Water Intelligence - Interim Results
29/09/2025 07:00
RNS Number : 1427B
Water Intelligence PLC
29 September 2025
Water Intelligence plc (AIM: WATR.L)
Interim Results: Stronger Growth; Competitive Differentiation
Water Intelligence plc (AIM: WATR.L) (the "Group" or "Water Intelligence"), a leading multinational provider of precision, minimally-invasive leak detection and remediation solutions for both potable and non-potable water is pleased to provide its unaudited Interim Results for the period ended 30 June 2025.
Results are in-line with market expectations with continued revenue and EBITDA growth with momentum for 2H from a strong 2Q. The Group's focus is two-fold. First, further competitive differentiation and margin improvement driven by its technology-enabled services platform and second, going to market with its strategic StreamLabs partnership to deliver accelerated organic revenue growth.
Financial Highlights
· Revenue increased by 8% to $45 million (1H 2024: $41.5 million)
o Franchise Royalty income decreased by 10% to $3.21 million (1H 2024: $3.55 million) as a result of franchise reacquisitions reducing the pool of royalty income
o Franchise Related sales decreased 15% to $4.7 million (1H 2024: $5.5 million) as a result of fewer franchisees
o Group Corporate Store sales increased 13% to $37.1 million (1H 2024: $32.4 million)
§ US Corporate sales grew 7% to $30.3 million (1H 2024: $28.3 million)
§ International Corporate sales grew 64% to $6.8 million (1H 2024: $4.1 million)
· PBT Adjusted* increased by 8% to $5.7 million (1H 2024 $5.26 million)
· EBITDA Adjusted** increased by 16% to $9.2 million (1H 2024: $8.0 million)
· Statutory Profit Before Tax decreased by 11% to $4.2 million (1H 2024: $4.7 million) negatively affected by IFRS 3 treatment of profits from Irish acquisition as remuneration expense due to earn-out structure and no inclusion of gain from Las Vegas acquisition***
· Statutory EBITDA increased by 4% to $8.2 million (1H 2024: $7.8 million) also negatively affected by IFRS 3 treatment of profits from Irish acquisition as remuneration expense due to earn-out structure and no inclusion of gain from Las Vegas acquisition***
· PBT Margin Adjusted* remained the same at 13% (1H 2024: 13%)
· EBITDA Margin Adjusted** increased to 20% (1H 2024: 19%)
· EPS Basic Adjusted* increased by 8% to 22.9 cents (1H 2024: 21.2 cents)
· EPS Fully Diluted Adjusted* increased by 8% to 22.4 cents (1H 2024: 20.7 cents)
· Cash and equivalents at 30 June of $8.42 million
o Net Cash of ($14.1) million (cash minus bank borrowings)
o Net Debt (including both Bank Debt and Deferred Acquisition Payments) to EBITDA Adjusted** ratio: 1.24
*PBT Adjusted (adjusted for amortisation, share based payments and non-core costs/gains including IFRS treatment of earn-out gains)
**EBITDA Adjusted (adjusted for share-based payments and non-core costs/gains including IFRS treatment of earn-out gains)
*** See 2024 Accounts, Strategic Report, Table (vii) for further explanation; Irish acquisition occurred in 2H 2024 so 1H 2024 Interims did not have conforming treatment of Las Vegas gain. Today's report makes all adjustments for comparisons.
Corporate Development / Capital Allocation
· Strategic partnership with StreamLabs. Inc., a Chubb company for "white label" resale of high quality water monitoring products by the Group's core American Leak Detection subsidiary ("ALD"). ALD is now able to provide its customers a full suite of products and services and a subscription model.
