by the Mayor of Flint,
Michigan - a city with a devastating history of lead in the water -
in her State of the City speech."
Enquiries:
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
Adrian Hargrave, VP Corporate Development +44 (0)7775 701 838
WH Ireland Limited - NOMAD & Broker Tel: +44 (0)20 7220 1666
Adrian Hadden
James Sinclair-Ford
Matthew Chan Tel: +44 (0)20 3903 7721
Dowgate Capital Ltd - Broker & Advisor
Stephen Norcross
IFC Advisory Ltd Tel: +44(0)20 3934 6630
Graham Herring
Zach Cohen
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
This information is provided by RNS, the news service of the
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END
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