Business
Trading Update Q3 2022
Trading Update Q3 2022.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \n \n \n \n \n \n 17 November 2022\n \n \n \n \n \n \n \n \n \n \n Trading Update Q3 2022\n \n \n \n \n Water 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 provide a trading update for the nine months ended 30 September 2022. \n \n Overview\n \n The Group continues to perform strongly despite macroeconomic uncertainty. Sales, as of the end of Q3 2022, have now surpassed the amount of sales for full year 2021 (Q3: $54.9 million vs. FY 2021: $54.5 million). \n In terms of market capture, network sales (direct corporate sales and indirect gross sales to third parties from which franchise royalty is derived) have grown approximately 13%, surpassing $125 million (Q3 2021: $110 million). \n The Group is on track to be at the upper end of analyst expectations for revenue and to be in line with expectations with respect to profits for full year 2022. \n \n Highlights\n \n Financials for 9 months to 30 September 2022\n \n • Revenue increased by 38% to $54.9 million (Q3 2021: $39.7 million)\n \n • EBITDA* increased by 13% to $9.7 million (Q3 2021: $8.6 million)\n \n • Adjusted Profit Before Tax (\"PBTA\")** increased by 7% to $7.0 million (Q3 2021: $6.5 million)\n \n *EBITDA and PBTA are adjusted to exclude the 2021 one-time gain of $1.9 million to allow for like-for-like comparisons with Q3 2021\n** PBTA is adjusted for non-cash expenses of share-based payments, amortization and one-time costs\n \n Key Performance Indicators\n \n · US Corporate-Operated Locations: Revenues grew by 59% to $36.3 million (Q3 2021: $22.8 million)\n \n o Same store sales grew by 28% to $28.0 million (Q3 2021: $21.9 million)\n \n \n · International Corporate-Operated Locations: Revenues grew by 18% to $5.2 million (Q3 2021: $4.4 million)\n \n · Franchises: Royalty income remained flat at $5.3 million despite a significant number of franchise reacquisitions in trailing 12 months reducing pool of franchise royalties\n \n \n · Franchise-related sales (national accounts; equipment sales; franchise territory sales) grew by 11% to $8.0 million (Q3 2021: $7.2 million)\n \n · Balance Sheet st...