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Investing.com - Water Intelligence PLC (AIM:WATR) on Thursday reported a slow first quarter with 4% revenue growth, but saw a significant uptick in April with 20% growth, bringing the four-month growth rate to 8%.
The water leak detection and remediation services provider saw EBITDA margins increase by 70 basis points in the first quarter, in line with full-year expectations. EBITDA grew 8% in Q1 and 13% by the end of April.
Water Intelligence will need to maintain April’s strong trajectory through the busier summer months to achieve the company’s full-year revenue forecast of 18% growth, which includes 5% organic growth and 13% from acquisitions.
"We are pleased with the strong rebound in April following a slower start to the year," said Patrick DeSouza, Executive Chairman of Water Intelligence. "Our strategic initiatives are progressing well, positioning us for continued growth."
The company’s gearing ratio stands at 1.5x, in line with expectations. Water Intelligence also announced the opening of its new Dallas headquarters on May 15th.
No new acquisitions were announced, but the company reported progress on its StreamLabs partnership.
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