MWG.L Share News (MWG)

Modern Water saw 2012 revenues overflow as the desalination plant company expanded operations and won new contracts. Total annual revenues more than tripled, climbing to £3.8m from £1.2m in 2011.During the period the company provided its modern water technology Microtox to the London Olympics and Paralympic Games to monitor water quality. Microtox detects toxins in water and has been used at every summer Olympics and Paralympics since 1984.Last year the firm also signed agreements in China and Kuwait and completed the world's first commercial forward osmosis plant in Oman followed by a 12-month operation and maintenance contract.However, the group reported a loss of £5.4m, compared to £4.5m a year earlier, largely due to the cost of its acquisition of SDIX Water Quality Division and the expenses related to the construction of the Al Najdah plant in Oman. Nevertheless, the group ended the year with a cash position of £5.7m cash and no debt."2012 was a year of exciting progress at Modern Water. We saw the opening of the world's first commercial forward osmosis plant, key trade partnership agreements in China and Kuwait, and a significant rise in group revenue," said Executive Chairman, Neil McDougall. "... Demand continues to rise as there is a growing need for our technologies with water shortage becoming an increasing issue in both developing and developed countries. "We are committed to growing the company, and began 2013 strongly with the successful placing of 20 million new shares, raising £10m before expenses. "We are focusing on increasing the reach and extent of our marketing activities, and continuing to concentrate on all our key markets, providing leading technologies to customers and maximising shareholder value."Shares rose 1.51% to 59.00p at 09:14 Wednesday.RD