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27 April 2021 | 07:55am
StockMarketWire.com - Leak detection technology group Water Intelligence said it had more than doubled its first-quarter profit on the back of a surge in sales.
Pre-tax profit for the three months through March had risen to $1.66 million, up from $0.66 million year-on-year, as revenue rose 38% to $11.4 million. The group has had an outstanding first quarter; one that both accelerates a very strong set of 2020 trading results and builds upon the group s consistently strong compounded annual growth trajectory, it said.
Executive chairman Patrick DeSouza said market demand for the copany s solutions would only increase as a result of the Biden administration s anticipated $100 billion investment in water infrastructure.