LONDON (Alliance News) - Modern Water PLC on Wednesday said a reduction in costs and the absence of any impairments resulted in a narrower pretax loss in 2015, and it said the outlook for this year is much more positive as it has a reduced cost base and refined strategy.
The company, which owns technology for water and wastewater treatment, said its pretax loss amounted to GBP4.0 million in 2015 compared to the GBP17.7 million loss booked in the previous year as revenue increased to GBP3.2 million from GBP2.8 million.
The main driver of the significantly narrower loss was the absence of a GBP12.6 million impairment booked in 2014 and a reduction in administrative costs to GBP4.9 million from GBP5.7 million.
The reduction in administrative costs was the result of a reduction in headcount in the year, yielding a GBP900,000 saving each year, whilst overheads were also reduced by 13% in the year.
"The outlook for 2016 looks promising because we are more market focused, we have improved our cost base and we have a refined strategy which will enable us to bring our world leading technology to key markets in a quicker timeframe," said Modern Water.
Modern Water shares were down 0.4% to 7.15 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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