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Modern Water plc, the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring, today announces audited full-year results for the 12 months ended 31 December 2018.

Key points

Operational

• The first commercial AMBC plant commissioned in India
• Chinese joint venture company established for AMBC technology in the Chinese market
• New partnership established for the African market with WEC Projects (Pty) Ltd
• Development of upgraded Microtox® LX laboratory-based toxicity testing technology
• ASTM approved method for SRB testing achieved

Financial

• Revenue increased 18% to £4.2m (2017: £3.5m)
• Gross profit increased 31% to £2.3m (2017:£1.8m)
• Operating loss before tax, interest, depreciation, amortisation was £2.1m (2017: £2.8m)
• Total comprehensive loss for the year was £2.8m (2017: £5.0m)
• Cash outflow before financing in 2018 was £1.7m (2017: £2.2m)
• Cash as at 31 December 2018 was £0.2m (2017: £0.5m)

Commenting on the results, Alan Wilson, Chairman of Modern Water plc, said:

"Significant milestones were achieved in 2018 across the divisions of the Company:  the Membrane Division commissioned its first full-scale AMBC plant in India; two new AMBC partnerships in China and South Africa were signed; the advance works contract for a waste-water treatment plant in Gibraltar was executed, resulting in a successful planning application in early 2019. The Monitoring Division has upgraded its best-selling product, the Microtox LX, and has successfully commissioned a monitoring station for a major power-generation company in the Middle East. I believe that Modern Water is now in an excellent position to start profiting from the excellent efforts of our talented employees and I sincerely hope that we can start returning value to our loyal shareholders."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

To read the full release, please click here.

For further information:

Modern Water plc	+44 (0) 1483 696 000
Simon Humphrey, Chief Executive
Cairn Financial Advisers LLP  (Nominated Adviser)	+44 (0) 207 213 0880
Sandy Jamieson / Tony Rawlinson Ludovico Lazzaretti
Turner Pope Investments (Broker)	+44 (0) 20 3621 4120
Andy Thacker

 

Notes to editors:

Modern Water is a pioneering and innovative technology company, specialising in membrane water treatment solutions and advanced monitoring products. The Company works for customers in a range of industries across the globe and owns proprietary technologies for use in a diverse range of applications. Modern Water's Monitoring Division has a portfolio of world-leading toxicity and trace metal monitoring products, some of which constitute the regulatory standard. The headline technology of the Company's Membrane Division, called "AMBC", can be used to tackle complex wastewater treatment problems at a reduced cost compared to standard processes, while being simple to operate.

www.modernwater.com