(Alliance News) - Leak detection services firm Water Intelligence PLC on Monday reported strong first quarter revenue growth, but said profit was hit by one-off costs.
Water Intelligence shares were down 10% at 686.00 pence in London on Monday afternoon.
In the first three months of 2022, sales grew 44% annually to USD16.5 million, from USD11.4 million.
Pretax profit declined by 17% year-on-year to USD1.4 million from USD1.7 million in the prior year.
The profit fall was down to one-time costs, including USD400,000 in Salesforce training, as well as flooding in Australia "limiting service delivery".
On an adjusted basis, pretax profit rose 16% to GBP2.1 million from GBP1.8 million, "despite accelerated investment spending".
The company added: "Following its Q4 2021 fund raise, the group has accelerated its strategic growth plan through new investments geared to capture additional market share and increase profitable growth in H2 2022 and beyond. The group has accelerated its headcount investment during Q1 ahead of a much busier Q2 and Q3 summer season."
By Sophie Rose; sophierose@alliancenews.com
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Water Intel. (WATR)