Water Intelligence (LON:WATR), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, has provided 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.”