Business
Q1 Trading Update: Accelerating Growth Plan
Q1 Trading Update: Accelerating Growth Plan.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n Water Intelligence plc\n \n \n \n \n \n \n Q1 Trading Update: Strong Sales and Accelerating Growth Plan\n \n \n \n Water Intelligence plc (AIM: WATR.L) (the \"Group\" or \"Water Intelligence\"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water\n is pleased to provide its unaudited Q1 Trading Update. \n \n \n \n Corporate Overview\n \n \n \n Following its Q4 2021 fund raise, the Group has accelerated its strategic growth plan through new investments geared to capture additional market share and increase profitable growth in H2 2022 and beyond. The Group has accelerated its headcount investment during Q1 ahead of a much busier Q2 and Q3 summer season.\n \n \n Q1 2022 has been marked by: (i) hiring and training of more than 60 headcount (managers and technicians) to meet increasing market demand; (ii) establishing a new training centre for technicians in Seattle; (iii) implementing the Group's set of Salesforce and related applications to enable scalability and efficiency; (iv) opening \"greenfield\" locations in Texas and New York and (v) continuing to reacquire its American Leak Detection franchises including Fort Worth, Texas announced 19 January. \n \n \n \n Financial Highlights\n \n \n \n ·\n Water Intelligence sales growth of 44% to $16.5 million (Q1 2021: $11.4 million)\n \n \n o\n 26% organic growth of corporate locations owned prior to Q1 2021 (Q1 2022: $7.1 million vs. Q1 2021: ($5.6 million)\n \n \n ·\n Adjusted EBITDA* grew 26% to $3.0 million (Q1 2021: $2.4 million)\n \n \n ·\n EBITDA increased 9% to $2.6 million (Q1 2021: $2.4 million)\n \n \n ·\n Adjusted PBT** grew 16% to $2.1 million (Q1 2021: $1.8 million) despite accelerated investment spending\n \n \n ·\n Statutory PBT declined 17% to $1.4 million (Q1 2021: $1.7 million) reflecting one-time costs footnoted below\n \n \n ·\n Balance Sheet is strong with net cash of $10 million and further liquidity from undrawn debt facilities of $8 million\n \n \n *Adjusted EBITDA adds back one-time costs of approximately $400,000 from (i) Salesforce training and implementation and (ii) Australian extreme rain and flood conditions limiting service delivery (\"One-Time Costs\")\n \n \n **Adjusted PBT adds back (1) One-time Costs a...