· Repurchase of Group shares: 60,000
Subsequent to Period
· Repurchase of Group shares: 88,000 for Total Year to Date of 148,000
· Reacquisition of West Georgia franchise to create regional corporate hub after integration with prior franchise reacquisitions in area
Dr. Patrick DeSouza, Executive Chairman of Water Intelligence, commented:
"We are enthusiastically executing our 2025-26 plan to drive accelerated organic growth and to realize gains from investments previously made, such as our Salesforce operating platform. We have momentum from a strong 2Q. Over the next couple of quarters, we will be publishing new KPIs reflecting such gains.
Our Technology Enabled Services model positions us well. Preventive maintenance solutions for aging water infrastructure, as opposed to restoration after an unattended to water leak, is increasingly sought after by the residential, commercial and municipal customers as the price of water continues to rise. Our StreamLabs partnership executed during 1H enables us to provide end-to-end products and services from monitoring to leak detection and repair to aftercare and to help our customers via a subscription model to get ahead of any potential problem.
We are now the only nation-wide company in the US in a fragmented market for service providers that can provide the end-to-end set of preventive maintenance solutions directly. Moreover, with our latest proprietary leak detection equipment to be unveiled at our forthcoming annual ALD Convention 22-25th of October, we will be unmatched and this positions us well for a strong 2026.
While building out our multinational platform and continuing to meet expectations in terms of profitability, we have preserved a strong balance sheet and credit capacity. As a result, we have the resources both to be opportunistic through acquisitions but also to provide some liquidity for shareholders through share repurchases. We are confident in our ability to deliver results in the near-term."
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Water Intelligence plc
Laura Bass, Director, Strategic Finance Tel: Tel: +1 203 584-8240
Grant Thornton UK LLP - Nominated Adviser Tel: +44 (0) 20 7383 5100
Philip Secrett
Harrison Clarke
Ciara Donnelly
Canaccord Genuity Limited - Joint Broker Tel: + 44 (0)207 523 8000
Simon Bridges
Harry Gooden
Elizabeth Halley-Stott
Dowgate Capital Ltd - Joint Broker Tel: +44 (0)20 3903 7715
Chairman's Statement
During 1H, we began to execute against our Next 50 Growth Plan that we launched in October 2024 at the annual Conference for our core business - American Leak Detection (ALD). As discussed below, we have started well in delivering and have momentum for 2H based on a strong 2Q. The Group's vision from its beginnings on AIM has always been to transform ALD's unique operating footprint that provides technology-driven, water leak detection and repair services to customers all across the United States into a scalable multinational "One Stop Shop." We have a positive indicator for our scalability as EBITDA Adjusted margins have moved to 20%; moreover, we have room for further improvements from our fast growing Water Intelligence International business (+64% 1H 2025 vs. 1H 2024) as we extend the platform globally to handle all water infrastructure needs of residential, commercial and municipal customers in a seamless way.
Starting with ALD's 1H performance, we invested in the final piece of the platform vision during 1H with our StreamLabs partnership to introduce wireless monitoring capabilities. We have tested the new offering during 1H in certain pilot cities with positive customer reaction. In addition, pleasingly we have also observed different indicators that prior investments in the platform are delivering efficiencies and scale. Now, as we approach our 2025 ALD Conference in mid-October, we will be updating key performance indicators (KPIs) reflecting our progress for a new round of accelerated growth built upon today's base of approximately $175 million annual network sales.
Our new KPIs will focus on three key concepts - Preventive Maintenance, Technology Enabled Solutions Platform and the Dallas Operating Template. All three reinforce our core technology-driven, minimally-invasive, leak detection value proposition and create a coherent economic model that is scalable. Importantly, we believe we are the only nationwide provider in the US that can bring such a comprehensive technology profile to bear on leak detection problems in water infrastructure. As outlined below, our new KPIs are geared to show the yield from our investments.
