Modern Water PLC AGM Statement (9663L)
April 25 2018 - 2:00AM
UK Regulatory
TIDMMWG
RNS Number : 9663L
Modern Water PLC
25 April 2018
25 April 2018
Modern Water plc ("Modern Water" or "the Company")
AGM Statement
At today's Annual General Meeting of Modern Water Plc, the owner
of leading technologies for water and wastewater treatment and for
the monitoring of water quality, Alan Wilson, Non-Executive
Chairman, will make the following statement:
"Modern Water has started 2018 strongly with Group revenue in
the first-quarter 37% higher than in the same period last year.
Both Divisions are performing well, with China the primary driver
for the Monitoring Division and the Advance Works Contract for the
Gibraltar waste-water treatment plant boosting the Membrane
Division.
Gross profit in the first quarter was 40% higher than 2017 and
Group overhead was 8% lower than the same period last year. The
Group's cash position as of 20(th) of April 2018, stood at
GBP343,000 and the finance facility ($600,000) secured on Modern
Water Inc's receivables remained un-utilised.
Outlook
Management is confident that the strategic decision to terminate
the contract of our sole Chinese distributor and pursue a
multi-channel sales approach in one of our most important markets,
was correct and first-quarter financial results clearly support
that. We expect further progress in the remainder of 2018 and for
the Monitoring Division is expected to return to EBITDA breakeven
for the year.
In the Membrane Division, our principal process engineer is
currently on site in India overseeing the final commissioning of
our first full-scale All Membrane Brine Concentrator (AMBC). Two
further paid-for trials with other industrial customers have been
successful. We are also well-positioned in China and our first AMBC
project is due to be commissioned shortly. With reference AMBC
plants operational in both our key markets, we expect to see an
acceleration of licence sales for this product during 2018.
The Gibraltar Advance Works Contract is progressing well and we
remain committed to helping HM Government of Gibraltar to achieve
its goal of completing the Waste Water Treatment Plant in
2020."
---Ends---
For further information:
+44 1483 696
Modern Water plc 000
Simon Humphrey, Chief Executive
Officer
WH Ireland Limited +44 207 220 1666
Chris Fielding (Nominated Adviser)
Tavistock +44 207 920 3150
Andrew Dunn
James Collins
Notes to editors
Modern Water owns, installs and operates broad based membrane
systems using world-leading Forward Osmosis (FO) membrane
technologies; supplies packaged seawater Reverse Osmosis (RO)
desalination systems; supplies wastewater treatment solutions; and
develops and supplies advanced systems for water monitoring. Its
shares trade on AIM.
Modern Water's patented forward osmosis (FO) technology's
benefits include lower energy consumption and a reduction in
environmental impact in a variety of industries. With a sales
presence in almost 60 countries, the Group's Monitoring Division
includes a leading real-time continuous toxicity monitor and trace
metal analysers for monitoring the quality of drinking water.
www.modernwater.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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