AUS: Water group Refresh sees losses narrow
Australian water producer Refresh Group has narrowed its first-half losses thanks to growing sales and the acquisition of a key customer.
Refresh, based in Western Australia, said today (28 February) that losses for the six months to 31 December had stood at A$722,000 (US$569,289), down from A$3.3m a year earlier. Revenues jumped 32% to just under A$2m.
The company's business is predominantly in the home-and-office delivery sector and it saw sales in key markets, including Perth and Sydney, rise by 14%. The acquisition of Hydr8 bottled water also boosted sales, Refresh said.
Nevertheless, Refresh said it would "aggressively" build its single-serve bottled water business, a sector that accounts for some 75% of all bottled water sales in Australia.
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