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Waterlogic's profits double, strategic review still ongoing

Published: 17:10 22 Sep 2014 AEST

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Waterlogic (LON:WTL), the supplier of mains-fed water dispensers, more than doubled profits in its latest half year alongside a strong rise in recurring income.

The group had already reported sales in the six months to June were 25% ahead at €68.3mln, but added today that 69% of this was now either repeat rental or service income.

Growth was especially strong in France and Germany with new accounts also picked up in Scandinavia and the US, Waterlogic said. Pre-tax profits rose to £708,000 (£310,000), while underlying profits [EBITDA] were 55% higher at €10.7mln..

Waterlogic launched a strategic review of its operations in June after receiving an approach for an unnamed part of its business, adding the outcome could include a sale of all or part of the company.

The review is still ongoing, it said.

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