(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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