Water Intelligence's full-year profits hit by higher costs but 2015 outlook positive

8th Jun 2015 09:31

Water Intelligence revealed a positive outlook for 2015 after a mixed 2014, where revenue and cash swelled, but profits slid on higher costs.The leak detection and remediation provider posted a revenue of $7.2m in the 12 months ended 31 December, up 6% from $6.8m a year earlier.Revenue climbed steadily over each four-month period, with growth across all segments on the back of global demand for solutions to prevent water loss. The company said it is poised for continued growth in 2015. The positive outlook for the rest of the year, led the company to review issuing a dividend in future.Meanwhile, net debt for 2014 was down 32% to $0.8m and cash increased 121% to $1.75m.Pre-tax profit dipped to £585,170 from $611,894, dragged lower by higher administrative costs and eight new members of staff. Earnings per share also dipped to 4.7 cents to 3.6 cents."Our main objective for this next cycle of corporate development is to sustain accelerated growth so that we can contemplate shareholder dividends without having to sacrifice reinvestment requirements needed to be a growth company," said executive chairman Patrick DeSouza in a statement.As of 11:00 BST, Water Intelligence was trading 13.85% higher at 37p.