Water Intelligence PLC Strong Q3 Trading Updated Surpassing FY20 (7427P)
21 Octobre 2021 - 8:00AM
UK Regulatory
TIDMWATR
RNS Number : 7427P
Water Intelligence PLC
21 October 2021
Water Intelligence plc
Trading Update Q3 2021
Now Surpassing Full Year 2020 Results
Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or
"Group"), a leading multinational provider of precision,
minimally-invasive leak detection and remediation solutions for
both potable and non-potable water is pleased to provide a trading
update for the nine months ended 30 September 2021.
The Group continues to perform strongly and by the end of Q3,
has surpassed full year 2020 results for revenue, profits and
EBITDA. Profit for full year 2021 is now expected to be at the
upper end of consensus analyst estimates.
Corporate development execution driving both organic and
acquisition-led growth continues to be strong with the Group
achieving a new national insurance contract, new channel
partnership with a Midwest US homebuilder and three franchise
reacquisitions during Q3. These transactions will feed further
growth in Q4 2021, 2022 and beyond. Moreover, the corporate
development pipeline for Q4 and 2022 remains strong.
Critical mass of market capture continues to grow strongly.
Total gross revenue (direct sales by corporate locations and gross
sales by franchise units from which Group royalty income is
derived) for the nine-month period reached approximately $110
million by the end of Q3 (Q3 2020: $96 million), reflecting
underlying organic growth of 15%.
Highlights
Financials for 9 months to 30 September 2021
-- Revenue of $39.7 million up 43% (Q3 2020: $27.8 million; FY2020: $37.9 million)
-- EBITDA of $8.5 million up 48% (Q3 2020: $5.8 million; FY2020: $6.7 million)
-- Statutory profit before tax of $5.9 million up 46% (Q3 2020:
$4.0 million; FY2020: $4.2 million)
-- Profit Before Tax Adjusted for non-cash expenses of
share-based payments, amortization and one-time costs up 42% to
$6.5 million (Q3 2020: $4.6 million; FY2020: $5.1 million)
Key Performance Indicators
-- US Corporate-Operated Locations: revenues grew by 79% to
$22.8 million (Q3 2020: $12.8 million)
-- International Corporate-Operated Locations: revenues grew by
47% to $4.4 million (Q3 2020: $3.0 million)
-- Franchises: royalty income grew by 4% to $5.3 million (Q3 2020: $5.1 million)
o Implying approximately $76 million in year-to-date gross sales
by franchise units from which royalty income is derived
o Royalty income continued to grow despite three franchise
reacquisitions during the quarter
-- Franchise-related sales (national accounts; equipment sales;
franchise territory sales) grew by 4% to $7.2 million (Q3 2020:
$6.9 million)
Q3 Corporate Development
Organic Growth
-- Initiation of complementary B2B channel beyond insurance with
Midwest Home Builder contract win
-- National insurance company win to provide leak detection and repair solutions
-- Nearing completion of Salesforce.com implementation to
automate workflow - job intake, scheduling, dispatch, report
production and enhanced data security for insurance channel
Acquisition-led Growth
-- Franchise reacquisition of Northeast Florida locations (Jacksonville, Daytona, Gainsville)
-- Franchise reacquisition of Las Vegas and Phoenix
Capital Formation
-- Oversubscribed equity raise of $10.2 million to support
corporate development transactions including three franchise
reacquisitions during Q3
Commenting on the Group's performance, Executive Chairman, Dr.
Patrick DeSouza remarked: "We are having a banner year and by the
end of Q3, have already surpassed revenue, profit and EBITDA
results for all of 2020. Encouraged by continued strong market
demand for our solutions, even during Covid, and our team's
execution, we plan to further accelerate our already strong growth
plan. We have opportunities for strong organic growth as well as
for supplementary acquisition-led growth via our strong corporate
development pipeline.
As the effects of climate change stress the world's water and
wastewater infrastructure, our Group's leadership role in shaping
the Green Economy becomes more urgent."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014
Enquiries :
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
Adrian Hargrave, VP Corporate Development +44 (0) 7775 701 838
RBC Capital Markets - Joint Broker Tel: +44 (0) 207 653 4000
Jill Li
Elizabeth Evans
WH Ireland Limited - NOMAD & Joint Tel: +44 (0) 207 220 1666
Broker
Adrian Hadden
Dowgate Capital Ltd - Joint Broker Tel: +44 (0) 3903 7721
Stephen Norcross
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