Waterlogic profit slips but remains bullish

Purified water dispenser maker Waterlogic reported a sharp decline in annual pre-tax profit but while it expects market conditions to stay challenging in 2013, it remains confident about future trading.

The Dublin based group posted a 47.6% decline in pre-tax profit for the year ended December 31st 2012. Revenue for the year increased 19% to $101.0m while gross margin increased to 60.9% from 59.2% before.

Ebitda slipped to $9.9m from $10.4m while adjusted ebitda increased to $14.7m from $13.0m. Operating profit fell to $2.5m from $5.3m and adjusted operating profit eased to $7.3m from $7.9m.

Net cash and cash equivalents fell to $29.8m from $50.6m.

"Whilst the external commercial environment is expected to remain challenging in 2013, we believe that we have built strong foundations that will stand us in good stead," the group said.

"The directors remain confident about the group's Firewall technology projects, potential acquisitions, and organic business."

CJ