7 Jun 2019 10:55
Modern Water plc
("Modern Water" or "the Company")
Trading and working capital update
For immediate release | 7 June 2019 |
|
|
Modern Water plc, the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring, announces a trading and working capital update.
Despite positive indicators as disclosed in the recent Annual Report, cash flows have been slower than anticipated from the Membranes Division and, consequently, additional working capital will be required in the short-term to meet the Group's requirements. The Monitoring Division continues to trade in line with expectations and the Company is awaiting developments on the Gibraltar waste water contract.
The Board is engaged with a number of potential funding parties with a view to providing the working capital needed, which may or may not include a new equity issue. Although no guarantees can be given that these talks will come to fruition, the Board believes these options to be viable and a further update will be made as appropriate.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
Modern Water plc | +44 (0) 1483 696 000 |
Simon Humphrey, Chief Executive
|
|
Cairn Financial Advisers LLP (Nominated Adviser) |
+44 (0) 207 213 0880 |
Sandy Jamieson / Tony Rawlinson Ludovico Lazzaretti
|
|
Turner Pope Investments (Broker) Andy Thacker | +44 (0) 20 3621 4120 |
|
|
Notes to editors:
Modern Water is a pioneering and innovative technology company, specialising in membrane water treatment solutions and advanced monitoring products. The Company works for customers in a range of industries across the globe and owns proprietary technologies for use in a diverse range of applications. Modern Water's Monitoring Division has a portfolio of world-leading toxicity and trace metal monitoring products, some of which constitute the regulatory standard. The headline technology of the Company's Membrane Division, called "AMBC", can be used to tackle complex wastewater treatment problems at a reduced cost compared to standard processes, while being simple to operate.