Business
Thermal Energy Reports Strong Year-to-Date Revenue Growth and a Record Level Order Book
(via TheNewswire) OTTAWA, ONTARIO / TheNewswire / April 29, 2019 - Thermal Energy...
About this update from Thermal Energy International Inc.
[{"type":"text","content":"Thermal Energy Reports Strong Year-to-Date Revenue Growth and a Record Level Order Book(via TheNewswire)\n\n \nOTTAWA, ONTARIO / TheNewswire / April 29, 2019 - Thermal Energy International Inc. (\"Thermal Energy or the \"Company\") (TSXV: TMG), an innovative cleantech company and global provider of proprietary, energy efficiency and emissions reduction solutions, has announced its third quarter and year-to-date financial results for period ended February 28, 2019. All figures are in Canadian dollars. \n\n \n \nHighlights:\n\n \n \n\n\nRevenue has increased 50% to $15.1 million for the first nine months of FY 2019\n\n\n\nGross profit increased 16% to $5.8 million for the first nine months of FY 2019\n\n\n\nThe Company has an order book (confirmed orders with revenue yet to be recognized) of $16.6 million as of April 29, 2019 which is the highest in the company's history\n\n\n\n \n \n\"Our year-to-date figures represent a continuation of our strong growth trajectory with both our revenue and gross profit at record levels.\" said William Crossland, CEO of Thermal Energy. \n\n \n \n\"Over the last three years we have been investing heavily in the future growth of the company, and some large key project wins over the last 12 to 18 months have allowed us to accelerate our strategic growth plans. We have been investing significantly across the business, growing our team and capabilities throughout sales, engineering, operations and marketing, and expanding our geographical footprint to include key markets of Germany and Poland as well as Texas and the US Gulf Coast. And then earlier this year we also acquired Boilerroom Equipment Inc.\" \n\n \n \n\"By taking this approach operating expenses have increased and profitability has been impacted, but at the same time this accelerated investment is already driving results, as evidenced by the strong level of orders received and the resulting record order book for the coming 12 months. And now, with much of our short to medium term strategic growth investments complete we see significant potential to deliver enhanced returns from this investment going forward.\"\n\n \n \n\"At $16.6 million our order book highlights the robustness of our strategy to grow organically and through acquisition. This can clearly be seen in recently secured projects that have allowed us to expand into new subsectors...