LONDON (ShareCast) - (Sharecast News) - Leak detection and remediation provider Water Intelligence reported "strong" revenue growth of 27% in its final results on Wednesday, to $32.4m (£25.82m).
The AIM-traded firm said total franchise system-wide sales and corporate-operated sales totalled $125m for the year ended 31 December, while its profit before tax growth exceeded revenue growth at 34%, reaching $2.4m.

Profit before tax, adjusted for non-core costs including non-recurring, amortisation and share-based payments, was ahead 34% at $3.4m.

Fully-diluted earnings per share were up 22% at 11.1 US cents.

Water Intelligence said its balance sheet was "strong" at year-end, reporting cash of $5.3m and cash net of borrowings of $2m.

"Superb 2019 results in both revenue and profit before tax growth once again validated our strategic direction," said executive chairman Dr Patrick DeSouza.

"We are fast becoming a multinational distribution platform - a 'one-stop shop' - that provides a matrix of service solutions to residential, commercial and municipal customers and an opportunity for follow-through sales of additional products.

"Our recently announced Salesforce implementation will accelerate the development of our platform."

Dr DeSouza noted the company's oversubscribed capital raise during the year, adding that despite the Covid-19 crisis, the firm had a strong first half of 2020 and was continuing to execute its core strategy.

"Our well-attended franchise Convention in Scottsdale, Arizona adopted our next five-year plan with the goal of doubling the size of the business during the plan horizon.

"Given the increasing demand around the world for water infrastructure services - even during Covid-19 - we welcome the opportunity to aim high and to continue to deliver."

At 1246 BST, shares in Water Intelligence were up 9.44% at 315.2p.

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