LONDON (Alliance News) - Modern Water PLC on Thursday after market close reported a narrowed annual loss and believes it is well placed to turn to profit after achieving "significant milestones" in 2018.
In 2018, the company reported a pretax loss of GBP2.5 million compared to a loss of GBP5.2 million in 2017. Modern Water's revenue increased 20% to GBP4.2 million from GBP3.5 million the year before.
"Significant milestones were achieved in 2018 across the divisions of the company: the Membrane division commissioned its first full-scale AMBC plant in India; two new AMBC partnerships in China and South Africa were signed; the advance works contract for a waste-water treatment plant in Gibraltar was executed, resulting in a successful planning application in early 2019," said Chief Executive Alan Wilson.
Wilson added: "The Monitoring division has upgraded its best-selling product, the Microtox LX, and has successfully commissioned a monitoring station for a major power-generation company in the Middle East. I believe that Modern Water is now in an excellent position to start profiting from the excellent efforts of our talented employees and I sincerely hope that we can start returning value to our loyal shareholders."
Shares in Modern Water closed down 4.4% Thursday at 5.50 pence each.
