Business
Trading Update
Trading Update.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n\n\n \nWater Intelligence plc \n Trading Update: On-Track During the First Ten Months\nWater 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 is pleased to provide its Trading update for the ten month period ended 31 October 2023. \nUpdate on Growth Strategy\n· Market demand for precision water and wastewater infrastructure solutions continues to grow globally. During Q3, the Group renewed multi-year municipal contracts in Australia and executed new municipal contracts in the EU to grow the Group's presence internationally\n· In terms of execution, the Group will be completing in the US, during Q1 2024, its implementation of Salesforce and related applications for its scheduling, delivery and payments system to achieve operating scaleability and efficiencies across corporate and franchise locations. Such enhanced execution functionalities are expected to lead to gaining additional national insurance contracts during Q4 for execution during 2024\n· Both EBITDA and PBT margins have improved despite higher inflation and higher interest rates\n· In terms of investments to support growth, in October the Group launched a new training, product assembly and R&D facility in Connecticut to supply more trained technicians and specialized equipment to meet market demand for solutions; the facility will also be a showcase to support the sale of new American Leak Detection franchises for which there is current demand. \nFinancial Highlights for the ten month period ended 31 October 2023\n· Revenue increased by 6% to $64.4 million (2022: $60.9 million)\no Franchise royalty flat $5.8 million (2022: $5.8 million)\no Franchise-related activities (franchise sales, equipment sales, business-to-business channels) increased by 9% to $9.7 million (2022: $8.9 million)\n§ Insurance business-to-business channel grew by 9% to $9.1 million (2022: $8.4 million)\no US Corporate sales increased by 5% to $42.6 million (2022: $40.4 million)\no International Corporate sales rose by 10% to $6.4 million (2022: $5.8 million)\n· Statutory PBT grew by 11% to $6.8...