GENIVAR increases net revenues more than 18%
March 21, 2011
By
Canadian Consulting Engineer
GENIVAR, one of a handful of publicly traded Canadian-owned consulting engineering companies, has announced positive financial results for last year.
GENIVAR, one of a handful of publicly traded Canadian-owned consulting engineering companies, has announced positive financial results for last year.
On March 18, the Montreal-based company announced that revenues for the year ended December 31, 2010 were $580.4 million, compared to $477.9 million for 2009. The 2010 figure represents an increase of 21.4%.
For the same period, net revenues were $469.5 million, compared to $395.3 million in 2009, an 18.8% increase. Organic growth amounted to 5.2% of those net revenues.
At the end of December the company had a backlog amounted to $420.0 million (8.0 months of upcoming work), compared to a backlog of $401.7 million (8.0 months of work) in the previous quarter.
The company announced that during 2010 it had added more than 650 employees to its team, through nine acquisitions and one business partnership. In January this year, the company was reorganized from an income trust into a public corporation.
Pierre Shoiry, President and Chief Executive Officer of GENIVAR, had this to say about the company results for 2010: “In line with our accomplishments since the beginning of the year, our fourth quarter performance was good, as we achieved continued growth in revenues, despite headwinds in our international operations. We are very pleased to have delivered on the financial and operating commitments that we established at the start of the year. Not only did we strengthen our core business in Canada, but we successfully implemented our Enterprise Resource Planning (“ERP”) system and converted from an income fund to a corporation after the year-end. We also strengthened our balance sheet by expanding our credit facilities,” stated “We are truly excited about the prospects and growth opportunities across the firm and 2011 should be an exciting time for GENIVAR, both from a business and shareholder perspective.”
The company declared a dividend of $0.375 per share, which will be payable on or about April 15, 2011.
GENIVAR trades on the Toronto Stock Exchange. Around mid-day on March 21, the stock was trading up at $31.00.