First, as a matter of competitive strategy, market demand for end-to-end Preventive Maintenance solutions for water infrastructure - whether residential, commercial or municipal - is rapidly growing. Customers - whether homeowners, property management or insurance companies - are recognizing the need to be proactive rather than wait for serious losses and greater damages. The current revolution in data science enables better capture and quantification of water data to show the return on investment for preventive maintenance. Some of the Group's collection of proprietary technologies, especially LeakVue 2, already leverage such data about water flow to pinpoint leaks. As a result, our combination of proprietary tools and wireless products, an installed base of household customers across the US and a national services footprint mapped to a national insurance channel structure enable both the collection of first party data and its exploitation for winning competitive differentiation.
Over the last six months, we have built out our StreamLabs partnership to create further competitive advantage for such a new world of preventive maintenance. StreamLabs, a company owned by Chubb insurance, has what we have evaluated to be the highest quality water monitoring product that can provide wireless data alerts of a water leak and an ability to shut-off water flow. We are pleased that ALD is able to "white label" the StreamLabs products to our customers and to own dashboards so that we can be a first responder for our customers and seamlessly leverage our proprietary leak detection technology and highly-trained professionals to pin-point leaks, remediate them in minimally-invasive fashion and provide aftercare based on data. During 1H we have trained our technicians in StreamLabs products, set-up proprietary workflow routines in our Salesforce operating system and sold StreamLabs units in pilot cities. Customer feedback has been outstanding. Coincident with our ALD Convention in October we will be ramping up sales and marketing efforts and developing revenue growth KPIs supplementary to our existing offerings. Moreover, the reliability of the StreamLabs product reinforces ALD's high quality brand and reduces liability risk for false readings unlike other products.
Second, over the last several years we have invested in building out a Technology Enabled Solutions (TES) business model so that we could scale efficiently. Our Salesforce operating system and various applications from web forms to SEEEN video moments gather and store data securely in the Salesforce cloud to improve leak detection services, the training of technicians and even the care of customers. We have integrated such data flows from our national insurance channels with our Salesforce system and automatically produce service level customer records. We are now tying together StreamLabs monitoring technology to service level agreements from insurance channels such as Chubb. In terms of KPIs, now that we have various data flows integrated, we can reduce unnecessary software licenses linked to each of our 150 locations as well as certain administrative headcount since job information is routed directly to technicians and service level reports generated more efficiently. Such efficiencies will underpin further subscription offerings. EBITDA Adjusted margins have improved during 1H and we will be developing KPIs on operating efficiencies and margin expansion.
Third, with respect to the Dallas Template, as previously discussed, we reacquired during Q4 2024 ALD's highly successful Dallas franchise led by Will Knell, then appointed Will as CEO of ALD and are now cloning the Dallas unit's operating model - one that has generated significant sales growth and 30% margins - across the other forty-five corporate locations. During 1H, we started making various changes including the introduction of performance-based incentives used in Dallas. Such performance-based incentives include assisting with the sale of StreamLabs products. We will be developing KPIs based on corporate store operating efficiencies and additional revenue yield from technician-led sales. We expect to see corporate store operating margins increase from 2024's yield of 18% to a target level of 22% during 2026 which, if we are successful, should unlock at least $2million of organic profits. Implementing the Dallas template will also make future franchise reacquisitions more efficient from the start.
1H Financial Results. As described above, 1H was marked by significant investment and management attention to completing a TES platform. In parallel, the business continued to grow both top-line and bottom-line with added momentum for 2H with a strong 2Q. Group revenues grew 8% to $45 million (1H 2024: $41.5 million). Group corporate locations grew 13% to $37.1 million (1H 2024: $32.4 million). Among the corporate locations, US corporate locations grew 7% to $30.3 million (1H 2024: $28.3 million). International corporate locations led by Ireland (acquisition) and Australia (organic) grew 64% to $6.8 million (1H 2024: $4.1 million). Franchise royalties declined 10% to $3.21 million (1H 2024: $3.55 million) with such decline largely as a result of prior franchise acquisitions which reduced the pool of franchise royalties. Network sales for 1H (both corporate sales and gross sales from franchises from which royalty income is derived) was flat at approximately $90 million.
