Press releases
Interim results for 6 month period ended 30 June 2009
09 September 2009Modern Water plc, the owner of leading water technologies, announces Interim Results for the six-month period ended 30 June 2009
Highlights
- Gibraltar proving plant demonstrates success of our desalination technology
- Oman desalination plant in final stages of commissioning
- Cooling tower proving plant design completed; potential sites being considered
- First sales orders secured for Cymtox; stake increased to 76%
- Strong cash position with £25.3 million in hand at 30 June 2009
Commenting on the result, Modern Water Executive Chairman Neil McDougall said:
"Modern Water made a number of breakthroughs in the first half of 2009, with significant momentum built up across our portfolio. Our Gibraltar proving plant began supplying water into the local system in May and this plant continues to provide an excellent platform on which to demonstrate the benefits of our desalination technology. This is a major milestone for the company and for the multi-billion dollar desalination industry as a whole. In the Middle East, our second plant is in the final stages of commissioning at Al-Khaluf in Oman. We have already received significant interest in our technology from the Middle East and the Al-Khaluf plant will act as an important showcase for us in this fast-growing market.
"Our success hasn’t been confined to desalination. We are currently evaluating a number of locations for the first proving plant to use our manipulated osmosis technology within cooling towers. This exciting technology has the potential to improve both the cost efficiency and the environmental performance of cooling towers, typically associated with power stations and oil refineries. In addition, we have also made the first sales of our water toxicity monitoring technology, Cymtox, in China.
"While we continue to take significant steps forward across the breadth of our business, our financial position remains strong, with £25.3 million of net cash in hand. The business is well positioned to move ahead and we look forward to delivering further progress in the coming months."
| For further information: | |
| Modern Water plc | |
| Neil McDougall, Executive Chairman | 01483 696 011 |
| www.modernwater.co.uk | |
| HeadLand Consultancy | 020 7367 5226 or 5228 |
| Dudley White or Tom Gough | |
| KBC Peel Hunt Ltd, Nominated Adviser and Broker | 020 7418 8900 |
| Jonathan Marren or Oliver Stratton |
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