Waterco Ltd, the water treatment and swimming pool equipment manufacturer and distributor that is also the franchisor of the Swimart brand, has recently released its financial results for the first half of the 2013 financial year.
The company performed particularly well in the Australian and New Zealand markets, with its sales by revenue rising from $27.6 million in December 2011 to $29.37 million in December 2012, which represents a 6.4 percent increase.
In contrast, its sales by revenue decreased by 7.8 percent in Asia, and by 2.2 percent in the northern hemisphere.
Nevertheless, on a global scale, the company’s total revenue for the period was $37.87 million, which is a 3.8 percent increase on the previous corresponding period.
Earnings before interest and tax were $3.38 million, whereas in the previous corresponding period this figure came in at $3.28 million.
The company’s net profit after tax was $1.70 million, which is an improvement on its $1.63 million profit for the previous corresponding period.
Soon Sinn Goh, CEO, Waterco was pleased with the company’s performance, particularly in Australia and New Zealand.
“Whilst the first three months of the year were slow, Waterco’s performance in the first half of the year was encouraging. In particular, the Australia and New Zealand division showed a strong increase, attributed to an improvement in market share combined with a return to regular weather patterns.
“Whilst poor performance in Europe and Canada offset gains in this division, there are signs of continuing improvement in the US,” he said.
The company says its impressive performance in Australia and New Zealand in particular is a result of its focus on the pool builder sector.
Waterco also introduced a number of new patents in Australia during the period, including a chlorine-free sanitisation system.
“This chlorine-free system extends Waterco’s efforts in producing environmentally-friendly products, and it is expected to drive sales in Australia and, subsequently, globally,” Goh said.
The company expects it will continue to perform well in Australia and New Zealand over the second half, and there will be a focus on improving sales in the northern hemisphere.
While things are looking up in North America and Europe, it is expected sales in Canada will be lower than they were in the previous corresponding period.