IBI increases revenues compared to last year
IBI Group, a global architecture-engineering-planning consulting company that is based in Toronto and traded on the Toronto Stock Exchange, announced its year-end results for 2016 on March 17.
Revenues for the year ended December 31, 2015 increased 9.7% over the year, standing at $327.1 million compared with $298.3 million for the same period in 2014.
Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) for 2015 was $34.4 million (or 10.5% of revenue) compared with $23.7 million (or 8.0% of revenue) for the same period in 2014.
The company currently has $365 million of work that is committed and under contract for the next three years, and approximately 11 months of backlog.
Scott Stewart, chief executive officer, said: We are very pleased with the strength in our underlying business, which has facilitated material improvements in our balance sheet and capital structure. The refinancing of our credit facilities, redemption of our 5.75% convertible debentures, successful completion of the rights offering and the private placement with the Management Partnership, were key contributors to these improvements.”
He continued: “We remain cautiously optimistic as we look towards 2016, particularly amid the prospect of an increase in public infrastructure spending in Canada and the continued acceleration of the U.S. economy.”
IBI has 2,200 professionals around the world and has been in business for 40 years.
To read the complete press release, click here.