Water Intelligence PLC on Wednesday said annual revenue grew by double-digits, while profit fell slightly.

The London-based leak detection services company said revenue in 2022 grew 31% to $71.3 million from $54.4 million a year prior.

This attributed to growth in franchise related activities of 9% to $10.6 million from $9.8 million the year before. This includes growth of 48% in US corporate locations to $47.3 million from $31.9 million, and same store sales rising to 26% to $35 million from $27.8 million.

Pretax profit fell by 3.5% to $5.5 million from $5.7 million the year before, as amortisation of intangibles multiplied to £968,086 from £470,226.

Water Intelligence declared no dividend for 2023, unchanged from the year before.

Looking ahead, the company expects continued strong market demand for its services and products despite current macroeconomic challenges.

Shares in Water Intelligence were down 6.0% at 413.60 pence each in London on Wednesday morning.

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