Modern Water plc, the AIM-listed owner of a portfolio of advanced water technologies, has announced its full-year results for the 12 months ended 31 December 2009.
Highlights include the new Oman desalination plant operating ahead of expectations and further proof of commercialisation of the Cymtox technology, which has achieved its first revenue. Currently in a strong financial position with £23.1 million cash and no debt, the company won the AIM Sustainability Award in 2009.
Commenting on the results, Modern Water Executive Chairman Neil McDougall said:
“Last year marked the beginning of a new phase in Modern Water’s development with the receipt of first revenues from sales of our Cymtox CTM™ toxicity monitoring unit in China. Our desalination business went from strength to strength, with the successful start-up of our new plant in Oman meaning that we now have two plants supplying freshwater and demonstrating the effectiveness of our Manipulated Osmosis technology. Results from the Oman and Gibraltar plants confirm that our technology significantly reduces energy use, chemical consumption and other operating costs.
“The Oman plant represents a significant milestone for Modern Water in the Middle East, where the issue of water scarcity continues to fuel investment. Our agreement with Omzest, an influential Oman-based industrial group, will help us to identify new opportunities to commercialise our technology within the region.
“Progress has been made across our portfolio. We have also agreed to install a proving plant for our evaporative cooling system technology in Oman, while closer to home our majority-owned AguaCure technology is now being trialled by UK utilities.
“Financially, we remain in a strong position with £23.1 million cash and no debt. In addition, our patent-protected IP and experienced management team provide a strong backbone as we move ahead. We have achieved our first sales, and with additional revenue streams beginning this year we look forward to the remainder of 2010 with confidence.”
Modern Water plc is an advanced water technology company, headquartered in the UK and listed on the AIM market of the London Stock Exchange. Modern Water owns and is developing a portfolio of water technologies that help to address the global problems of fresh water availability and the treatment and disposal of wastewater.
One of Modern Water’s core assets is a desalination technology that uses a patented Manipulated Osmosis (MO) process to achieve significant reductions in cost, energy use and chemical consumption, compared with existing plants. Modern Water is targeting water-stressed regions such as the Middle East, Australasia, the Mediterranean and the Caribbean. Two plants showcasing Modern Water’s MO desalination technology are already in production, the first in Gibraltar and the second at Al-Khaluf in Oman.
Other initiatives include sales of an online water toxicity monitor, the Cymtox CTM™ in China, and a majority stake in AguaCure which is trialling proprietary chemical free electro coagulation technology to remove contaminants in water.
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