While we report both statutory and adjusted EBITDA and profit before tax, as a result of IFRS 3 treatment of 2H 2024's acquisition in Ireland and conforming treatment of a Las Vegas acquisition, we believe the adjusted numbers are more relevant for comparisons. With respect to Ireland, because of the earn-out structure of the transaction - designed to reduce transition risk - profits are treated as a remuneration expense. In Las Vegas, because the former franchise owner did not meet an earnings target as part of his deferred payments, again to minimize risk, the Group's gain from non-payment of this liability was excluded from income for year-over-year comparisons.
Hence Profit before Tax Adjusted for amortization, share-based payments and non-core costs/gains increased by 8% to $5.7 million (1H 2024 $5.26 million). EBITDA Adjusted for share-based payments and non-core costs/gains increased 16% to $9.2 million (1H 2024: $8.0 million). Meanwhile, statutory Profit before Tax decreased by 11% to $4.2 million (1H 2024: $4.7 million). Statutory EBITDA increased by 4% to $8.2 million (1H 2024: $7.8 million). EBITDA Adjusted margins increased 20% (1H 2024: 19%); Profit before taxes adjusted margins remained the same as 1H 2024 at 13%.
Our balance sheet remained strong and under-levered. The Group has sufficient resources to execute its Next 50 Plan. Cash at 30 June was $8.42 million. The ratio of Net Debt (including both bank debt and deferred payments from prior acquisitions) to EBITDA Adjusted was 1.24.
Strategic Direction.
The Group's focus going forward is on monetizing its investments that underpin its competitive strategy of preventive maintenance. Because of our TES platform, we are uniquely positioned to accelerate revenue growth by selling a suite of products, services and analytic data that provide end-to-end solutions to reduce water loss from leakage because of failing infrastructure whether residential, commercial or municipal. Moreover, given the scalability of our "One Stop Shop" we can execute such sales more efficiently leading to improved operating margins. In a fragmented market for solutions providers, our platform approach is valued by customers who want one service provider to seamlessly integrate all needs from wireless monitoring to pinpoint leak detection to minimally invasive repair to continued aftercare..
Our capital allocation policy remains the same: a priority of feeding organic growth but with an eye toward opportunistic acquisitions (especially franchisees and plumbing) that reinforce our growing operating footprint. To be sure, we recognize that we are undervalued and have allocated capital to enable liquidity through share repurchases. Year-to-date, we have reacquired 148,000 shares. We have a strong balance sheet and have the available resources to support our Next 50 Plan.
We remain confident about our growth prospects over the coming quarters as we capture data for KPIs informing our Next 50 Plan and, as always, appreciate the support of our shareholders.
Interim Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2024
| Six months ended 30 June 2025 | Six months ended 30 June 2024 | Year ended 31 December 2024 | ||
| Notes | $ | $ | $ | |
| Unaudited | Unaudited | Audited | ||
| Revenue | 4 | 45,025,419 | 41,525,858 | 83,291,649 |
