Ottawa-based BluMetric’s steady 2015 first-quarter results are beginning to show why the clean-tech company was formed in a reverse takeover three years ago, according to CEO Roger Woeller.
BluMetric posted revenue of $7.8 million for the three months ending Dec. 31, up $200,000 from the same period last year.
Gross margins improved from 21 per cent to 22 per cent and net income rose to $114,000 from $18,000 in the same quarter of 2014.
The company’s sales, general and administrative expenses dropped slightly as well, down from $1.5 million to $1.4 million.
“The steady and reliable performance of the Professional Services group combined with better results from the Water Systems group will provide a base for improvement and growth,” Mr. Woeller said in a statement. “Ongoing focus on supporting our higher-margin opportunities will continue this trend."