Last checked at 26 Feb 2018 07:00
Water Intelligence plc("Water Intelligence" or the "Company")
New Contract for Sydney Corporate Store
Water Intelligence plc (AIM: WATR.L), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to announce a contract between our Sydney, Australia corporate location and Hunter Water Corporation, a state-owned water company. The multi-year contract should add at least $300,000 AUD to our already growing location's sales for 2018 with similar amounts expected over each of the next two years. There are also opportunities to increase the scope of work and income to the Sydney operation. This contract is an illustration of both Water Intelligence's multinational growth strategy and its increasing ability to unlock cross-sales opportunities across corporate, franchise and municipal lines of business.
The contract with Hunter Water continues the momentum for layering-on of municipal work to American and Australian Leak Detection locations after the 2016 acquisition of NRW, a UK-based municipal leak detection business with multinational execution experience. For example, in Miramar, Florida during 2017 a municipality that was already using American Leak Detection for residential leaks drew upon added professional skills and leverage afforded by Water Intelligence International / NRW, to meet the municipality's asset survey needs.
Sydney represents the largest cross-selling achievement to date. With this contract, our Australian Leak Detection corporate store is accelerating its growth plan of providing not only an expanded range of residential and commercial leak detection services but also municipal leak detection services to Sydney Water and now Hunter Water. As part of our growth plan, we will be also be working with our Australian franchisees to extend a cross-selling model much like we are doing with our US franchisees.
Commenting, Dr. Patrick DeSouza, Executive Chairman of the Company, stated:
"We are pleased with this win; it is a reminder of the global addressable market for our expanded range of solutions and our ability to leverage the synergies of our expanding managerial capabilities and our multinational sales footprint in the US, UK and Australia."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information about this announcement please contact:
Water Intelligence plc Patrick DeSouza, Executive Chairman Tel: +1 203 654 5426
finnCap Ltd Adrian Hargrave / Giles Rolls (Corporate Finance)Stephen Norcross (Corporate Broking) Tel: +44 20 7220 0500