Source: H2O Innovation.
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  • H2O Innovation (HEO) has released its financial statements for the 2021 fiscal year
  • The company reported record revenues of $144.3 million for 2021, a $10.7 million increase
  • Gross profit margin increased to 27.7 per cent, while net earnings reached $3.1 million or $0.039 per share
  • The company continues to advance its three-year strategy
  • H2O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers
  • H2O Innovation Inc. (HEO) is currently down 8.86 per cent, trading at $2.47 per share

H2O Innovation (HEO) has released its financial statements for the 2021 fiscal year.

The company reported record revenues of $144.3 million for 2021, a $10.7 million increase compared to the previous year.

Revenues from the water technologies and services (WTS) business pillar also increased by $1.1 million compared to the previous fiscal year, driven by a growth in the company’s service activities.

With $4.5 M of new industrial and municipal projects secured at the end of the fourth quarter, revenues from the WTS business pillar are gaining positive momentum.

Gross profit margin increased to 27.7 per cent, while net earnings reached $3.1 million or $0.039 per share.

Higher net earnings were driven by increased consolidated revenues, lower acquisition costs, lower restructuring costs, and fair value gain.

The operation and maintenance business pillar was positively impacted by the acquisition of GUS in July 2020, and showed organic growth of $3.1 million this fiscal year.

Frédéric Dugré, president and CEO of H2O Innovation, commented on the record results.

“FY2021 was exceptional in many ways,” he remarked. “Not only have we delivered our best financial performance with significant profitability improvement, […] but we achieved that while dealing with an unprecedented pandemic challenging all aspects of our lives.”

The company continues to advance its three-year strategy.

“We remain confident to achieve the objectives set in our triennial strategic plan and continue to complete acquisitions,” added Mr. Dugré.

H2O Innovation is a complete water solutions company focused on providing best-in-class technologies and services to its customers.

H2O Innovation Inc. (HEO) is currently down 8.86 per cent, trading at $2.47 per share as of 1:35 pm ET.

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