Modern Water (MWG) has announced orders for their water contamination detection bacteria consumables has increased 46% for 1Q20 over last year. The company has shipped two months of stock in the last two weeks. The increase in demand is believed to be connected to the global COVID 19 and has therefore entered the Vox Markets COVID-19 index.
Production by Integumen plc (ticker / follow), of Modern Water's monitoring bacteria reagent has now begun at the University of York, UK, 6 weeks ahead of the originally planned production date announced in March 2020. The partnership with Integumen will also helping the Company remove supply risk for its customers.
Share are up over 17% higher in trading this morning.
Simon Humphrey, CEO of Modern Water, commented:
"In the last two months we have been able to adapt quickly to our revenue sharing business model which will now give us access to higher volumes on two continents. With production laboratories in Delaware, US and our partner Integumen's production facilities coming on stream in York, UK, we have removed the continuity of supply risk for our customers. This puts Modern Water in a strong position to address the increased demand in a shorter time period, assuring clients as we reduce the order backlog and meet their growing need for our water monitoring products and services."