Water Intelligence Q1 revenue and profits show continued growth

30th Apr 2020 10:01

(Sharecast News) - Leak detection and remediation firm Water Intelligence said on Thursday that it had seen continued growth in revenues and profits during the first quarter, putting it comfortably in-line with expectations.
Water Intelligence said first-quarter revenues were up 15% to $8.3m, while pre-tax profits were 35% firmer at $700,000.

American royalty payments came in 4% higher at $1.8m and franchise-related activity sales grew 11% to $2.1m.

Given the onset of the Covid-19 crisis during the first quarter, Water Intelligence said it had shown "strong execution" and remained on track to deploy a new proprietary sewer diagnostic product during the crisis.

Chief executive Dr Patrick DeSouza said: "Global market demand for solutions to water loss from leakage and to health issues from failing wastewater infrastructure is strong and continues to grow.

"The Covid-19 crisis only underscores the on-going need for 'essential' products and services related to water and wastewater."

As of 1140 BST, Water Intelligence shares were up 6.08% at 279p.