Ottawa cleantech firm BluMetric Environmental Inc. (TSX-V: BLM) has been awarded two new projects in northern Ontario, focusing on analysis and restoration of mining sites, which are projected to generate combined revenues near $3 million over the next 18 months.
The projects will deploy BluMetric’s site investigation and analysis techniques, which include the use of airborne equipment for geophysical surveys to monitor and direct field activity.
“In the mining sector, one of BluMetric’s key verticals, problem-solving using innovative approaches and tools is an important differentiator for us, and makes us an industry leader,” said Roger Woeller, CEO of BluMetric. “Being chosen for projects like these clearly demonstrates that our wide range of capabilities is understood and appreciated by major players in the mining sector. Effectively using the best available technologies, BluMetric is successfully evolving from advanced data collection and analysis to the provision and implementation of practical solutions.”
BluMetric will also drill monitoring wells, perform aquifer tests, and take groundwater and surface-water samples.
Using data collected during the project, which will be incorporated into an existing Geographic Information System (GIS)-based Environmental Information System developed by BluMetric, the company will identify and evaluate remedial and restoration options for the two sites.
In May, BluMetric reported $289,000 net income in Q2 of fiscal 2016, their year ending September 30, compared to $246,000 in Q2 2015, on $7.9 million total revenue for the quarter.
“We have continued to grow revenues in this, traditionally our weakest quarter,” said Woeller. “The results of this quarter are a testament to a strong performance by our professional services practice. Our reorganized sales organization, oriented to key industry verticals, is showing positive potential for increased revenues, and our robust operations group, with its focus on taking work with good margins and then maintaining those margins, has helped to produce an overall gross margin for the quarter of 24%, the highest in recent record. In sum, we are pleased with this quarter, yet still see room for improvement, especially in the supply of engineered systems and products and services.”
Earlier this year, BluMetric reported four consecutive profitable quarters in 2015, with a net income of $1 million for 2015, compared to a $6.9 million loss in 2014, on revenue of $33.5 million, up $6.2 million from the year before.
Last year, BluMetric landed two contracts in northern Ontario relating to groundwater and surface water monitoring, engineering and remedial services, valued at approximately $8.3 million.
In 2014, BluMetric added a contract providing oil-water separators on the Panama Canal, as well as an environmental consulting services contract with Public Works and Government Services Canada (PWGSC) in the Northwest Territories, Nunavut and the Yukon, valued at approximately $3 million over three years.