Water Intelligence scores profit increase and remains on "strong growth trajectory"

Leak detection firm Water Intelligence saw its shares boosted on Tuesday after reporting that it expected to post a 48% rise in first-half profit to $1.25m.

Similarly, a trading update stated that the company’s revenue for the first six months of the year increased by 39% to $11.8m compared to the same period last year, as Water Intelligence’s business model scaled strongly at both top and bottom lines.

The company also said it is on track to meet its aims of passing $20m in annual sales during the full year and passing $25m in annualised sales in the near-term.

The AIM-traded firm said that both its UK and US operations share a "strong growth trajectory" after several corporate development transactions ranging from a significant financing to investments in cutting edge technologies.

Patrick DeSouza, executive chairman of Water Intelligence, said: "We are pleased with first half execution. Our growth strategy and brand development rest on sound fundamentals. Our firm culture, embodying both franchise and corporate operations, is being shaped with additional hires for the pursuit of excellence. "

Water Intelligence’s shares were up 5.67% at 410.00p at 1131 BST.