Business
BluMetric Ends 2021 Fiscal Year With Record Revenue and Earnings
Ottawa, Ontario--(Newsfile Corp. - January 31, 2022) - BluMetric Environmental Inc. (TSXV: BLM...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"BluMetric Ends 2021 Fiscal Year With Record Revenue and EarningsOttawa, Ontario--(Newsfile Corp. - January 31, 2022) - BluMetric Environmental Inc. (TSXV: BLM), a full-service environmental consulting and engineering cleantech firm, is pleased to announce its financial results for the quarter and year ended September 30, 2021.Strong financial performance through successive quarters saw BluMetric end fiscal 2021 with revenue 24% higher than the previous year and net earnings reaching $3.7 million, both records for the Company to date. BluMetric continued to win new work and expand its reach across key markets and service lines.\"We are privileged to work with such a dedicated team of professionals at BluMetric,\" said Scott MacFabe, CEO of BluMetric. \"Achieving such high levels of project excellence, client service and financial performance is an outstanding achievement and a solid foundation to continue to invest in growth.\"\"BluMetric's management team has delivered on several long-term, important initiatives that have supported these impressive results,\" said Geoff Simonett, Board Chair. \"The Board is very pleased with the Company's performance and its position to capitalize on further growth opportunities.\"HighlightsRevenue for the year was $35.5 million compared to $28.6 million for the year ended September 30, 2020, an increase of 24%. Revenue for the fourth quarter of fiscal year 2021 was $9.7 million compared to $10.4 million in the same quarter of fiscal year 2020.Gross margin increased to 27% for the year compared to 21% for the year ended September 30, 2020. Gross margin for the fourth quarter of fiscal year 2021 was 24% compared to 27% over the same quarter in fiscal year 2020.Adjusted EBITDA (see Note 1 below for definition) for the 2021 fiscal year increased to $5.3 million from $2.8 million in the previous year. Adjusted EBITDA for the fourth quarter decreased to $1.3 million in 2021 from $2.0 million in same quarter of fiscal 2020.Net cash (debt) (see Note 3 below for definition) at September 30, 2021 was $2.8 million, a $3.0 million improvement from net debt of $215,000 at September 30, 2020.Revenues in the Commercial and Industrial and Government markets increased by 54% and 36% respectively in fiscal 2021 over 2020, driven by COVID-related services, new project wins, strong client relationships in Canada's...