Business
BluMetric Announces Financial Results for FY2019
Ottawa, Ontario--(Newsfile Corp. - January 23, 2020) - BluMetric Environmental Inc. (TSXV: BLM...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Announces Financial Results for FY2019Ottawa, Ontario--(Newsfile Corp. - January 23, 2020) - BluMetric Environmental Inc. (TSXV: 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. Operational HighlightsU.S. Market Collaboration with Brown and Caldwell - During the year, BluMetric partnered with an established leading environmental American consulting company, Brown and Caldwell, in a mutually beneficial agreement designed to support its American partner in accessing new opportunities in Canada while also acting as a launchpad for BluMetric's business in the U.S. The teaming agreement significantly lessens barriers to entry, in particular costs for BluMetric to access U.S. business and vice versa for Brown and Caldwell in Canada. The agreement expands BluMetric's reach for water technology solutions and highlights the Company's commitment to cost effective, innovative means of expansion within key international markets.BluMetric was ranked among Canada's top 75 defence companies, an accomplishment ...