In a filing with the Bermuda Stock Exchange [BSX], Watlington Waterworks Ltd. released the Directors report to the shareholders.
The full filing stated: “The previous year, 2017, was an exceptionally strong year. This was attributed to a high demand for the Company’s products and services for supplementary potable water supplies due to an extended period of drought in the late Spring/early Summer and to hosting the America’s Cup which boosted tourism significantly. Neither of these events have been repeated this year.
“Against this backdrop expectations must be managed. It would be unrealistic to expect to repeat last year’s results again this year without similar favourable environmental influence. Most of the performance metrics by which the Company is measured are down this year when compared to last year. However, they are up when compared to two years previous.
“The Board maintains its confidence in the Company’s ability to produce excellent results when there is high demand for supplemental drinking water supplies from piped and bottled water. While this year’s results through the first six months are not as strong as last year’s exceptional results, they are none the less very good results for the Company.
“The Board intends to continue taking a long-term view with respect to infrastructure development as it improves the Company’s ability to cope with periods of extreme high demand when rainfall harvesting fails to provide adequate fresh water supplies.
“Upgrades to sea water desalination systems have been made this year with the aim of improving the energy efficiency of systems to reduce power consumption. Meanwhile plans for constructing additional reservoir storage capacity to create a larger reserve for extended high demand periods are progressing together with plans for additional water treatment facilities.
“Such infrastructure strengthening will provide the underlying resource for future corporate growth as the distribution system expands to bring affordable supplementary potable water supply to more residents, thereby ensuring the Company’s ongoing success and growth.”
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