Water Intelligence rises after Q3 update

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Water Intelligence rises after Q3 update
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The share price of AIM-listed leak detection specialist Water Intelligence (LON:WATR) has increased by 6.94% to 284.45p (as of 14:45 GMT) as revenues for the third quarter grew by 34%. Management said that pre-tax profits for the company were comfortably in line with expectations.

Executive Chairman, Dr. Patrick DeSouza commented: “Global market demand for solutions to water loss from leakage is strong and continues to grow. We are accelerating our growth plan by building on our base of customers and adding more business lines such as municipal sewer and wastewater diagnostics and consumer sales of water / home services-related products and services via e-commerce. We are confident and have produced another strong set of numbers for both franchise and corporate-run operations across all of our key performance indicators.

“Moreover, we believe strongly that our technology investments will enable us to sustain our growth trajectory in 2020 and beyond. Given our installed base of service operations, especially across the US, and the strength of market demand for both potable and non-potable water infrastructure solutions, we have a considerable opportunity for realizing significant value for our shareholders. As important, we seek a leadership role in providing solutions for the critical problems of water loss and contamination for our global stakeholders in creating a more sustainable world. We are pleased to deliver for both shareholders and stakeholders and note with pride a recent mention of our good work by the Mayor of Flint, Michigan – a city with a devastating history of lead in the water – in her State of the City speech“.

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