Business
Audited Results for Year Ended 31 December 2023
Audited Results for Year Ended 31 December 2023.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n\n\n \nAudited Results for Year Ended 31 December 2023\nStrong EPS Growth\n \nWater Intelligence plc (AIM: WATR.L) (\"Water Intelligence\" or the \"Group\"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water, is pleased to present its full, audited results for the year ended 31 December 2023.\n2023 and YTD to May Overview\nWater Intelligence continues to perform strongly despite high interest rates and persistent inflation. For 2023, revenue increased, margins improved and, as a result, basic earnings per share grew by 23% and fully diluted earnings per share by 29%. EPS Adjusted yielded essentially the same percentage increases.\nDuring 2023 and 1H 2024, prior investments in proprietary new offerings have begun to yield commercial results feeding additional future growth streams. The Group's balance sheet remains strong providing financial resources to execute its long-term \"Build and Buy\" growth plan. Market demand for the Group's minimally invasive leak detection and repair solutions remains strong reinforced by increased public sector spending forecast in US and EU for aging water and wastewater infrastructure.\nIn terms of market capture, 2023 Network Sales (direct corporate sales and indirect gross sales to third parties from which franchise royalty is derived) grew 3% to approximately $170 million.\nFinancial Performance \n2023\n· Group Revenue grows by 7% to $76 million (2022: $71.3 million)\n \nAmerican Leak Detection subsidiary\no Franchise royalty remained at $6.7 million (2022: $6.7 million) (without franchise acquisitions reducing pool of royalty income, franchise royalty would have grown 3%)\no Franchise Related Activities (including insurance channel) grow by 6% to $11.2 million (2022: $10.6 million)\no US Corporate locations grow by 7% to $50.5 million (2022: $47.3 million)\no US same store sales grow by 1% to $47 million (2022: $46.7 million)\n \nWater Intelligence International subsidiary\no International corporate locations grow by 14% to $7.6 million (2022: $6.7 million)\n \n· EBITDA Adjusted** grows by 9% to $13.4 million (2022: $12.4 million)\no EBITDA Adjusted margins grow to 17.7% (2022: 17.3%)\n· &nb...