- Shares in environmental intelligence solutions company Envirosuite (EVS) are up today following a strong third quarter report
- The company recorded $2.1 million in new annual recurring revenue, which is up around 180 per cent ($1.15 million) on the previous quarter
- Envirosuite says the result has mostly come from the recovery in the aviation sector
- The company also noted strong growth in the mining, industrial and wastewater sectors
- On the market this morning, Enivrosuite is up 20 per cent and is trading at 15 cents per share
Envirosuite (EVS) has posted a strong third quarter, bringing in $2.1 million in new annual recurring revenue (ARR).
The new ARR figures are up around 180 per cent on the previous quarter, bringing the total ARR for the 2021 financial year to $42.5 million.
The environmental intelligence solutions company says the result has come from the recovery in the aviation sector as well as a strong performance in growth in the mining, industrial and wastewater sectors.
Big wins in the aviation sector included a major international airport in North America as well expanded revenue at Dublin Airport, Oakland Airport and San Francisco International Airport.
Meanwhile, Envirosuite launched its newest product EVS Water in the quarter.
EVS Water combines artificial intelligence and modelling technology to predict and avoid water quality incidents while identifying process improvements and cost-savings for facilities in real-time.
Looking forward, the company is expecting further market tailwinds, particularly from Biden's US$111 billion (A$145 billion) water infrastructure proposal. The proposal will see water treatment facilities built and upgraded across the nation.
CEO Jason Cooper is pleased with the third quarter results.
"We are seeing confidence return to the market which is materialising across
the world, particularly in North America and the increasing interest in EVS Water," he said.
"With our renewed focus and discipline, we are well placed to scale up and service this growing demand and continue this performance for Q4 and FY22," he added.
On the market this morning, Enivrosuite is up 20 per cent and is trading at 15 cents per share at 10:34 am AEST.