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UPDATE - Waterlogic on track and pleased with progress

Last updated: 13:33 07 Feb 2014 GMT, First published: 14:33 07 Feb 2014 GMT

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--adds share price, broker comment--

Water cooler supplier Waterlogic (LON:WTL) saw revenues pick up by almost a quarter over the past year including a rise in recurring business, which is now more than 40% of the total.

The group, which supplies mains-fed coolers that guarantee 99.9% pure water, said turnover in 2013 was approximately US$124 mln (2012: US$101mln) with underlying profits [adjusted EBITDA] in line with market expectations.

During the year, the company acquired Cool Clear Water in Australia, which Waterlogic added had traded well. Stripping out its contribution organic revenues grew 4.2% or 3.5% at constant currencies.

The consumer division also launched new products in Japan, Turkey and Italy, with revenue increasing to approximately US$1.3mln in 2013 and open orders of approximately US$0.8mln.

Broker N+1 said that the key growth driver was acquisitions, particularly the A$60m deal to buy Cool Clear Water in Australia. This will also impact the current year as it will be the first full year the business is consolidated.

Moreover, N+1 expects the consumer division will play a bigger role in growth this year with sales forecast to be US$5m. The broker, which has a 'buy' recommendation and 136p target price, is forecasting adjusted profits of US$10.6mln for the year just ended rising to US$12.4mln in the current year.

Shares today rose 6% to 95p.

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