The company said it had delivered a solid set of results and had a landmark year with continued growth and increased profitability. It has also raised funds for further expansion.
The Group saw revenue growth in the year across all channels to market, with recurring rental and service revenue growing 22.4% and with organic growth at 6.2%. All regions showed revenue growth, particularly Scandinavia and Germany with increases of 24.4% and 25.4% respectively. The company is continuing to commercialise its innovative Firewall™ UV technology and progress its further expansion into new markets.
During the period Waterlogic appointed new distributors in Turkey, Saudi Arabia and Mexico and also completed the acquisition of the InnoTech and Aqua Cure businesses and cooler portfolio in France.
Since the year end, the Waterrlogic said it had continued to pursue its acquisition pipeline with three transactions already completed to date. Machines now in the field have increased by 65,000 to 565,000.
Jeremy Ben-David, Waterlogic Group CEO, commented
“2011 was an extraordinary year for the Group. We changed from being a privately owned business, following 19 years of successful profitable growth, to becoming a public company admitted to trading on the London Stock Exchange AIM Market. Waterlogic revenue for the year was $84.9m, a growth of 24.3% over 2010. Adjusted operating profit was $8.3m. I am very pleased with this solid, first set of results following our admission to AIM, especially considering the general economic environment.
“While the external commercial environment is expected to remain challenging in 2012, the Directors remain confident about the Group’s Firewall™ technology projects, potential acquisitions being worked on, and the Group’s organic business. We enter 2012 with a $50.6m net cash position and we have a number of very attractive acquisition opportunities. Our core business is driven by both rental and service income and contract-based trade sales (31.8% recurring and 53.9% total contractual) and is therefore more resilient to economic cycles.”