Modern Water rises despite larger losses

AIM-listed water treatment specialist Modern Water (LON:MWG) has seen its share price lifted by 19.74% to 4.55p despite pre-tax losses for the six months ended 30th June broadening. Administration costs were cut significantly but sales also declined heavily as the group made strategic adjustments.

Chairman Gerard Brandon commented: “The necessary structural changes that were outlined in the recently published 2019 annual results, were carried on through H1 2020. The Company business model in 2020 has moved to a collaboration, cooperation and partnership business model resulting in a high volume, high margin recurring revenue strategy. The increased order levels, seen in H1, are currently being prepared for shipping in H2 2020“.