BluMetric Environmental posts four quarters of profit in 2015

Ottawa cleantech firm BluMetric Environmental was profitable in all four quarters of its fiscal 2015, CEO Roger Woeller said late Thursday.

“These positive results are a credit to our dedicated staff, as well as the continued support of industry partners and clients,” Mr. Woeller said in a statement. “Our attention remains on consistent and sustainable growth driven by new products and technology.”

Mr. Woeller credited the firm’s success to its “commitment to stakeholders to contain and control costs, build sales and improve efficiencies.”

BluMetric posted a net income of $1 million for its fiscal 2015, compared with a $6.9-million loss in 2014. The company’s fourth-quarter net income of $300,000 was also significant turnaround from the $5.7-million loss it posted in the same quarter a year earlier.

Total revenue for the year ending Sept. 30, 2015 was $33.5 million, up $6.2 million from the year before. BluMetric’s fourth-quarter revenue of $9.2 million was 40.7 per cent higher than in the same quarter of fiscal 2014. The company is crediting substantial growth in the water systems side of its business for the improved quarterly and year-end numbers.

Fourth-quarter gross margin was up nine points from a year ago to 22 per cent, and BluMetric’s year-end gross margin also improved from to 22 per cent in 2015 from 17 per cent in 2014.

“The improved margin can be attributed (in part) to an increase in revenue contribution from higher-margin projects, tighter project management and cost control,” the company said in a release.

BluMetric cut sales, general and administrative costs by $1 million to $5.7 million for the year.

With a unified brand, new strategic focus, improved operational efficiencies and an enhanced business development team, the company said it is well-positioned for the future.