30 Jun 2020 15:28
AIM share code: MWG
30 June 2020
Modern Water PLC
("Modern Water" or "Company")
Delay in Publication of 2019 Final Results and Annual Report
Modern Water, the global water crisis monitoring and solutions provider, announces that there will be a short delay in the publication of the Company's audited financial results for the year ended 31 December 2019 ("Final Results").
Following consultation with its auditors, the Company has concluded that due to the impact of the COVID-19 pandemic and new guidance issued by the FRC in April 2020, it will require more time to complete the audit process in respect of its Final Results.
The London Stock Exchange and the Registrar of Companies have approved a delay to the publication and filing of the Company's Final Results of up to three months to 30 September 2020 in line with measures introduced for companies affected by the current pandemic. However the Company expects to be in a position to announce its Final Results shortly.
The Company expects to report revenue from continuing operations of approximately £3.1 million (2018: £4.3 million), an EBITDA loss of £0.7 million (2018: loss £2.1 million) and an operating loss of £1.3m (2018 £2.6m) after providing for depreciation and amortisation of £569k (2018: £523k). The Group net assets are expected to be approximately £1.1 million (£2.1 million) with £0.2m cash in the bank (2018: £0.2m cash) and a bank loan of £0.4m as at 31 December 2019 (2018: £0.5m).
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Modern Water plc | Simon Humphrey, CEO
| +44 (0)20 3827 3439 |
Cairn Financial Advisers LLP (Nominated Adviser)
| Sandy Jamieson Liam Murray Ludovico Lazzaretti | +44 (0)20 7213 0880 |
Turner Pope Investments (TPI) Limited (Broker) | Andy Thacker / Zoe Alexander | +44 (0) 20 3657 0050 |
About Modern Water
Modern Water was established in 2006 to develop and commercialise water recovery technologies to counter water crisis problems arising from climate change and a growing global population. Having invested £20m over the last 14 years, the results comprise of a robust patent portfolio in cutting-edge technology, focussed on monitoring of contaminated water and decontamination of wastewater, making recycling of water more efficient. Six countries across the world have legislated that Modern Water monitoring test systems are written into their environmental protection legislation.