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Waterlogic interim results 2012
By Shaun Weston
13 September 2012
Categories
Beverage
Business
Cooler
Financial
Refreshment
Highlights
Healthy organic growth seen in B2B direct, and rental and service channels (10% and 18% respectively) offset by difficult macroeconomic conditions impacting B2B indirect channel with organic decline in revenue of 13%.
B2B rental and service revenue increased to 37% of total revenue (H1 2011: 32%).
Adjusted EBITDA decrease of 24% due to significant B2C start-up costs, operating expenses within acquired businesses and increased cost base reflective of a listed entity on AIM.
The company has delivered on its IPO promises having completed four acquisitions in 2012 (Aqua Service, DSK, Prisme, Taylor Made Water Systems) – pipeline of future earnings enhancing acquisition opportunities remains attractive.
Advanced negotiations with leading European domestic appliances manufacturer and distributor to sell consumer products incorporating innovative Firewall ultra-violet (‘UV’) into up to 52 countries.
First commercial orders have been received under the previously announced seven-year OEM supply agreement with a leading consumer products company.
Investment continues to be made in the innovative Firewall UV technology, which has been incorporated into exciting new products for both the B2C and B2B sectors due for launch over the coming year.
New distributors added in Costa Rica and Guatemala, with further new partners scheduled for H2 in Italy, South East Asia and Latin America, helping to diversify the geographical dependency for the B2B indirect channel.
Group organised into two new business divisions, Waterlogic B2B led by Peter Cohen, and Waterlogic B2C led by Group CEO, Jeremy Ben-David.
>Machines in field increased by 30,000 to 595,000.
.
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