Water Intelligence PLC Q1 Trading Update: Accelerating Growth Plan (7031K)
09 Mai 2022 - 07:10PM
UK Regulatory
TIDMWATR
RNS Number : 7031K
Water Intelligence PLC
09 May 2022
Water Intelligence plc
Q1 Trading Update: Strong Sales and Accelerating Growth Plan
Water Intelligence plc (AIM: WATR.L) (the "Group" or "Water
Intelligence"), a leading multinational provider of precision,
minimally-invasive leak detection and remediation solutions for
both potable and non-potable water is pleased to provide its
unaudited Q1 Trading Update.
Corporate Overview
Following its Q4 2021 fund raise, the Group has accelerated its
strategic growth plan through new investments geared to capture
additional market share and increase profitable growth in H2 2022
and beyond. The Group has accelerated its headcount investment
during Q1 ahead of a much busier Q2 and Q3 summer season.
Q1 2022 has been marked by: (i) hiring and training of more than
60 headcount (managers and technicians) to meet increasing market
demand; (ii) establishing a new training centre for technicians in
Seattle; (iii) implementing the Group's set of Salesforce and
related applications to enable scalability and efficiency; (iv)
opening "greenfield" locations in Texas and New York and (v)
continuing to reacquire its American Leak Detection franchises
including Fort Worth, Texas announced 19 January.
Financial Highlights
-- Water Intelligence sales growth of 44% to $16.5 million (Q1 2021: $11.4 million)
o 26% organic growth of corporate locations owned prior to Q1
2021 (Q1 2022: $7.1 million vs. Q1 2021: ($5.6 million)
-- Adjusted EBITDA* grew 26% to $3.0 million (Q1 2021: $2.4 million)
-- EBITDA increased 9% to $2.6 million (Q1 2021: $2.4 million)
-- Adjusted PBT** grew 16% to $2.1 million (Q1 2021: $1.8
million) despite accelerated investment spending
-- Statutory PBT declined 17% to $1.4 million (Q1 2021: $1.7
million) reflecting one-time costs footnoted below
-- Balance Sheet is strong with net cash of $10 million and
further liquidity from undrawn debt facilities of $8 million
*Adjusted EBITDA adds back one-time costs of approximately
$400,000 from (i) Salesforce training and implementation and (ii)
Australian extreme rain and flood conditions limiting service
delivery ("One-Time Costs")
**Adjusted PBT adds back (1) One-time Costs as per Adjusted
EBITDA and (2) non-cash costs of share-based payments and
amortization
Corporate Development Highlights
-- $17 million credit expansion with M&T Bank at a fixed
rate of approximately 5.5% with repayment through 2027 to support
franchise reacquisitions
-- Strategic franchise reacquisition of Fort Worth, Texas
-- Launch of "greenfield" corporate locations in Long Island, New York and Wichita Falls, Texas
-- Training Centre launched in Seattle to train more leak detection specialists
Release of 2021 Audited Results
The Group expects to announce its audited results for 2021
during late May as traditionally released.
Commenting on the Group's performance, Executive Chairman, Dr.
Patrick DeSouza remarked:
"Our strategic plan for the last decade has been and continues
to be focused on creating a world-class growth company that
provides solutions to water loss from deteriorating infrastructure
- residential, commercial, municipal. And we are delivering both
organic growth and acquisition-led growth in line with our plan.
With the support of our institutional investors, we are
accelerating our investment in growth by adding more execution
personnel and training centres to expand our current multinational
operational footprint. Moreover, we are automating our business
with the rollout of Salesforce and associated applications to
increase efficiency and scalability as we add more execution
personnel. Finally, we are continuing to complement organic growth
with acquisition-led growth from our own franchise businesses and
third-party solution providers.
We are confident in these investments given increasing global
market demand for minimally-invasive solutions to aging
infrastructure and water scarcity from changing climate conditions.
Our confidence stems from our strong foundation: (i) an installed
base of approximately $150 million in gross sales by corporate
operations and franchisees under our core American Leak Detection
brand, (ii) more than 150 locations across the US and in the UK,
Australia and Canada and (iii) a matrix of proprietary technology
solutions for clean water and wastewater problems."
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
Enquiries:
Water Intelligence plc
Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
RBC Capital Markets - Joint Broker Tel: +44 (0)20 7653 4000
Jill Li
WH Ireland Limited - NOMAD & Joint Tel: +44 (0)20 7220 1666
Broker
Chris Hardie
Ben Good
Tel: +44 (0)20 3903 7715
Dowgate Capital Ltd - Joint Broker
Stephen Norcross
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBKFBPCBKDCPK
(END) Dow Jones Newswires
May 09, 2022 13:10 ET (17:10 GMT)
Water Intelligence (LSE:WATR)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Water Intelligence (LSE:WATR)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024