Modern Water (MWG) signed plenty of promising "outline contracts", "distribution agreements", and "product development contracts" in 2013, all the while "expanding existing relationships". But it once again failed to deliver a tangible step-up in revenues or profits from its desalination or water-monitoring technologies.
IC TIP:
Sell
at
36.5p
Group-wide turnover actually slipped year on year to £3.5m from £3.8m. Thankfully, cost-cutting helped trim cash outflow to £3.9m from £5.5m in 2012, resulting in an improved operating loss of £4.9m. A £9.6m fundraising early last year meanwhile replenished the dwindling cash pile, which stood at £11.3m on 31 December.
