Waterlogic, a manufacturer and global distributor of mains-fed drinking water purification and dispensing systems, has announced results for the year ended 31 December 2011.
The Waterlogic group increased revenue by 24.3% to $84.9m (2010: $68.3m). Adjusted EBITDA increased by 16.7% to $13.4m (2010: $11.5m). Adjusted operating profit increased by 13.6% to $8.3m (2010: $7.3m).
The increases in revenue and adjusted operating profit were a result of contributions from acquisitions, organic growth and improvements in existing operations and net favourable currency effects.
Highlights for 2011 included a successful admission to AIM (the London Stock Exchange’s international market for smaller growing companies), which raised $58.2m net proceeds.
All regions showed revenue growth, particularly Scandinavia and Germany with increases of 24.4% and 25.4% respectively. New distributors in Turkey, Saudi Arabia and Mexico joined the group.
The number of water coolers in the field increased by 65,000 to 565,000.
The company continued to commercialise its Firewall UV technology and further expansion into new markets. Waterlogic acquired the InnoTech and Aqua Cure businesses and cooler portfolio in France during 2011.
Since the year-end, Waterlogic has continued to pursue its acquisition pipeline with three transactions already completed to date: Aqua Service (Norway and Sweden); Prisme (France); and DSK (Norway).
Jeremy Ben-David, Waterlogic group CEO, said: “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 trading on the London Stock Exchange AIM market.
“I am very pleased with this solid, first set of results following our admission to AIM, especially considering the general economic environment. The directors remain confident about the 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 and is therefore more resilient to economic cycles.”
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