BluMetric Environmental’s earnings this past year showed signs of regression, but officials with the Ottawa-based water and wastewater engineering company believe the future remains bright.
BluMetric reported revenues of $28.3 million for the 12 months ending Dec. 31, 2019, a decrease of 12 per cent year-over-year. Fourth-quarter revenues were also down 23 per cent.
The cleantech company attributes the drop in revenues to an inordinately strong 2018, which included a series of one-time contracts with provinces and territories to remediate work associated with oil spills. BluMetric also experienced an expected slowdown in business with the federal government ahead of last fall’s election.
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The company’s net profits also took a hit, coming in at $351,000 as compared to $2.7 million a year ago. The drop might not be as dramatic as these numbers suggest, however: in 2018’s earnings, BluMetric took advantage of a deferred income tax asset worth $2.1 million. Without that one-time boost, BluMetric would have reported a profit of roughly $560,000 in 2018.
BluMetric CEO Scott MacFabe said in a statement that 2019 was “a transitional year focused on sector diversity and strategic partnerships.” For example, BluMetric said it looked to become less dependent on government work and established a partnership with U.S.-based Brown and Caldwell, an environmental consultancy that could act as a “launchpad” for business south of the border.
