Water Intelligence PLC on Thursday reported success across all main metrics in its latest year, preparing the company for its next phase of growth.

In a trading update, the London-based water infrastructure solutions company said it had performed in line with market expectations for 2023, despite the impacts of rising interest rates and inflation on consumer spending.

Water Intelligence said that all headline numbers were positive, with revenue growing 6.6% to $76.0 million from $71.3 million in 2022.

Pretax profit was $6.2 million, up 13% from $5.5 million. Adjusted earnings before interest, tax, depreciation and amortisation rose 8.1% to $13.4 million from $12.4 million.

Water intelligence finished the year with $15.8 million in cash, down from $23.0 million in 2022. Debt at the end of 2023 totalled $22.8 million, down from $29.0 million.

The company said that its strong balance sheet had provided ‘dry powder’ for the future, allowing it to allocate capital toward growth investments in 2024.

Executive Chair Patrick DeSouza said: ‘2023 was a year of solid performance. We are ready for our next phase of growth and we look forward to the rest of 2024. Over the last two years, we have navigated both persistent inflation and sharply rising interest rates. We are pleased that despite such volatility, we have maintained sales and profit growth.

‘Given our strong balance sheet and continued performance in generating profits, we are able to invest in capital projects that sustain our long-term growth.’

Shares in Water Intelligence were down 3.9% at 375.00 pence each in London on Thursday afternoon.

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