StockMarketWire.com - Leak detection group Water Intelligence booked a 78% jump in annual profit and said its earnings had continued to improve in the first four months of the new financial year.

Audited pre-tax profit for the year through December increased to $4.2 million, up from $2.4 million year-on-year, as revenue climbed 17% to $37.9 million.

Sales rose at both the company's American Leak Detection unit, which caters to residential and commercial markets, and its UK-based Water Intelligence International municipal markets business.

In the first four months of the new financial year to 30 April, pre-tax profit more than doubled to $2.2 million, up from $0.9 million, on the back of a 47% rise in revenue to $15.6 million.

'Despite Covid-19 disruptions, we delivered a breakthrough 2020 and an even more remarkable first third of 2021,' chief executive Patrick DeSouza said.

'We aspire to lead the technological transformation of the industry and, in so doing, both conserve the world's most precious resource and provide solutions for collateral public health issues from wastewater overflow.'

'With the public visibility of $100 billion in investment in water infrastructure sought by the American Jobs Plan, market demand for our technology-based solutions will continue to grow rapidly.'



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