Ottawa’s Calian reports record revenues in fiscal 2018

Ford
Calian Group CEO Kevin Ford.

Calian Group (TSX:CGY) extended its streak of consecutive profitable quarters to 68 and managed to hit record annual revenues at the same time.

The Ottawa-based services firm, with offerings in IT, healthcare, engineering and more, reported Wednesday that revenues were $78.7 million for the three-month period ending Sept. 30. That’s an increase of nine per cent compared to the same quarter last year.

Revenues for the year hit a new benchmark of $305 million, a year-over-year increase of 11 per cent.

Calian hit 17-straight years of profitability in the quarter with a net income of $4.3 million, roughly the same as its earnings in last year’s fourth quarter.

Chief executive Kevin Ford congratulated his staff on the successful quarter and impressive run of profitability in a statement. Noting the firm’s contracted backlog of more than $1 billion, Ford said the combination of Calian’s R&D investments and M&A strategy bode well for the company’s future.

“With 68 consecutive profitable quarters under our belt, record revenues and a very talented, passionate team committed to successful customer delivery and our own growth objectives, I am very positive on Calian’s long-term growth prospects,” he said.

Calian announced its third acquisition of the year earlier this month, buying Regina-based IntraGrain Technologies, which develops sensors to measure heat and moisture content of grain storage bins. The deal marks Calian’s first foray into the agritech market.

Shares of Calian Group rose more than five per cent in trading on the TSX Wednesday, closing the day at $28.80.