Fiscal 2020 is shaping up to be a banner year for Ottawa’s Thermal Energy International as the local cleantech company reports record revenues and profits so far this year.
Thermal (TSX-V:TMG), which sells energy efficiency systems to numerous Fortune 500 customers, reported revenues of $7.8 million for the three-month period ended Nov. 30, 2019, an increase of 51 per cent year-over-year. The firm swung to a net profit of $385,000 from a loss of $112,000 in the same quarter last fiscal year.
Thermal Energy has turned in a record performance over the first two quarters of its fiscal year. Year-to-date revenues are up seven per cent to $12.8 million while profits clocked in at $626,000, again up from a loss last year.
OBJ360 (Sponsored)
Is your company a Best Place to Work?
Even in uncertain economic times, you can take this to the bank. The most successful companies are those with the highest employee engagement. That’s why the Ottawa Business Journal and
Ottawa’s Paterson Group offers a million reasons to give
There’s a particular image that David Gilbert, President of Ottawa-based Paterson Group, is delighted to share. It’s a map of the Ottawa area and beyond covered with thousands of dots,
“These are by far the strongest results in our company’s history and are a clear indication of the success of our growth strategy,” said Thermal Energy CEO William Crossland in a statement.
Thermal said it is seeing strong demand for its heat recovery products in Europe and the integration of Boilerroom Equipment Inc. – acquired in a $2.25-million deal in 2018 – into its operations has been a boon for the company. The firm said it has invested in engineering, sales, marketing and other segments of its business and expects to see continued growth as a result.
Thermal Energy’s order backlog stood at $8.2 million as of Nov. 30, an increase of $3.3 million from the same time a year before.
