Water Intelligence tops 2018 revenues earlier than expected

Leak detection and remediation solutions provider Water Intelligence saw its shares advance on Wednesday morning after the firm revealed that it had surpassed last year's full-year revenues earlier than expected.

In the ten months ended 31 October, Water Intelligence said it had achieved $27.5m in revenues - significantly ahead of its full-year 2018 result of $25.5m.

The AIM-listed group also noted that pre-tax profits remained "comfortably in-line with expectations" for the full year.

Water Intelligence told investors its current level of execution and strong market demand for water infrastructure services had enabled it to accelerate its next five-year growth plan.

Beginning in 2020, Water Intelligence will invest in three new lines of business - on-line product sales for water leak monitoring and water quality; proprietary sewer and wastewater technologies and solutions; and cross-sales of its UK municipal solutions into the US.

Chairman Dr Patrick DeSouza said: "We are delivering on our objectives and we remain ambitious.

"While surpassing the sales milestone is important, we seek to finish the year strongly and to set even higher near-term targets than expected."

As of 0950 GMT, Water Intelligence shares were up 5.19% at 284p.