UK-headquartered Modern Water nearly tripled its sales in water monitoring equipment from 2011, as well as completing the worldâs first commercial Forward Osmosis (FO) plant at Al Najdah in Oman, last year.
Full year results for the 12 months that ended in December 2012 released today revealed product sales in Modern Waterâs monitoring division reached £3.4 million, compared to £1.2 million in 2011.
Modern Water said: âThe SDIX Water Quality division acquisition was successfully integrated into Modern Water and has resulted in the development of three key areas for our monitoring divisionâs product portfolio; Toxicity, Trace Metals and Environment.â
The positive results tie in with two new premises containing laboratories opened during 2012, in Delaware, US and in Cambridge, UK. Furthermore, the companyâs analysis equipment was used by utility Thames Water in the London 2012 Olympic Games to detect toxins in water and provide clean drinking water at the Olympic Park.
In the groupâs membrane division, in September 2012 the company installed and commissioned what has been called the worldâs first commercial Forward Osmosis plant at Al Najdah in Oman (see WWi story).
Todayâs financial results showed that sales of desalination equipment returned £334,000 (up from £46,000 in 2011) and the sale of desalinated water returned £44,000, up from £2,000 the previous year.
During the second half of the year the group entered into a framework agreement with Hangzhou Development Center of Water Treatment Technology, Company Limited (Hangzhou Water) in the Peopleâs Republic of China (see WWi story).
Other highlights from the financial results included total revenue increased to £3.8 million in 2012 from £1.2m in 2011 and gross profit margin of 38% (2011: 37%).
Neil McDougall, executive chairman of Modern Water, said: âWe continue to invest in research; in 2012 we extended our patent portfolio and now have 99 granted patents. Demand continues to rise as there is a growing need for our technologies with water shortage becoming an increasing issue in both developing and developed countries.
âWe are committed to growing the company, and began 2013 strongly with the successful placing of 20 million new shares, raising £10 million before expenses. We are focusing on increasing the reach and extent of our marketing activities, and continuing to concentrate on all our key markets, providing leading technologies to customers and maximising shareholder value.â
- Modern Water executive chairman Neil McDougall will feature in WWiâs Leader Series, in the April-May edition. To sign up for your digital or print edition of the magazine, please click here.