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RNS Number : 5830R

Modern Water PLC

30 June 2020

AIM share code: MWG

30 June 2020

Modern Water PLC

("Modern Water" or "Company")

Delay in Publication of 2019 Final Results and Annual Report

Modern Water, the global water crisis monitoring and solutions provider, announces that there will be a short delay in the publication of the Company's audited financial results for the year ended 31 December 2019 ("Final Results").

Following consultation with its auditors, the Company has concluded that due to the impact of the COVID-19 pandemic and new guidance issued by the FRC in April 2020, it will require more time to complete the audit process in respect of its Final Results.

The London Stock Exchange and the Registrar of Companies have approved a delay to the publication and filing of the Company's Final Results of up to three months to 30 September 2020 in line with measures introduced for companies affected by the current pandemic. However the Company expects to be in a position to announce its Final Results shortly.

The Company expects to report revenue from continuing operations of approximately GBP3.1 million (2018: GBP4.3 million), an EBITDA loss of GBP0.7 million (2018: loss GBP2.1 million) and an operating loss of GBP1.3m (2018 GBP2.6m) after providing for depreciation and amortisation of GBP569k (2018: GBP523k). The Group net assets are expected to be approximately GBP1.1 million (GBP2.1 million) with GBP0.2m cash in the bank (2018: GBP0.2m cash) and a bank loan of GBP0.4m as at 31 December 2019 (2018: GBP0.5m).

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 
                                                      +44 (0)20 3827 
 Modern Water plc            Simon Humphrey, CEO                3439 
                             Sandy Jamieson 
 Cairn Financial Advisers     Liam Murray             +44 (0)20 7213 
  LLP (Nominated Adviser)     Ludovico Lazzaretti               0880 
                            ----------------------  ---------------- 
 Turner Pope Investments     Andy Thacker / Zoe      +44 (0) 20 3657 
  (TPI) Limited (Broker)      Alexander                         0050 
                            ----------------------  ----------------

About Modern Water

Modern Water was established in 2006 to develop and commercialise water recovery technologies to counter water crisis problems arising from climate change and a growing global population. Having invested GBP20m over the last 14 years, the results comprise of a robust patent portfolio in cutting-edge technology, focussed on monitoring of contaminated water and decontamination of wastewater, making recycling of water more efficient. Six countries across the world have legislated that Modern Water monitoring test systems are written into their environmental protection legislation.

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.

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June 30, 2020 10:28 ET (14:28 GMT)

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