Business
Trading Update & Board Change
Trading Update & Board Change.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \nRNS Number : 1660I Water Intelligence PLC 07 August 2019 \n\nWater Intelligence plc\nTrading Update 1H 2019\n\nBoard Change\nWater Intelligence plc (AIM: WATR.L) (\"Water Intelligence\" or \"Company\"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to provide a trading update for the first half of 2019. Interim Results for 1H 2019 will be published in mid-September. \nResults are ahead of market expectations for revenue and comfortably in-line with expectations for profits before taxes. The Company continues to perform strongly with its multinational growth plan. Global demand for water infrastructure products and services remains strong. \nHighlights:\n· Water Intelligence revenues grow strongly by 34% to $15.9 million (1H 2018: $11.8 million)\nKey Performance Indicators\no Franchise: Core American Leak Detection franchise royalties grow 4% to $3.44 million (1H 2018: $3.31 million) \n§ Implying approximately $45 million in 1H sales to third parties from which royalty is derived\no Franchise-Related Activities: Insurance channel, Equipment, Franchise Sales grows 60% to $4.05 million (1H 2018: $2.54 million)\no US Corporate Operated Locations: Growth of 56% to $7 million (1H 2018: $4.5 million)\no International Corporate Operated Locations: UK-based Water Intelligence International (WII) declines 9% to $1.4 million (1H 2018: $1.5 million) \n§ WII sales pipeline strong for full-year, decline based on timing of sales\n \n· Water Intelligence profits before tax adjusted for non-core costs and share-based payments grow 29% to $2.02 million (1H 2018: $1.57 million)\n· Water Intelligence statutory profits before tax grow 20% to $1.51 million (1H 2018: $1.26 million)\no Continued increase in headcount to support 2H growth \n· Water Intelligence Balance Sheet remains strong\no Cash: $6.03 million\no Net Cash: $2.17 million (cash less borrowings)\n· Technology reinvestment advancing during Q3\no Commercial roll-out of proprietary sewer diagnostic product in UK and US after UK acquisition and investment during 2018\no Q3 investment in e-commerce and video display technology along-side Sumitomo Cor...