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30 Sep 2019 | 07:35

Modern Water books first-half loss amid struggles in membranes division

Water treatment technology company Modern Water reported a first-half loss after subsidiaries in its underperforming membranes entered insolvency.

Pre-tax losses for the six months through June amounted to £1.32m, compared to losses of £1.54m on-year.

Revenue rose 6.6% to £2.02m.

'The first six months of 2019 have been difficult for the company,' chief executive Piers Clark said.

'On the positive side Modern Water's excellent innovative all-membrane brine concentration technology was again proven by the sale of a full-sized plant to one of the world's leading chemicals companies; and the monitoring division's sales increased significantly.'

'On the negative side, sales especially in the membranes division were not developing fast enough, leading to the insolvency of two of the group's subsidiaries.'

'The board is working on selling the monitoring division and on re-structuring the membranes division to ensure that its valuable technologies can be commercialised more rapidly.'

Story provided by StockMarketWire.com
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