| Cost of sales | (4,346,322) | (4,992,886) | (9,795,325) | |
| Gross profit | 40,679,097 | 36,532,972 | 73,496,324 | |
| Administrative expenses | ||||
| - Other income | 96,780 | 737,289 | 974,355 | |
| - Gain on bargain purchase | - | - | 356,464 | |
| - Share-based payments | (174,915) | (151,138) | (379,343) | |
| - Amortisation of intangibles | (455,240) | (427,026) | (854,878) | |
| - Other administrative costs | (34,974,440) | (31,442,024) | (65,941,266) | |
| Total administrative expenses | (35,507,815) | (31,282,899) | (65,844,668) | |
| Operating profit | 5,171,282 | 5,250,073 | 7,651,656 | |
| Finance income | 227,773 | 186,835 | 395,729 | |
| Finance expense | (1,222,090) | (731,327) | (1,690,900) | |
| Profit before tax | 4 | 4,176,965 | 4,705,581 | 6,356,485 |
| Taxation expense | (1,075,568) | (1,412,117) | (1,572,490) | |
| Profit for the period | 3,101,397 | 3,293,464 | 4,783,995 | |
| Attributable to: | ||||
| Equity holders of the parent | 3,038,919 | 3,300,966 | 4,680,130 | |
| Non-controlling interests | 62,478 | (7,502) | 103,865 | |
| 3,101,397 | 3,293,464 | 4,783,995 | ||
| Other comprehensive income | ||||
| Exchange differences arising on translation of foreign operations | 292,711 | (103,159) | (173,851) | |
| Cash flow hedge movement not subsequently reclassified to the P&L | (485,817) | 11,765 | (128,528) | |
| Fair value adjustment on listed equity investment (net of deferred tax) | (32,186) | (173,597) | 215,558 | |
| Total comprehensive income for the period | 2,876,105 | 3,028,473 | 4,697,174 | |
| Earnings per share | Cents | Cents | Cents | |
| Basic | 5 | 17.5 | 19.0 | 26.9 |
| Diluted | 5 | 17.1 | 18.5 | 26.3 |
| At 30 June 2025 | At 30 June 2024 | At 31 December 2024 | ||
| Notes | $ | $ | $ | |
| Unaudited | Unaudited | Audited | ||
| ASSETS | ||||
| Non-current assets | ||||
| Goodwill | 68,928,861 | 52,473,874 | 64,996,704 | |
| Listed equity investment | 255,558 | 237,304 | 292,067 | |
| Other intangible assets | 13,916,811 | 8,959,620 | 11,632,065 | |
| Interest rate swap | 6,007 | 288,030 | 491,824 | |
| Property, plant and equipment | 15,121,544 | 12,883,938 | 12,991,015 | |
| Trade and other receivables | 288,694 | 297,707 | 250,500 | |
| 98,517,475 | 75,140,473 | 90,654,175 | ||
| Current assets | ||||
| Inventories | 882,747 | 870,648 | 930,439 | |
| Trade and other receivables | 13,182,487 | 11,737,242 | 10,934,817 | |
| Investments | 4,207,544 | 4,446,570 | 6,683,089 | |
| Cash and cash equivalents | 4,211,873 | 6,665,581 | 5,452,479 | |
| 22,484,651 | 23,720,041 | 24,000,824 | ||
| TOTAL ASSETS | 4 | 121,002,127 | 98,860,514 | 114,654,999 |
| EQUITY AND LIABILITIES | ||||
| Equity attributable to holders of the parent | ||||
| Share capital | 6 | 143,192 | 143,192 | 143,192 |
| Share premium | 6 | 35,417,072 | 35,226,469 | 35,417,072 |
| Shares held in treasury | 6 | (1,149,538) | (752,140) | (883,549) |
| Merger reserve | 1,001,150 | 1,001,150 | 1,001,150 | |
| Share based payment reserve | 2,997,281 | 2,405,485 | 2,822,366 | |
| Foreign exchange reserve | (1,186,178) | (1,408,196) | (1,478,888) | |
| Reverse acquisition reserve | 6 | (27,758,088) | (27,758,088) | (27,758,088) |
| Equity investment reserve | (826,855) | (839,737) | (794,668) | |
| Cash flow hedge reserve | 6,007 | 288,030 | 491,823 | |
