BluMetric continues 2021 surge as Q2 revenues top $9M

BluMetric pipe

Ottawa cleantech firm BluMetric continued its strong start to fiscal 2021 in its second quarter as it nearly doubled its revenues compared with a year earlier.

BluMetric (TSX-V: BLM), which specializes in water and wastewater treatment, reported revenues of $9.1 million for the three-month period ending March 31, up from $5 million the year before. The company posted net earnings of $1.1 million, compared with a net loss of $2.3 million in the same period in 2020.

The results come on the heels of a strong first quarter that saw BluMetric’s revenues jump 30 per cent over the previous year.

“We’re continuing the strong financial performance momentum we built over the preceding quarters, and I’m very proud of our entire team for these excellent results,” CEO Scott MacFabe said in a statement. 

“We’ve risen to the challenges posed by the pandemic and we’re positioned to exploit opportunities coming out of the pandemic.”

'New project opportunities'

The company said it saw growth across all its customer verticals in the second quarter and noted that COVID-related services accounted for $2.2 million of its revenues in the three-month period.

BluMetric said that as customers start to ramp up spending in anticipation of a post-pandemic economic rebound, it plans to “invest in sales and people to ensure it is poised to respond to new project opportunities and meet new demands.”

In addition, the firm announced it has signed a new lending agreement with its financial institution that will result in “significant savings” on borrowing costs. 

BluMetric also said it appointed engineer Andy Benson, who spent nearly 25 years with global environmental consulting firm Golder, as vice-president and director of operations earlier this month.

BluMetric shares ended the day up 10 cents, or more than 20 per cent, to 58 cents on the TSX Venture Exchange.