Bolstered by its acquisition of Montreal-based Statopex last fall, Ottawa’s In-Touch Survey Systems reported a 22 per cent increase in year-over-year revenue in its official 2015 financial results released late Wednesday.
The company said revenues for the year ending Dec. 31, 2015 were $10.23 million, up from $8.36 million a year earlier. The 2015 figure includes revenues of $1,119,387 as a result of the firm’s acquisition of Statopex last October.
In-Touch (TSXV: INX) bought the customer experience measurement firm in a $1.6-million deal that also included 600,000 In-Touch shares at a price of 28 cents per share.
The company is expecting big things from both its legacy products and its new software licensing and recurring revenue models, announcing it expects 2016 revenues to increase by 40 per cent.
In-Touch’s net earnings before income taxes were $313,543 last year compared with $115,348 in 2014. Its gross margin decreased slightly from 58 per cent to 55 per cent.
Company-defined adjusted EBITDA was about $1.12 million for the year ended Dec. 31, compared to an EBITDA of $765,000 for 2014.
“We are extremely pleased with the overall performance of the company throughout 2015 as we were able to invest significantly in new software products while delivering strong growth to both revenue and net earnings,” In-Touch CEO Cameron Watt said in a statement.
“Therefore, the focus of the company continues to be creating new and improving methods and technologies to improve our products and ensure that we are following the trends in the markets that we service. We will continue to seek out ways to take advantage of additional sales to our growing client base while actively pursuing recurring revenue through our improving software capabilities.”
In-Touch shares were trading at 39 cents on the TSX Venture Exchange on Thursday afternoon.