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Modern Water To Report Narrowed Loss In 2019 Despite Fall In Revenue

Wed, 01st Jul 2020 08:49

(Alliance News) - Modern Water PLC on Tuesday said it expects to report a narrowed loss for 2019 despite a decline in revenue.

The London-based water supply company said it expects to report revenue from continuing operations of GBP3.1 million for 2019, down from GBP4.3 million in 2018, with a loss before interest, tax, depreciation and amortization of GBP700,000 versus a GBP2.1 million loss in 2018.

Operating loss is expected to come in at GBP1.3 million, narrowed from GBP2.6 million reported a year before.

Modern Water said it expects its net assets to be GBP1.1 million, down from GBP2.1 million in 2018, with GBP200,000 cash in the bank and a bank loan of GBP400,000 as at the end of December 2019.

Modern Water said it expects to announce its 2019 results "shortly", with the delay caused by Covid-19 pandemic.

The stock was trading 1.4% higher in London early on Wednesday at 1.75 pence a share.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Modern Water To Report Narrowed Loss In 2019 Despite Fall In Revenue

Round-up: Capital & Regional, International Ferro, Synergy Healthcare...

Broker tips: Glaxo, Go Ahead, Modern Water

Broker snap: KBC laps up Modern Water

Modern Water H1 losses widen

Sunday tips round-up: RM, Hill & Smith, Modern Water

Modern Water hails success of test plant

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