Modern Water posts first-time revenues of £56,000

AIM-listed Modern Water posted first-time revenues of £56,000 in its 2009 full-year results announcement this week, although the company’s losses deepened to £3.6 million as finance income halved as a result of the low interest rates available on term deposits.

The company continues to sit on a cash pile of £23.1 million, and while some of this may be used to make further acquisitions, the main focus is on commercialising existing technologies, chairman Neil McDougall told GWI.

A recent agreement with Omani industrial concern Omzest to market Modern Water’s technologies in the region has already resulted in a contract for a proving plant to demonstrate its evaporative cooling technology, which the company claims has a substantial impact on cooling tower economics. It also hopes to be in a position to install a full-scale pre-treatment system – based on manipulated osmosis technology – at a thermal desalination plant by the end of 2010.