A sharp increase in US and UK sales helped water purification and dispensing systems firm Waterlogic post a 55% hike in pre-tax profit.

The group, which makes water purifiers for offices, factories, hospitals, and other workplaces, that attach directly to the mains supply and don't require refill tanks, said pre-tax profit rose to $2.27m in the six months ended 30 June from $1.5m the year before. Revenue was up 29% to $39m, boosted by two acquisitions during the period.

The group, which floated on Aim in July this year, raising $65m, said net income increased to $1.5m from $0.3m the same half last year.

CEO Jeremy Ben-David said, "Despite a challenging wider macroeconomic environment in Waterlogic's main markets in Western Europe and the US, Waterlogic enjoyed a solid performance in the first half of 2011."

The group said it has signed new distributor agreements in Mexico, Saudi Arabia and Turkey.

Waterlogic is currently working to expand capacity at its manufacturing facility in China. A third production line is expected to be ready in the first quarter of 2012.

Waterlogic said it is well placed to deliver on market expectations for the full year after its solid first half performance.




CJ

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