LONDON (Alliance News) - Modern Water PLC on Thursday expressed a confident outlook for the year ahead despite reporting a "significantly" widened loss in 2018.
The stock was trading 11% lower on Thursday at 6.20 pence a share.
The water and wastewater treatment technologies company said it expects its pretax loss for the year that ended December 31 to be "slightly" greater than market expectations and "significantly" widened compared to 2017.
The company explained that a strong performance from its Monitoring division was offset by a lower-than-forecast performance from the Membrane unit. More positively, Modern Water said revenue in both divisions increased in 2018.
"The board remains very confident that both sides of the business will continue to grow in the coming year, boosted by new sales initiatives," said Chief Executive Simon Humphrey.
Modern Water said it anticipates releasing its 2018 results by no later than March 31.
