A sharp increase in revenue was not enough to push Ottawa-based water infrastructure company Clearford into the black during its most recent fiscal year.
© Supplied photo
Kevin Loiselle, Clearford's new CEO.
The company reported revenue of $1,308,804 during the year that ended on Dec. 31. That’s up from $887,045 during previous year.
Despite the increase in revenue the company’s losses grew to $3.96 million in fiscal 2013 from $3.45 million the year before.
While the company says it reduced “sales, marketing, general and administrative expenses,” it’s loss before financing costs was up to $3.28 million from $3.26 million last year. Financing costs were up to $668,566 from $301,706 last year.
The company says it spent $741,569 on research and development last year as the company worked to develop its Smart Digester, a device to help break down solids that make its small bore sewer systems more difficult to operate.
The company says the digester will be part of a larger product it plans to launch within the next couple months.
"This has been a year of growth for Clearford as we continued to establish a base in the Indian market and signed and launched our first full project in Colombia,” said Kevin Loiselle, president and CEO of Clearford, in a press release.
“Once this site is commissioned in the spring of this year, Clearford will have a fully functional end to end solution which will validate the efficiency and effectiveness of our solution and introduce the system in the dynamic Colombia market."