| Retained profit | 59,057,225 | 54,796,780 | 56,018,304 | |
| 67,701,266 | 63,102,945 | 64,978,714 | ||
| Equity attributable to Non-Controlling interest | ||||
| Non-controlling interest | 359,213 | 343,642 | 455,007 | |
| Non-current liabilities | ||||
| Borrowings and lease liabilities | 27,981,083 | 13,681,567 | 26,361,482 | |
| Deferred consideration | 3,956,104 | 501,720 | 5,332,269 | |
| Deferred tax liability | 4,246,026 | 3,988,963 | 3,212,788 | |
| 36,183,213 | 18,172,250 | 34,906,539 | ||
| Current liabilities | ||||
| Trade and other payables | 7,228,104 | 5,685,245 | 6,749,312 | |
| Borrowings and lease liabilities | 3,964,092 | 7,078,714 | 3,787,362 | |
| Deferred consideration | 5,566,238 | 4,477,718 | 3,778,065 | |
| 16,758,435 | 17,241,677 | 14,314,739 | ||
| TOTAL EQUITY AND LIABILITIES | 121,002,127 | 98,860,514 | 114,654,999 |
| Share Capital | Share Premium | Shares held in treasury | Reverse Acquisition Reserve | Merger Reserve | Share based payment reserve | Foreign exchange reserve | Equity investment reserve | Cash Flow Hedge Reserve | Retained Profit | Total | Non-controlling interest | Total Equity | |
| $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
| As at 1 January 2024 | 143,192 | 35,417,072 | (1,139,404) | (27,758,088) | 1,001,150 | 2,254,347 | (1,305,037) | (666,140) | 276,265 | 51,495,814 | 59,719,171 | 610,375 | 60,329,546 |
| Share based payment expense | - | - | - | - | - | 151,138 | - | - | - | - | 151,138 | - | 151,138 |
| Share buyback | - | - | (39,114) | - | - | - | - | - | - | - | (39,114) | - | (39,114) |
| Issue of Treasury Shares | - | (190,603) | 426,377 | - | - | - | - | - | - | - | 235,774 | - | 235,744 |
| Distribution to non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | (259,231) | (259,231) |
| Profit for the period | - | - | - | - | - | - | - | - | - | 3,300,966 | 3,300,966 | (7,502) | 3,293,464 |
| Other comprehensive income | - | - | - | - | - | - | (103,159) | (173,597) | 11,765 | - | (264,991) | - | (264,991) |
| As at 30 June 2024 (unaudited) | 143,192 | 35,226,469 | (752,140) | (27,758,088) | 1,001,150 | 2,405,485 | (1,408,196) | (839,737) | 288,030 | 54,796,780 | 63,102,945 | 343,642 | 63,446,587 |
| Share-based payment expense | - | - | - | - | - | 228,205 | - | - | - | - | 228,205 | - | 228,205 |
| Options granted as part of the purchase price | - | - | - | - | - | 188,676 | - | - | - | - | 188,676 | - | 188,676 |
| Share buyback | - | - | (131,409) | - | - | - | - | - | - | - | (131,409) | - | (131,409) |
| Issue of Treasury Shares | - | 190,603 | - | - | - | - | - | - | - | (157,640) | 32,963 | - | 32,963 |
| Profit for the period | - | - | - | - | - | - | - | - | 1,379,164 | 1,379,164 | 111,367 | 1,490,531 | |
| Other comprehensive income | - | - | - | - | - | - | (70,692) | 45,069 | 203,793 | - | 178,170 | - | 178,170 |
| As at 31 December 2024 (audited) | 143,192 | 35,417,072 | (883,549) | (27,758,088) | 1,001,150 | 2,822,366 | (1,478,888) | (794,668) | 491,823 | 56,018,304 | 64,978,714 | 455,007 | 65,433,721 |
| Share based payment expense | - | - | - | - | - | 174,915 | - | - | - | - | 174,915 | - | 174,915 |
| Share buyback | - | - | (265,989) | - | - | - | - | - | - | - | (265,989) | - | (265,989) |
| Distribution to non-controlling interest | - | - | - | - | - | - | - | - | - | - | - | (158,272) | (158,272) |
