highlights23 Jan 2014 23:50
Highlights
· Profitability continues to increase significantly; operating profits for the first half of 2013 compared to the first half of 2012 increased 24% and profits before tax increased 35%
· Profit before tax for the first half of at $615,000 exceeded profit before tax for the entire 2012 year at $531,000
· Revenue grew steadily by 8.5% in the first half of 2013 compared with the first half of 2012; product mix during the first half of 2013 included US sales of Leakfinder
· American Leak Detection franchise royalty income increased steadily at 5% when comparing the first half of 2013 to the first half of 2012
· Cash on the balance sheet at June 30, 2013 was higher at $770,000 compared to $365,000 at June 30, 2012; meanwhile, borrowings were reduced to $2.54 million at June 30, 2013 compared to $3.06 million at June 30, 2012
· EPS growth was up 43% to 4c for the first half 2013 compared to 2.8c for the first half of 2012
· Strategic channel program for the insurance market accelerated at American Leak Detection to address customer needs and add to royalty income growth
· Domestic Reporter continues to be tested successfully at Thames Water and South West Water with UK utilities gathering more positive trial customer feedback