*34mln shares * market cap £5mln *revs up 21% to £2.4mln *$0.9mln deal with US military for anti infection testing kit with more orders expected *cash and cash equivalents £3.5mln * 12mth overhang of 15% appears done
The Membrane Processes Division has significant IP and proprietary know-how in the areas of brine concentration and forward osmosis. It has a number of successful project references from working with its partners in China and India. The Division will continue to pursue its preferred business model of licencing its IP for specific projects whilst also providing engineering and design services to its partners.
Since the period end in September 2019, the Company raised £141k (before costs) of further funds. Following a review, the directors have concluded that the Company has adequate resources to continue its business for the foreseeable future, as set out in Note 2.2 to the results.
1 clients now more ready to reveal their details such is the success of PYC models 2 engaging with even more clients 3 Cancer UK spending £40mln on new data centres 4 looking to build even more relationships 5 looking for partners for virtual tumour roll out
that provide more fuel. These actions should reinforce our three-year (1H 2016 to 1H 2019) compounded sales growth of 42% and statutory profit before tax growth of 16%. As we execute for the remainder of 2019 and ramp up for 1H 2020, our objective will be not only to continue our growth path but also to add scale to our business in terms of new operating geographies, additional product offerings and a complementary on-line product sales business that leverages our existing service delivery footprint across the United States.
We are ambitious and seek to take advantage of the tailwind afforded us as global market demand for solutions to water loss is growing irrespective of general political and economic conditions. With our reinvestment, we are establishing Water Intelligence as a distribution platform for products and services that can transform the water infrastructure market.
Dr. Patrick DeSouza, Executive Chairman of Water Intelligence, commented:
"We are pleased, once again, with our consistency of delivery. We had strong results in the first half with strong organic growth, a healthy balance sheet and continued multinational expansion of operations. Q3 has also started well. The Group has delivered strong EPS growth while still making investments to sustain our growth trajectory over the next three to five years.
Given the strong global market demand for water and infrastructure services, we remain confident about the future and our ambition to transform the water infrastructure services sector and deliver real value to our shareholders."