| Profit for the period | - | - | - | - | - | - | - | - | - | 3,038,919 | 2,797,231 | 62,478 | 3,101,297 |
| Other comprehensive income | - | - | - | - | - | - | 292,711 | (32,186) | (485,817) | - | (225,292) | - | (225,292) |
| As at 30 June 2025 (unaudited) | 143,192 | 35,417,072 | (1,149,538) | (27,758,088) | 1,001,150 | 2,997,281 | (1,186,179) | (826,855) | 6,007 | 59,057,223 | 67,701,262 | 359,216 | 67,060,478 |
| Six months ended 30 June 2025 | Six months ended 30 June 2024 | Year ended 31 December 2024 | |
| $ | $ | $ | |
| Unaudited | Unaudited | Audited | |
| Cash flows from operating activities | |||
| Profit before tax | 4,176,965 | 4,705,581 | 6,356,484 |
| Adjustments for non-cash/non-operating items: | |||
| Depreciation of plant and equipment | 2,547,496 | 2,164,749 | 4,568,406 |
| Amortisation of intangible assets | 455,240 | 427,026 | 854,878 |
| Share based payments | 174,915 | 151,138 | 379,343 |
| Gain from reversal of contingent consideration | - | - | (700,000) |
| Gain on bargain purchase | - | - | (356,464) |
| Non cash employment costs | - | - | 268,737 |
| Interest paid | 1,222,090 | 731,327 | 1,690,900 |
| Interest received | (227,773) | (186,835) | (395,729) |
| Operating cash flows before movements in working capital | 7,931,639 | 7,992,987 | 12,666,555 |
| (Increase)/Decrease in inventories | 47,693 | (147,333) | (207,124) |
| (Increase)/Decrease in trade and other receivables | (2,275,154) | (763,706) | 1,634,614 |
| Decrease in trade and other payables | 625,580 | (811,844) | 127,689 |
| Cash generated by operations | 6,747,052 | 6,270,103 | 14,221,734 |
| Income taxes | (38,008) | (5,430) | (1,739,725) |
| Net cash generated from operating activities | 6,709,044 | 6,264,674 | 12,482,009 |
| Cash flows from investing activities | |||
| Purchase of plant and equipment | (608,449) | (904,971) | (2,108,307) |
| Disposal of plant and equipment | 66,845 | - | 200,554 |
| Purchase of intangibles | (2,682,026) | (1,491,522) | (3,813,954) |
| Acquisition of subsidiaries | - | - | (571,246) |
| Reacquisition of Franchises | (2,900,000) | (2,000,000) | (6,511,890) |
| Sale of investments | 2,475,545 | 2,428,680 | 192,161 |
| Interest received | 227,773 | 186,835 | 395,729 |
| Net cash used in investing activities | (3,420,312) | (1,780,978) | (12,216,953) |
| Cash flows from financing activities | |||
| Share buy-back | (265,990) | (39,114) | (170,522) |
| Distribution to non-controlling interest | (158,272) | (259,232) | (185,733) |
| Interest paid | (1,087,157) | (610,059) | (1,635,600) |
| Proceeds from borrowings | - | 2,000,000 | 26,628,000 |
| Repayment of borrowings | (1,074,804) | (2,759,300) | (18,410,090) |
| Repayment of notes | (1,009,324) | (3,726,079) | (8,098,116) |
| Repayment of lease liabilities | (933,790) | (1,306,955) | (1,823,143) |
| Net cash used in financing activities | (4,529,337) | (6,700,739) | (3,695,204) |
| Net decrease in cash and cash equivalents | (1,240,605) | (2,217,043) | (3,430,148) |
| Cash and cash equivalents at the beginning of period | 5,452,479 | 8,882,627 | 8,882,627 |
| Cash and cash equivalents at end of period | 4,211,875 | 6,665,581 | 5,452,479 |
| Revenue | Six months ended 30 June 2025 | Six months ended 30 June 2024 | Year ended 31 December 2024 | |
