Water Intelligence continues on 'solid growth trajectory'

Leak detection and remediation solutions provider Water Intelligence said on Thursday that its "solid growth trajectory" had continued over the three months ended 31 March in terms of both revenue and profits.

Water Intelligence said revenue increased by 6% to $20.5m, while statutory pre-tax profits rose 14% to $2.0m and underlying earnings grew 9% to $3.5m. EBITDA margins remained "firm" at 17.0%, slightly increasing from last year's print of 16.7% despite persistent inflation in the US.

Subsequent to the quarter, the AIM-listed group noted that it had executed transactions that were expected to provide "growth momentum" for the first half.

Chairman Dr Patrick DeSouza said: "We continue to navigate stagflationary pressures in the US with success. We are expecting that all of our investments - from new offerings like ALD Water Management Solutions and Pulse to our Salesforce operating system and video commerce technology - will start to contribute to new sources of organic growth as we progress through the next two quarters. We also believe there to be attractive opportunities for accretive acquisitions and our balance sheet and credit facilities will enable us to execute our growth plan fully."

As of 1015 BST, Water Intelligence shares were down 1.72% at 353.80p.

Reporting by Iain Gilbert at Sharecast.com