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Water Intelligence shares rise as sales flow stronger
(WebFG News) - Leak detection firm Water Intelligence's share price was boosted on Wednesday as it reported that growth of all business lines led to a 40% sales increase to $5.3m in Q1, compared to the same period in 2017.
Furthermore, the AIM-traded company's profits before tax jumped by 50% to $0.6m as corporate run operations saw a particularly sizeable growth in sales of 67%, jumping to $2.5m from the previous year's figure of $1.5m.
The corporate run operations have also dedicated significant resources to assisting US and Australian operations with gaining municipal contracts.
Elsewhere, royalty income from the American Leak Detection business grew 6.5% to $1.7m, parts and equipment sales rose by 20% to $0.25m and the company's business-to-business channel with insurance firms raked in $0.9m with sales almost tripling.
Patrick DeSouza, executive chairman of Water Intelligence, said: "We are enthusiastic about our mission. Solutions to the problems of water loss are in increasing demand irrespective of one's perspective on economic cycles. With its strong base of business, Water Intelligence is just at the beginning of its upward journey given the increasing saliency and cost of water worldwide."
Since raising $7.5m in March through an equity issuance and expansion of debt facilities the company has acquired franchises in Louisville, Kentucky and Bakersfield, California.
Looking forward, Water Intelligence said it will expand into new territories and develop partnerships with AI-first home services product companies and video solutions companies.
As of 0839 BST, Water Intelligence's shares were up 8.09% at 254.00p.