Press releases
Final results for the year ended 31 December 2008
11 March 2009Modern Water plc, the owner of leading water technologies, announces Final Results for the year ended 31 December 2008
Highlights
- Significant milestones achieved towards commercialisation of technologies
- Oman proving plant contract signed; start-up expected in mid-2009
- Gibraltar proving plant producing fresh water
- Net cash balance of £26.8 million at 31 December 2008
- Additional products and potential revenue streams identified from platform desalination technology.
Commenting on today's results, Modern Water Executive Chairman Neil McDougall said:
“Modern Water has enjoyed another successful year, with significant milestones achieved in the commercialisation of our desalination technologies. Our Gibraltar plant is producing fresh water and a second plant will be installed in Oman. Both operations will demonstrate the cost and energy-saving benefits of our desalination technology in two of our main target markets, the Mediterranean and the Middle East.
“Modern Water has a strong balance sheet, with a robust cash position and we continue to maintain our prudent approach to growth in order to protect and increase shareholder value.
“Looking forward, our focus remains on creating value through the deployment of our technologies, realising the potential of our existing portfolio and developing additional revenue generating applications. Demand for cost savings in our key markets and an appetite for a reduced environmental footprint remain the key drivers for Modern Water as the business gains momentum.”
For further information:
| Modern Water plc | |
| Neil McDougall, Executive Chairman | 07740 930 303 |
| Alice More O’Ferrall, Marketing Manager | 01483 696 010 |
| www.modernwater.co.uk | |
| HeadLand Consultancy | 020 7367 5228 |
| Dudley White or Tom Gough | |
| KBC Peel Hunt Ltd | 020 7418 8900 |
| Jonathan Marren or Oliver Stratton |
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