REG - Water Intelligence - Sale of Territory to North Carolina Franchisee

Water IntelligenceAnnouncement

26/01/2022 07:05

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RNS Number : 6778Z  Water Intelligence PLC  26 January 2022

 

 

Sale of Territory to North Carolina Franchisee

Water Intelligence plc (AIM: WATR.L) ("Water Intelligence" or "Group"), a
leading multinational provider of precision, minimally-invasive leak detection
and remediation solutions for both potable and non-potable water is pleased to
announce the sale of certain territory in rural North Carolina to an existing,
fast-growing franchisee of American Leak Detection (ALD), the Group's core
business.

The purchase price for the territory is $90,000, all of which is recognised as
revenue at 100% profit margin.  It is also expected that the franchise owner
will be purchasing additional equipment from ALD to launch service vehicles to
develop the territory. Finally, the commercialization of such "greenfield"
territory will also add royalty income to the Group's ALD business unit during
2022.

Executive Chairman, Dr. Patrick DeSouza commented: "Today's North Carolina
territory sale further grows ALD's footprint in the US. Together with the
reacquisition of the Fort Worth franchise last week, with its own significant
contribution to Group revenues and profits going forward, this creates a fast
start for strong Water Intelligence growth in 2022. We look forward to
reinforcing our growth trajectory with many more wins throughout the year."
 

The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014

Enquiries:

 Water Intelligence plc
 Patrick DeSouza, Executive Chairman               Tel: +1 203 654 5426
 RBC Capital Markets - Joint Broker                Tel: +44 (0)20 7653 4000
 Jill Li

 Elizabeth Evans
 WH Ireland Limited - NOMAD & Joint Broker         Tel: +44 (0)20 7220 1666
 Adrian Hadden
 Ben Good
                                                                   Tel:  +44 (0)20 3903 7715

 Dowgate Capital Ltd - Joint Broker

Stephen Norcross

 

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