With record results for the second quarter of fiscal 2024, Ottawa’s Calian Group raised its guidance for the full year and reiterated that it expects to reach $1 billion in annual revenue by the end of fiscal 2026.
“Revenues, gross margin and adjusted EBITDA all hit historical highs, demonstrating the strength of our business model and the successful execution of our three-year strategic plan,” said Calian CEO Kevin Ford in a news release.
Ford noted that, since the start of fiscal 2024, revenues rose 20 per cent, profitability and margins increased significantly, and more than one-third of the company’s three-year M&A target agenda had been completed.
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“We are on track to deliver another record year and one step closer to our objective of reaching one billion dollars by the end of fiscal 2026,” said Ford.
For the second quarter ending March 31, 2024, Calian reported that revenues had increased 19 per cent, from $169 million to $201 million. According to the company, this represents the highest quarterly revenue in Calian’s history and the first time surpassing $200 million in a single quarter.
Gross margin reached a new high at 34.8 per cent. Adjusted EBITDA was $25.7 million, up more than 50 per cent from the same period last year, driven by revenue growth and margin expansion, as well as the benefits generated from the restructuring plan implemented midway through the fourth quarter, the company said.
Adjusted EBITDA margin reached a record 12.8 per cent, up from 10 per cent in the same period last year, as a result of a favourable revenue mix and increased volume.
Net profit was $4.9 million, or $0.41 per diluted share, up from $4.5 million, or $0.39 per diluted share, for the same period last year.
Earlier this month, Calian announced it had agreed to acquire U.K.-based Mabway for up to $40.8 million. And in March, Calian and MDA Ltd. completed a transaction in which Calian purchased assets associated with MDA’s nuclear services.
Calian raised its guidance for full-year revenue to a range of $750 million to $810 million. The previous projection was for $730 million to $780 million for fiscal 2024.
The company said the guidance includes the full-year contribution from the Hawaii Pacific Teleport acquisition, the Decisive Group acquisition, the nuclear asset acquisition from MDA and the Mabway acquisition.
