Water Intelligence (AIM:WATR) PLC said sales grew in the first quarter as it accelerates its “strategic growth plan through new investments.”
Sales were up 44% on last year to US$16.5mln, with the provider of leak detection solutions adding that profit before tax was up 16% to US$2.1mln, despite increased investment.
In the last quarter of 2021, the California based company said it raised money to fund investments that were geared towards increasing market share and profitability, and that it accelerated this plan in the first quarter.
Notably, the company hired 60 managers and technicians to meet demand, established a new training centre in Seattle and implemented technology and applications to assist scalability and efficiency.
Water Intelligence (AIM:WATR) also opened ‘greenfield’ locations in Texas and New York and continued on its plan to reacquire its American Leak Detection franchises.
As well as that, the company signed a US$17mln credit expansion with M&T Bank (NYSE:MTB) at a 5.5% fixed rated to support franchise reacquisitions, with repayment through to 2027.
“With the support of our institutional investors, we are accelerating our investment in growth by adding more execution personnel and training centres to expand our current multinational operational footprint,” said executive chairman Dr Patrick DeSouza.
Shares were down in afternoon trading by 10%, changing hands at 686p.