Water Intelligence experiences 'outstanding' Q1

Leak detection and remediation solutions firm Water Intelligence said on Tuesday that experienced an "outstanding" first quarter.

Water Intelligence said its first quarter had both accelerated "a very strong set of 2020 trading results" and built upon its "consistently strong" compounded annual growth trajectory.

First-quarter revenues were up 38% at $11.4m, while statutory pre-tax profits surged 152% to $1.66m. Profits before tax adjusted for share-based payments and amortisation grew an equally impressive 115% to $1.78m.

Chairman Dr Patrick DeSouza said: "We are exceptionally pleased that each of our key performance indicators is strongly positive as we pass the mid-point of the second quarter. We are building on a great 2020 and proud that we have consistently delivered while scaling operations over the last five years.

"As our profits increase, we are committed to reinvest not only in more execution capabilities for current market capture but also in leading technologies that reinforce our brand and our growth throughout this decade. We have a strong matrix of clean water and wastewater solutions and we aim to be market leaders with respect to the world's most precious resource."

As of 1000 BST, Water Intelligence shares were up 9.07% at 883.50p.