Sale of Territory to North Carolina Franchisee

RNS Number : 6778Z

Water Intelligence PLC

26 January 2022

 

Sale of Territory to North Carolina Franchisee

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 the sale of certain territory in rural North Carolina to an existing, fast-growing franchisee of American Leak Detection (ALD), the Group's core business.  

The purchase price for the territory is $90,000, all of which is recognised as revenue at 100% profit margin.  It is also expected that the franchise owner will be purchasing additional equipment from ALD to launch service vehicles to develop the territory. Finally, the commercialization of such "greenfield" territory will also add royalty income to the Group's ALD business unit during 2022.

Executive Chairman, Dr. Patrick DeSouza commented: "Today's North Carolina territory sale further grows ALD's footprint in the US. Together with the reacquisition of the Fort Worth franchise last week, with its own significant contribution to Group revenues and profits going forward, this creates a fast start for strong Water Intelligence growth in 2022. We look forward to reinforcing our growth trajectory with many more wins throughout the year."  

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: [phone]
RBC Capital Markets - Joint Broker Jill Li Elizabeth Evans		Tel: [phone]
WH Ireland Limited - NOMAD & Joint Broker		Tel: [phone]
Adrian Hadden
Ben Good
Dowgate Capital Ltd - Joint Broker  Stephen Norcross			Tel:  [phone]

 

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