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Modern Water leaks lower despite record profit

Thu, 20th Sep 2018 09:33

(Sharecast News) - Water monitoring systems supplier Modern Water saw its shares drip lower on Thursday despite the company recording a record first half gross profit after achieving double-digit revenue growth.For the first six months of the year the outfit's revenue increased by 22% to £1.9m compared to the same period last year, while gross profits jumped 39% to £0.9m after Modern Water's monitoring division scored "significant" 29% revenue growth from a new sales model in China.The division also achieved margin growth due to higher margin consumables and test kits making up the majority of its revenue increase.However, despite the jump in revenue and gross profit still resulted in an operating loss of £1.5m, albeit a reduction over the operating loss of £1.7m achieved in the comparable period last year.At 30 June the company had cash and cash equivalents of just £0.1m, down from £1.5m at the same point last year.Chairman Alan Wilson said: "I am pleased to report that Modern Water's strategy continues to build momentum towards its key targets - brine concentration in China and India, the Wastewater Project in Gibraltar and the monitoring division's revenue growth in China. The evidence of this is beginning to show in our first half-year results with revenue up 22% and gross profit up 39%."The project with the government of Gibraltar for a waste water treatment plant is scheduled to break ground this year.For the full-year, the company remains confident of meeting market expectations and will take advantage of the increased interest and opportunities for deployment of its technology after the success of its Indian brine concentration plant project with Advent Envirocare.Modern Water's shares were down 9.89% at 10.02p at 0938 BST.

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11 Oct 2018 11:18

Modern Water Launches Open Offer To Raise GBP900,000 (ALLISS)

LONDON (Alliance News) - Modern Water PLC said Thursday it launched an open offer aiming to raise proceeds of GBP900,000.The company will offer up to 10.0 million shares at 9.0 pence each,

27 Sep 2018 15:56

Modern Water Licences Technology For Use At Chinese Treatment Plant

LONDON (Alliance News) - Modern Water PLC on Thursday said it has licenced its osmosis technology to Hangzhou Shangtuo Environmental Technology Co Ltd for use at a treatment plant in water company

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Modern Water Well Placed For Revenue Growth As Interim Loss Narrows

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Modern Water Secures Investment From Chinese Firm, Plans Fundraising (ALLISS)

LONDON (Alliance News) - Modern Water PLC on Tuesday said it secured an investment of GBP552,349 from Chinese company Hangzhou Shangtuo Environmental Technology Co Ltd, trading as Sunup.The

2 Aug 2018 12:20

Modern Water Expects Higher Interim Sales And Narrowed Loss

LONDON (Alliance News) - Modern Water PLC said Thursday that it expects to report a sales increase on last year and narrowed loss for the first half of the year.The company said that for to

4 Jul 2018 12:27

Modern Water Opens "World's First" Brine Treatment Plant In India

LONDON (Alliance News) - Modern Water PLC said Wednesday the "world's first brine treatment plant" will be opened in India using its all membrane brine concentration plant, opened by

25 Apr 2018 11:13

Modern Water Reports Strong Start To 2018 With Revenue & Profit Up

LONDON (Alliance News) - Modern Water PLC on Wednesday said it has started 2018 strongly with revenue and profit rising significantly in the first quarter.The water technologies firm said a

29 Mar 2018 13:39

Modern Water 2017 Pretax Loss Deepens On Goodwill Impairment Charge

LONDON (Alliance News) - Modern Water PLC said Thursday a large exceptional goodwill impairment charge and lower revenue generation has resulted in a deepened pretax loss for

21 Mar 2018 13:16

Modern Water Warns On 2017 Results Amid Changes In Sales Model

LONDON (Alliance News) - Modern Water PLC said Wednesday it expects revenue and profit to be below market forecasts for 2017 due to sales model changes, which have also in in

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Modern Water receives order commitments worth £550k

(ShareCast News) - Modern Water has received order commitments from customers in the Asia Pacific region in excess of £550,000 for its range of online toxicity and trace metal monitoring equipment. The company, which owns technologies for water, wastewater treatment and the monitoring of water quali

15 Sep 2016 10:41

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Modern Water clamps down on costs in first half

(ShareCast News) - Modern Water, an AIM listed provider for water and wastewater treatment and the monitoring of water quality, improved on its performance during the first half by cutting down on costs. Re-organisation and cost control during the first half saved the company £0.6m, with cash burn h

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