News blog
Qonnectis
- BY: Andrew Hore |
- POSTED: 15/09/2008 |
Remote meter reading technology developer Qonnectis continues to grow its revenue.
The business is winning more customers, including a deal to supply multi-utility loggers for a substantial housing association.
Qonnectis believes that water metering is likely to become more widespread after April 2010. The company is focused on the water utilities although its metering technology can be used by other utilities.
In February, Qonnectis said that it planned to sign a distribution agreement with Halma for its Leakfrog product. They were going to jointly market the leak detection device in the UK and internationally. There have been some small orders via Halma but the distribution agreement still has not been signed. Qonnectis is thinking about alternative international distributors. It appears that alternative distributors have approached the company and they might give it even greater geographical coverage. The downside to these alternatives is that Halma would be the best distributor in the UK.
FinnCap has initiated coverage on Qonnectis. The broker forecasts a rise in revenues from £305,000 to £445,000 in the year to June 2008. The los will be reduced from £651,000 to £581,000. Revenues are forecast to improve to £770,000 in 2008-09, while the loss will decline to £353,000.
FinnCap estimates that, following a £1.25m placing in April, Qonnectis should have ended June with net cash of nearly £700,000.
The full year figures will be released in November.
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