Waterlogic PLC Trading Update (5318L)
13 August 2013 - 8:00AM
UK Regulatory
TIDMWTL
RNS Number : 5318L
Waterlogic PLC
13 August 2013
Date: 13 August 2013
On behalf of: Waterlogic Plc ("Waterlogic", the "Company"
or the "Group")
Embargoed until: 0700hrs
Waterlogic Plc
Trading Update
Waterlogic Plc (AIM: WTL.L), a leading designer, manufacturer
and global distributor of point-of-use ("POU") drinking water
purification and dispensing systems, announces a trading update
ahead of its interim results.
In the Commercial Division some weakness in the indirect
channels has persisted into 2013 particularly in the International
Trading business and in our parts and consumables business in the
UK which has been impacted by the termination of a distribution
arrangement with a filter supplier. For the first half the overall
performance of the direct channels was broadly in line with the
Board's expectations. The Cool Clear Water Group Limited
acquisition was completed in June, the acquisition is progressing
well and we expect the business to perform in line with the Board's
expectations.
In the Consumer Division Indesit has launched in Turkey, Russia
and Italy, although these launches were later than originally
anticipated, and they plan to continue the rollout in further
European territories this year and next year. We hope to update
shareholders on initial feedback from the launch at the interim
results. There have been delays in the deployment of certain other
Consumer Division projects, with the most significant impact from
one customer due to launch in Q1. At present this launch remains in
discussion with the customer with regards to the specification of
their product and other contractual matters. Progress is being made
with our distribution partner in Japan and the launch is expected
towards the end of 2013, the first order was received last week.
The joint venture with Eureka Forbes in India is progressing and
the new facility is expected to begin commercial manufacture by
year end. Other opportunities continue to be pursued and are at
varying stages of development.
Revenues for the first 6 months in the Consumer Division were
USD 0.8 million. The Board expects Consumer Division revenues for
the year ending 31 December 2013 to be approximately USD 2 million
(2012: USD 0.5 million), if the launch with the above mentioned
customer is further delayed or cancelled.
The Company generated revenues of approximately USD 54 million
for the period up to 30 June 2013 (unaudited) compared to USD 46.5
million in the same period last year.
The Board expect that revenues for the year ended 31 December
2013 to be in the range of approximately USD 120 to 125 million
(2012: USD 101.0 million) and adjusted EBITDA to be approximately
USD 20 million (2012: USD 14.7 million).
The Company intends to announce its interim results on 16
September 2013.
Enquiries:
Waterlogic Plc Via Redleaf Polhill
Jeremy Ben-David, Group Chief Executive
Officer
Peter Cohen, CEO Waterlogic Commercial
Liberum Capital (Nominated Adviser Tel: 020 3100 2000
and Broker)
Steve Pearce
Richard Bootle
Redleaf Polhill
Rebecca Sanders Hewett / Emma Kane
/ David Ison Tel: 0207 382 4730
waterlogic@redleafpr.com
Notes to editors:
Waterlogic Plc
Waterlogic Plc (AIM: WTL.L) is a leading designer, manufacturer,
distributor and operator of mains attached point-of-use ("POU")
drinking water purification and dispensing systems designed for
environments such as offices, factories, hospitals, hotels,
schools, restaurants and other workplaces. Waterlogic is a Jersey
registered company. Waterlogic's products and services are built on
the simple vision of a three stage approach to purity:
1. Filtration to remove unwanted contaminants, chlorine and
other water-borne tastes and odours.
2. Waterlogic's Firewall(TM) ultra-violet (UV) technology is one
of the most effective water purification technologies for POU water
dispenser applications currently on the market and its dispensers
are certified by the Water Quality Association as being able to
guarantee 99.9999% pure water 100% of the time, a fact which has
been confirmed by over 5,000 physical tests in independent
laboratories. The innovative Firewall(TM) technology incorporates a
highly-specialised, compact UV system in the faucet/tap, which
ensures that water passes through the UV system immediately before
it is dispensed into a cup. This point of differentiation for
Firewall(TM) is unique in the POU market.
3. BioCote silver antimicrobial protection. Plastic surfaces
surrounding dispensing areas of Waterlogic units are infused with a
silver additive called BioCote, a natural anti-microbial that
inhibits the growth of microorganisms, giving yet another layer of
hygienic defence.
Founded in 1992, Waterlogic was one of the first companies to
introduce POU systems to Europe and has been a leader in the POU
market in terms of product design and quality, the application of
new technologies and in sales and service. Waterlogic has an
extensive and expanding independent global distribution network in
place, reaching over 50 countries around the world.
Waterlogic products are currently being sold in North and South
America, Europe, Asia, Australia and South Africa. Waterlogic's
leading markets are the USA and Western Europe, in particular
Germany, France, Scandinavia and the UK. Of the 1.9 million new POU
and bottled water installations in the business-to-business market
in the USA and Europe between 2005 and 2011, approximately 73%
incorporated POU technology.
The Directors believe that the movement away from bottled water
coolers (BWC) to POU water dispensers is set to continue its
current trend as a result of cost, convenience, health benefits and
environmental considerations.
For the financial year ended 31 December 2012, the Group
generated revenues and adjusted EBITDA(adjusted for share based
incentives expense, capital reorganisation related costs and
acquisition related costs) of USD 101.0 million and USD 14.7
million, respectively, and had approximately 640,000 machines
installed as at 31 December 2012.
As part of Waterlogic's on-going commitment to providing safe
water, the Group has pledged to donate USD 225,000 over the three
years from 2012 to 2014 to WaterAid. WaterAid is a renowned
international non-profit organisation that transforms lives by
improving access to safe water, hygiene and sanitation in the
world's poorest countries. Since 1981 WaterAid has reached 15.9
million people globally with safe water. Website:
www.wateraidamerica.com
Website: www.waterlogic.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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