AIM-listed firm exceeded revenue targets twice in Q3, beating FY15 in one quarter
Companies: Water Intelligence plc
Water Intelligence Plc (LSE: WATR), the aim-listed water specialist, has said its Q3 revenues has exceeded market expectations, reaching the same level achieved in FY15 in just one quarter.
The Group, whose strategy is to leverage its franchise across the U.S. and Commonwealth as a "one-stop" platform for residential, commercial and municipal customers, said its three-pronged growth strategy (franchises, acquisitions, and reacquisitions) had delivered strong performance.
Through Q3, WATR exceeded revenue targets twice, enabling the group to deliver more revenue in one quarter than the entirety of 2015:
"Through Q3 we have exceeded our turnover targets twice and expanded our organization to support such growth whilst continuing to be "in-line" with market expectations on profits before tax."
The firm's pre-tax profits also grew during the period, but came in-line with expectations due to investment and one-off expenses. WATR says it will continue to invest in operations in the coming quarter to fuel faster 2017 revenue growth:
"Profit margins should also grow during 2017 as a significant amount of 2016 expenses are one-time transactions-related expenses."
Commenting on today's results, Exec Chairman Dr. Patrick DeSouza said he was encouraged by the performance and efforts of the staff, saying together they were building a "multinational" growth company, providing solutions to strong demand for water and infrastructure solutions.
WATR's share price jumped 10% as the market opened on Wednesday and is trading on a forward P/E of 19.84.