Water Intelligence PLC on Wednesday reported growth in profit and revenue in the first quarter of 2023, citing its business model performing well in an environment of high inflation and rising interest rates.
The London-based leak detection services company said revenue in the first quarter rose 18% to $19.4 million from $16.5 million a year ago. Pretax profit jumped 28% to $1.8 million from $1.4 million, boosted by franchise-related activities, which rose by 22% to $3.2 million from $2.6 million.
Meanwhile, revenue from US Corporate locations climbed 18% to $12.3 million from $10.5 million, while revenue from International Corporate locations were up 26% to $2 million from $1.6 million.
The company cited a ‘resilient business model and compelling customer value proposition’ performing against a market backdrop of high inflation and rising interest rates.
Executive Chair Patrick DeSouza says that for the second half of 2023 and for 2024, the company’s focus is ‘on delivering the benefits of investments made in prior years to reinforce our long-run growth trajectory by: commercialising new technology solutions for our customers; hiring and training more technicians to meet market demand; and completing implementation of the leading customer relationship management system to automate operations, support scaleability and enhance data security.’
Water Intelligence shares were 4.8% higher at 440.00 pence each in London on Wednesday afternoon.
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