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Water Intelligence accelerates revenue growth to 45%

By BFN News | 09:22 AM | Thursday 17 May, 2018


Water Intelligence, a provider of leak detection and remediation solutions for potable and non-potable water, grew its revenue by 45% to $17.6 million in 2017, accelerating from 38% annual revenue growth in 2016. The American Leak Detection franchise recorded system-wide sales of approximately $80m, a significant increase on 2016, and the installed base of residential customers reached approximately 200,000. Growth was mostly organic and assisted by the further development of the insurance channel and through two franchise reacquisitions as well as the opening of a corporate-owned Washington DC territory. Revenues from royalty income from franchisee-executed sales increased 7% to $5.9 million, from franchise-related activities by 111% to $3.7 million, US corporate-executed sales increased 41% to $5.9 million, and revenues from international corporate-operated locations increased by 206% to $2.1 million. Profits before tax when adjusted for non-core costs increased 22% to $1.7 million. Statutory profit before tax increased 48% to $1.1 million. The group has made a positive start to 2018 with revenues increasing 40% in the first quarter. Patrick DeSouza, executive chairman of Water Intelligence, said: "All aspects of the business are delivering strong growth and we are achieving a significant increase in overall profitability despite investing to lay the foundations for sustaining future growth. "We also have increased our capital base with institutional partners to fuel our trajectory. Not to be missed, we have extended our technology offerings through cutting-edge partnerships. With our existing and growing sales footprint, we can unlock value with both up-sales of new technology products and cross-sales between our ALD and WII operations. "We are at the beginning of an exciting journey with our platform and confident that we can make a difference in solving infrastructure problems - residential, commercial and municipal - that cause water loss, our most precious resource." At 9:22am: (LON:WATR) Water Intelligence PLC share price was +2p at 279p Story provided by StockMarketWire.com

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