StockMarketWire.com - Leak detection technology group Water Intelligence said it had more than doubled its first-quarter profit on the back of a surge in sales.

Pre-tax profit for the three months through March had risen to $1.66 million, up from $0.66 million year-on-year, as revenue rose 38% to $11.4 million.

'The group has had an outstanding first quarter; one that both accelerates a very strong set of 2020 trading results and builds upon the group's consistently strong compounded annual growth trajectory,' it said.

Executive chairman Patrick DeSouza said market demand for the copany's solutions would only increase as a result of the Biden administration's anticipated $100 billion investment in water infrastructure.

'We are exceptionally pleased that each of our key performance indicators is strongly positive as we pass the mid-point of the second quarter,' he said.

'We are building on a great 2020 and proud that we have consistently delivered while scaling operations over the last five years.'

'As our profits increase, we are committed to reinvest not only in more execution capabilities for current market capture but also in leading technologies that reinforce our brand and our growth throughout this decade.'




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