Water Intelligence looks to flood international markets

American Leak Detection, the company's franchise business saw royalties grow roughly 10% to $3.2m, as its corporate stores showed 70% growth to $3.1m.

The heightened level of growth was due primarily to an increase of "sales through national channels, led by insurance companies, as well as continued strong local presence."

Sales from the groups UK business showed continued growth across the half, reaching $700,000.

It expects to fuel further growth in the US, UK, Canada and Australia with the in-line pre-tax profits it has reported to capitalise on those particular market opportunities.

During the half, it also reacquired its franchises in Indiana and Northern Virginia, as well as strengthening its growth path in the Midwest as it looks to launch additional locations in the Chicago area in 2018.

Cash at the end of June was a little over $1m, similar to what it had reported at the end of 2016.

Dr Patrick DeSouza, Executive Chairman of the Company, said "We are pleased that sales growth continues to accelerate along all key dimensions and that we are in range of tripling our level of sales in three years. Importantly, we are maintaining healthy levels of profitability despite significant investment in pushing and sustaining our growth path. Because of the size and importance of the market for water loss solutions, our goal remains to create a valuable multinational growth company."

As of 1230 BST, shares had jumped 12% to 126.00p.