Water Intelligence (WATR) , a multinational water leak detection company, said on Wednesday that the group had “once again” surpassed the prior full-year revenue results earlier than expected.
The firm said that through the end of October, they achieved revenue of $27.5 million, standing significantly ahead of the full year 2018 result of $25.5 million.
The company also stated that profit before tax, statutory and adjusted, remained “comfortably in-line” with expectations for the full year 2019.
“While surpassing the sales milestone is important, we seek to finish the year strongly and to set even higher near-term targets than expected,” remarked Executive Chairman, Dr. Patrick DeSouza.
The company stated that they were “especially pleased” to produce strong results whilst re-investing during the year across three new lines of business.
This corresponds to the group’s five-year growth plan, to be kick-started in 2020. These initiatives to reinforce growth trajectory will focus on on-line product sales for water leak monitoring and water quality as well as sewer and wastewater technologies to supplement the company’s clean water detection.
Dr DeSouza acknowledged the group’s level of execution as well the “strong market demand” as fueling the company’s upcoming growth plan.
The company’s existing global footprint across the US, UK, Austrialian and Canadian markets further corroborates the group’s ability to leverage the brand, he explained.
“We and our franchisees believe in the importance of our mission to provide technology solutions to water loss - a big issue facing the world,” Dr DeSouza added.
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