Ottawa – 23 January 2020 – BluMetric Environmental Inc. (TSX.V: BLM), a full-service environmental consulting and engineering cleantech firm, today announced its financial results for the year ended September 30, 2019, recording revenue of $28.3 million and net earnings of $351,000.
“Although BluMetric experienced a decrease in revenue, the Company is excited with the achievement of numerous positive developments and is confident these developments will lead to increased revenue and higher margins going forward” said Scott MacFabe, CEO of BluMetric. “Fiscal year 2019 was a transitional year focused on sector diversity and strategic partnerships.”
BluMetric’s results were affected by a slowdown in government spending in connection with reduced federal spending, which was anticipated leading up to the 2019 federal election, as well as a decrease in provincial and territorial revenue attributed to several one-time large provincial and territorial assignments in 2018 such as remedial work associated with fuel spills. The Company remains well positioned to capitalize on these opportunities as they arise. The Company has also taken initiatives to lessen their dependence on government contracts, increase their focus on the private sector and additional contracts from the US market.
There were a number of meaningful operational developments and significant client contracts secured in FY2019 that are expected to benefit the Company going forward.
“Notwithstanding the flatter financial results in comparison with last year, FY2019 was a significant year for strengthening relationships with existing clients while being more strategic with new business development,” said Scott MacFabe, BluMetric’s CEO. “As a result of this more targeted approach, we are creating new revenue opportunities and have taken major steps to break into the lucrative U.S. market.”
During FY2019, BluMetric made significant strides in positioning itself for success and steady future growth. In addition to securing more strategic and targeted business and tapping into the lucrative U.S. market, the Company continued its focus on work in isolated northern communities — key areas of ongoing focus for BluMetric in 2020.
Amid lower government spending in 2019, the Company continues to invest in pursuing the standing offer contract mechanisms by which most of the work is assigned in this sector. Opportunities will continue to increase with new funding programs expected in 2020.
Note 1: EBITDA is a non-IFRS measure and is calculated as net income before interest expense, income taxes, depreciation, and amortization.
The full results are available at www.sedar.com.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is an established publicly traded environmental consulting and engineering company with expertise across professional and trade disciplines and technologies that allow for the design, fabrication and delivery of sustainable solutions to environmental and water challenges. BluMetric has over 150 employees operating in nine offices and over 40 years of expertise. Headquartered in Ottawa, Ontario, BluMetric’s team of industry experts serves Commercial, Industrial, Military, Mining and Government clients in Canada and the United States.
For more information, visit www.blumetric.ca, or please contact:
Scott MacFabe, CEO
BluMetric Environmental Inc.
Vivian Karaiskos, CFO
BluMetric Environmental Inc.
Some of the statements in this press release, including those relating to the Company’s quarterly and annual results, future products, opportunities and cost initiatives, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company’s expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
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