| $ | $ | $ | ||
| Unaudited | Unaudited | Audited | ||
| Franchise royalty income | 3,212,811 | 3,554,456 | 6,503,134 | |
| Franchise related activities | 6,479,930 | 5,534,301 | 10,665,512 | |
| US corporate operated locations | 30,337,393 | 28,298,872 | 55,854,674 | |
| International corporate operated locations | 6,795,286 | 4,138,228 | 10,268,329 | |
| Total | 45,025,420 | 41,525,858 | 83,291,649 |
| Profit before tax | Six months ended 30 June 2025 | Six months ended 30 June 2024 | Year ended 31 December 2024 | |
| $ | $ | $ | ||
| Unaudited | Unaudited | Audited | ||
| Franchise royalty income | 1,124,483 | 1,138,459 | 2,296,003 | |
| Franchise related activities | 333,608 | 541,415 | 870,187 | |
| US corporate operated locations | 5,378,814 | 5,134,673 | 10,005,806 | |
| International corporate operated locations | (167,683) | (161,386) | (601,899) | |
| Unallocated head office costs | (1,867,259) | (1,972,580) | (5,684,612) | |
| Net Non-core costs/gains | (625,000) | 25,000 | (529,000) | |
| Total | 4,176,963 | 4,705,581 | 6,356,485 |
| Assets | Six months ended 30 June 2025 | Six months ended 30 June 2024 | Year ended 31 December 2024 | |
| $ | $ | $ | ||
| Unaudited | Unaudited | Audited | ||
| Franchise royalty income | 25,435,882 | 21,827,215 | 26,022,309 | |
| Franchise related activities | 3,429,417 | 3,495,142 | 3,142,406 | |
| US corporate operated locations | 74,788,134 | 57,389,619 | 68,349,942 | |
| International corporate operated locations | 17,348,694 | 16,148,538 | 17,140,342 | |
| Total | 121,002,127 | 97,860,514 | 114,654,999 |
| Six months ended 30 June 2025 Unaudited | Year ended 31 December 2024 Audited | |||||
| US | International | Total | US | International | Total | |
| $ | $ | $ | $ | $ | $ | |
| Franchise royalty income | 3,179,120 | 33,692 | 3,212,811 | 6,407,529 | 95,605 | 6,503,134 |
| Franchise related activities | 4,679,930 | - | 4,679,930 | 10,665,512 | - | 10,665,512 |
| US corporate operated locations | 30,337,393 | - | 30,337,393 | 55,854,674 | - | 55,854,674 |
| International corporate operated locations | - | 6,795,286 | 6,795,286 | - | 10,268,329 | 10,268,329 |
| Total | 38,196,442 | 6,828,978 | 45,025,420 | 72,927,715 | 10,363,934 | 83,291,649 |
| Six months ended 30 June 2025 | Six months ended 30 June 2024 | Year ended 31 December 2024 | ||
| Unaudited | Unaudited | Audited | ||
| Earnings attributable to shareholders of the Company ($) | 3,038,919 | 3,300,966 | 4,680,130 | |
| Weighted average number of ordinary shares | 17,333,707 | 17,402,288 | 17,391,205 | |
| Diluted weighted average number of ordinary shares | 17,756,887 | 17,823,584 | 17,825,495 | |
| Earnings per share (cents) | 17.5 | 19.0 | 26.9 | |
| Diluted earnings per share (cents) | 17.1 | 18.5 | 26.3 |
| Group & Company | Ordinary Shares of 1p each | Shares held in treasury Number | |
| Number | Total Number | ||
| At 30 June 2025 | 17,311,538 | 176,150 | 17,487,688 |
| At 30 June 2024 | 17,398,688 | 89,000 | 17,487,688 |
| At 31 December 2024 | 17,371,538 | 116,150 | 17,487,688 |
| Group & Company | Share Capital | Share Premium | Shares In Treasury |
| $ | $ | $ | |
| At 30 June 2025 | 143,192 | 35,417,071 | (1,149,538) |
| At 30 June 2024 | 143,192 | 35,226,469 | (752,140) |
| At 31 December 2024 | 143,192 | 35,417,071 | (883,548) |