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.
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.