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Water Intelligence announces two acquisitions and new partnership in US
(Sharecast News) - Water Intelligence investors reacted positively to a flurry of news from the company on Wednesday, as it announced a trading update for the 2024 financial year, two acquisitions in the US, and a new partnership to bolster water damage prevention services. The AIM-listed company, which provides leak detection and remediation solutions for both potable and non-potable water, said 2024 results were in line with expectations, with revenues rising 10% to $83.3m and adjusted EBITDA up 12% at $15m.
Growth was driven by solid demand at the US corporate locations unit of its American Leak Detection (ALD) subsidiary - which makes up the bulk of its revenues - as well as a strong performance across international operations.
Water Intelligence also revealed that it has executed on two acquisitions to kick-off 2025: spending $1.2m on a plumbing company in Connecticut, Effective Plumbing; and $3m on an ALD franchise covering parts of Georgia and South Carolina.
"Both acquisitions are accretive to shareholder value and should drive accelerated revenue and profits for 2025," Water Intelligence said.
Meanwhile, it has agreed a strategic partnership with Chubb division StreamLabs Water, which provides water usage monitoring, leak detection and water shut-off solutions, and has a large presence in the US insurance market.
"With this partnership, ALD will launch a complementary preventive maintenance line of business that will synergistically drive organic growth in 2025 and beyond given our existing insurance channels," the company said.
Shares were up nearly 7% at 388.95p by 1100 GMT.
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