Modern Water Posts Narrower Loss, Says It’s ‘Financially Strong’Amanda Jordan
Modern Water Plc, a U.K. technology provider working in desalination and water-quality monitoring, reported a smaller annual loss and said finances are “strong.”
The loss before interest, tax, depreciation and amortization shrank to 4 million pounds ($6.7 million) in 2013 from 4.7 million pounds a year earlier, the Guildford, England-based company said today in a statement.
Modern Water supplies monitoring and treatment systems. It’s attempting to attract more companies to its membrane-based forward-osmosis technology, which uses less energy than rival reverse-osmosis purifiers in regions including the Middle East and Asia. It won three orders in China at the end of last year.
The company’s losses reflect its “early stage of commercial rollout prior to securing significant sales contracts,” it said today. “The group remains financially strong with net cash of 11.4 million pounds.”