Strong fourth quarter propels Ottawa's BluMetric to $471K profit in fiscal 2020

BluMetric pipe

Ottawa cleantech firm BluMetric Environmental said Thursday it managed to turn a profit in fiscal 2020 “despite the uncertainty and disruption caused by COVID-19,” thanks to a strong fourth quarter that helped the company rebound from a “difficult” stretch earlier in the year.

BluMetric reported revenues of $28.6 million for the fiscal year ending Sept. 30, 2020, a slight increase from $28.3 million in fiscal 2019. The company closed the year on a high note, booking $10.4 million in revenues in the fourth quarter ​– up substantially from the $6.6 million it generated in the same period a year earlier.

The Ottawa-based water and wastewater engineering company recorded a net profit of $471,000 in fiscal 2020, up from $351,000 in 2019.

“The ongoing pandemic made fiscal year 2020 a difficult year for everyone, yet thanks to our dedicated professionals, solid client relationships and strict adherence to our pandemic plan, we were able to continue providing essential services to our customers and deliver a strong Q4 and profitable year,” BluMetric CEO Scott MacFabe said in a statement. “We’re looking forward to continuing this momentum into 2021.”

The company highlighted a pair of “significant” contract wins that accounted for $2.3 million in revenues last year – one for an effluent treatment plant at a mine in Yellowknife and the other for a COVID-19 preparedness operation for the Nunavut Department of Education.

BluMetric also said it landed a number of deals for services related to the pandemic, such as training customers in the use of personal protective equipment and drafting COVID-19 protocols. Overall, it said revenues from its clients in the commercial sector dipped only $400,000 year-over-year despite many customers being hit with shutdowns and project delays.

Noting that much of its work has been deemed essential, BluMetric said its government and military contracts have not been “materially impacted” by the pandemic. The firm said it expects revenues from its occupational health and safety service line will reduce the impact of any slowdowns in other areas.

“The company believes that the diversity of its service offerings will continue to mitigate the impact of COVID-19 on the company’s revenue,” it said. “Further, the company will continue to minimize its discretionary spending and actively manage its operational costs.”

BluMetric shares ended the day up 7.5 cents to 30 cents on the TSX Venture Exchange.