Good morning!

I'm back from holidays in the Canaries, tanned and sunburnt and with great memories of beaches, water slides, camels, volcanoes, etc.

Paul has been productive in my absence and covered a big collection of shares in yesterday's report. He added quite a few in the evening - here's the link.

We have a busy RNS feed today. I'm looking at these shares:

Water Intelligence (LON:WATR)

  • Share price: 345p (+4%)
  • No. of shares: 15 million
  • Market cap: £52 million

Interim Results

Water Intelligence, a leading provider of non-invasive leak detection and remediation services, is pleased to present its interim results for the period ended 30 June 2018.

This California-based business continues to show excellent growth. It uses acoustic and infrared technologies to pinpoint the location of water leaks (without needing to break through surfaces to find them).

  • revenues +39% ($11.8 million)
  • PBT up 49% ($1.26 million)

It's nice to see that the company reports its actual PBT first in the statement (before adjusted PBT).

Also, the adjustments to the accounts aren't huge. Adjusted PBT is also growing strongly and is not that much higher when compared with actual PBT.

Profits are described as "comfortably in line with expectations", which typically means at the higher end of the forecast range.

At the H1 trading update in July, the company confirmed that it was working toward the goal of $20 million of sales in 2018 and reaching $25 million of annualised sales in the near-term.

Today it says:

Given our consistency, we are confident that we should proceed full steam ahead towards our stated goal of passing $20 million in sales during 2018 and stretching towards $25 million in the near-term for a trailing twelve-month period

While the growth in the core business is excellent in its own right, we also have a maiden profit from its UK-based services business.

The level of ambition remains encouraging - the company is…

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