Water Intelligence, a provider of leak detection and remediation solutions, grew sales by 50% in the third quarter to $13.27 million.
The result is already approximately 10% higher than full year 2016 group sales of $12.18 million and almost double the full year 2014 group sales of $6.82 million.
While the group's sales still mostly reflect the core American Leak Detection (ALD) business, during the third quarter Water Intelligence International passed $1 million in sales.
All components of the American Leak Detection business have continued strongly despite severe flooding from hurricanes in Florida and Texas and wildfires in California. These disasters limited available workdays during which ALD could generate additional revenue and earnings.
Through Q3, franchise royalty income still grew 7.5% to $4.62 million and corporate-operated stores grew 62% to $4.99 million.
Product and equipment sales grew 11% to $0.8 million.
The company said profits before taxes remain in-line with expectations as the group continues to reinvest for accelerated growth.
As of the end of October, Water Intelligence has approximately $0.9 million in cash, $250,000 in an untapped working capital line of credit and approximately $1 million in a bank acquisition line of credit to support additional reacquisitions of franchise locations.
Patrick DeSouza, executive chairman of the company, stated: "Needless to say, we are pleased with our results. We are having yet another good year. More importantly, we are all - franchisees and corporate staff - looking forward to executing the next five-year plan. We have a big market to capture and a set of operations and offerings now in place that can scale aggressively."
At 8:07am: (LON:WATR) Water Intelligence PLC share price was +10p at 140p