Modern Water plc has announced its Interim Results for the six-month period ended 30 June 2010. The company, which owns a number of leading water technologies focused on addressing the scarcity of fresh water and the treatment of waste water, said it is in a strong financial position and debt free with £21.2 million cash.
Commenting on the results, Neil McDougall, Executive Chairman of Modern Water, said:
“We are delighted to have reported many important achievements during the first six months of the year, supporting our programme of technology commercialisation. Most notably, Modern Water’s first Manipulated Osmosis evaporative cooling system was shipped to Oman and is now fully commissioned and delivering excellent initial results.Our unique process can reduce power consumption by up to 90% and cut capital expenditure costs by half. With over 1.5 million cooling tower units worldwide, we are confident about the market opportunity.
“In June we signed an agreement with the Omani Public Authority for Electricity and Water to extend the commercial trial of our desalination technology. Our system in Al Khaluf is the first commercial scale desalination plant to use the forward osmosis process. The plant, which has been supplying drinking water to the local area for several months, has been proven to reduce operating costs and energy consumption, aswell as offering a range of other environmental benefits. These successful results have been achieved despite operating under extremely challenging local conditions that traditional membrane desalination technology cannot cope with, demonstrating the robust nature of the process.
"Elsewhere, we are also pleased to announce that Modern Water’s Cymtox technology is now being trialled with UK water utility business, Bristol Water, providing further evidence of our increasing commercial reach”.
A recent UN report by the World Business Council for Sustainable Development stated that ‘the largest single use of water by industry is for cooling in thermal power generation’. With 1.5 million cooling tower units in place worldwide, Modern Water said it was confident about the future potential for its technology, given the size of the marketplace.
Cymtox Limited, a wholly-owned subsidiary of the Group, has begun trials of the CTMTM Continuous Toxicity Monitor with Bristol Water. Using bioluminescence to detect the presence of toxins in water and wastewater, it is the only real-time online analyser currently available.
Modern Water said that with the commercialisation of its technologies progressing well, the Group was gearing up to ensure it had the capacity to deliver projects on a global scale.
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