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."


 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 
                                          Tel: +44 (0)20 3903 772 
   Dowgate Capital Ltd - Broker & 
   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

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(END) Dow Jones Newswires

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

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