Profit dips at Ottawa-based BluMetric as new CEO takes the reins

Mine
BluMetric has secured multimillion-dollar contracts to remediate mines and contaminated water sites in Canada’s north. (Stock image for illustrative purposes only)

BluMetric turned another profit this past quarter despite a nine-per-cent drop in revenue as the company continues to pivot towards a few key markets.

Revenue for the Ottawa cleantech firm was $7.6 million for the three months ended Dec. 31, 2017, compared to $8.3 million over the same period last year. In financial filings, the firm attributes the decline to a drop in consulting services revenue, but says income from engineering projects helped offset losses.

BluMetric has been making its engineering vertical a priority in recent quarters, earning multimillion-dollar contracts to remediate mines and contaminated water sites in Canada’s north. In a release, the firm says it’s also putting a focus on high-potential sectors such as industrial wastewater, commercial land development and food and beverage.

Net income for the quarter was roughly $100,000, compared to $228,000 last year. Operating expenses were $1.4 million, up from $1.3 million a year ago.

BluMetric points to severance payments of $250,000 to its former CEO Roger Woeller for the higher costs, which were all accounted for in this past quarter. Woeller – the man credited with returning the local firm to profitability – announced his departure from the role last June but remains on the company’s board of directors.

Thursday marks the first day on the job for Scott MacFabe, who takes over the CEO role from Dan Scroggins, who filled the role on an interim basis.

MacFabe, a graduate of the University of Waterloo, comes to BluMetric from his previous role leading the environmental and industrial division at an American engineering firm. He touted his network of U.S. contacts as an asset he’ll bring to the new role.