Envirosuite Limited secures another material contract from the United Kingdomâs water utility Southern Water for the multi-site rollout of Envirosuite platform. The win adds to the Envirosuiteâs current string of three water utilities with Envirosuite already in use at their seven operational sites.
Southern Water is a UK-based private water utility company. It is primarily engaged in the collection and treatment of public wastewater across West Sussex, the Isle of Wight, Hamp shire, East Sussex and Kent. It also functions as a primary operator in the distribution and supply of public water in those regions.Â
Envirosuite Limitedâs Chief Executive Officer, Peter White stated âEnvirosuite welcomes Southern Water to the increasing number of water utility clients in the UK now using the Envirosuite platform. Mr. White further added that this contract underscores the substantial step in the growth of the company, positioned as a world-leading platform to move from site-by-site sales to multi-site implementations.â
The execution of the contract comes after the four-month commercial trial undertaken by Southern Water. Following the completion of trial-round, Southern Water has elected to move directly to a multi-site rollout across three wastewater facilities. Moreover, the company further informed that the contract is on standard terms and that there are no other material conditions to be satisfied.
Envirosuite Limited (ASX: EVS) provides Software as a Service (SaaS) towards environmental management technology. It converts data into action in real-time using its proprietary algorithms built over 30 years. Therefore, Envirosuite platform offers a wide array of environmental management, monitoring, and investigative capabilities. Its clients range from mining, water, and waste management industry to ports and agricultural industry sectors.
Recently, the company has released a flash update on its Annualised Recurring Revenue. The announcement read that as at 31 December 2018, Envirosuite Limited had the total ARR of $4.6 million. However, going forward the company aims to double its ARR each financial year from 2017FY to 2020FY.
For Fiscal Year 2019, Envirosuite targets a 100% growth in ARR which translates an increase from previous yearâs $3 million ARR to $6 million in FY19. Further, the company focuses on âone-stop-shopâ offering where the clients can pay for an integrated package including recurring subscriptions for Envirosuite solutions and regular software updates with proprietary or third-party monitoring sensors and associated ongoing maintenance.
The update on sales performance and the factors contributing to the growth of the companyâs sales are expected to be released by the end of January 2019.
In todayâs trading session, EVS stock price has surged up 11.11% to last trade at $0.070 on 15 January 2019. In the past 12 months, the stock has witnessed a negative performance change of 13.70%, but to the contrary, the stock price has gone up 21.15% in the last month.
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