Local water and wastewater treatment tech firm Clearford says it plans to reduce its South American footprint as it integrates a recent acquisition and focuses on the North American market.
Clearford CEO Kevin Loiselle made the comments as the Ottawa-based company released its full-year 2017 results. The firm, which develops and sells a decentralized sewage system that’s less expensive than traditional installations, said its revenues increased 2.7 per cent year-over-year to $3.89 million.
The company’s net loss, meanwhile, shrunk to $5.69 million. That compares to a loss of $6.03 million in 2016.
Last year, Clearford said it would pursue a new business strategy that would see the firm offer a full suite of water and wastewater solutions to municipalities and private developers, much like a utilities operator, by designing, building and operating water and wastewater treatment facilities on a long-term basis.
Executives argued the company’s move towards selling water as a service – rather than just providing the infrastructure – would allow Clearford to realize the full value of its products.
“(This) is a disruptive tactic that generates regular long-term revenue streams … and positions Clearford at the vanguard of the decentralized water and wastewater industry,” Loiselle said in a statement.
In November, Clearford acquired Koester Canada in a share-for-share transaction valued at $7.8 million. In addition to producing its own filtration technology, Koester’s Team Aquatic division operates more than 86 water and wastewater treatment plants throughout Ontario.
Clearford’s stock price was steady at nine cents per share on the TSX Venture Exchange this week.