Water Intelligence PLC Reacquisition of Brisbane, Australia Franchise (5098A)
30 Septiembre 2020 - 1:00AM
UK Regulatory
TIDMWATR
RNS Number : 5098A
Water Intelligence PLC
30 September 2020
Water Intelligence plc
Reacquisition of Brisbane, Australia Franchise
Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or
"Group"), a leading multinational provider of precision,
minimally-invasive leak detection and remediation solutions for
both potable and non-potable water is pleased to announce an
agreement to reacquire its franchise operation in Brisbane,
Australia within the Group's American Leak Detection subsidiary
("ALD"). The transaction is pending certain regulatory requirements
that should be satisfied during October.
Brisbane is the third most populous city in Australia. The
reacquisition follows July's reacquisition of the ALD franchise in
Melbourne and the previous reacquisition of the ALD franchise in
Sydney. As a result, the Group now will have corporate operations
in the three most populous cities in Australia. Such critical mass
will enable the Group to better support the growth of current and
new ALD franchises and corporate operations throughout the eastern
half of Australia.
Due to strong demand for water conservation - residential,
commercial and municipal - and an existing base of corporate and
franchise operations to fulfil such demand, Australia is an
important geography for the Group's strategic growth plan.
The reacquisition is accretive to shareholder value. Brisbane
operations generated approximately AUD$0.5 million in revenue and
AUD$0.1 million in pre-tax profits for the trailing twelve months
which includes a period of slowdown due to Covid. The purchase
price is AUD$550,000. Management will be staying with the Group's
corporate operations. The purchase agreement has incentives for a
price adjustment upward if management accelerates revenue and
profits over the next twelve months as the marketplace adjusts.
Despite Covid-19's impact on Australia, the Group continues to
operate in Australia as an "essential service" provider to support
water and wastewater infrastructure.
Commenting on the Group's reacquisition, Executive Chairman, Dr.
Patrick DeSouza remarked: "With our growth-focused execution, we
continue to distinguish ourselves among companies operating in the
Covid-19 marketplace. Brisbane reinforces our effort to drive
growth across all our current geographies: US, UK, Canada and
Australia. In particular, given the demand for solutions to water
loss and wastewater issues, Australia will be a source of strong
growth for the Group. With Sydney, Melbourne and now Brisbane, we
have critical mass of profitable corporate operations with which to
execute and accelerate our plan across Australia."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
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)207 220 1666
Adrian Hadden
James Sinclair-Ford
Matthew Chan Tel: +44 (0)7920 599 793
Dowgate Capital Ltd - Broker &
Advisor
Stephen Norcross
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END
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