Genivar shows positive results for second quarter
Like other publicly traded Canadian consulting engineering companies, Genivar Income Fund of Montreal has anno...
Like other publicly traded Canadian consulting engineering companies, Genivar Income Fund of Montreal has announced positive results for the second quarter of 2009.
On August 10 the company announced is net revenues were $100.6 million compared to $80.9 million for the same quarter last year. This increase represented 24.4% from 2008 to 2009.
The press release noted that “Organic growth accounted for almost half of the increase in revenues and net revenues, the remaining increase being generated by the acquisitions completed since the second quarter of 2008.
The company, which has been buying smaller consulting engineering firms for several years, added about 125 employees from acquisitions in the second quarter of 2009. Firms acquired include Algal & Associates (power generation), Jagger Hims (earth and environmental) and ENAQ (nuclear engineering).
Pierre Shoiry, ing., president and CEO of Genivar, said “Despite a challenging business environment and softer conditions in specific markets and regions, we see positive signs during this second quarter as proposal activity remained strong, organic growth was at the higher end of our 5-10% target, and the private sector showed signs of recovery.”