Logistec Corporation announced record financial results for the fourth quarter and the year ended December 31, 2014.
Both profit for the year and revenue reached record levels and progress was achieved in all its business segments. Consolidated revenue totalled $322.2 million in 2014, an increase of $23.9 million or 8.0 per cent over 2013. The marine services segment posted revenue of $194.7 million in 2014, representing a higher level of activity compared to the $181.6 million reported for 2013. This growth was due to an overall increase in cargo volumes handled in all regions for all cargo types, whether bulk, break-bulk or containers. The environmental services segment delivered a good performance in 2014, as revenue increased by $10.0 million or 8.5 per cent over 2013 to reach $127.6 million. Revenue growth came primarily from increased activity in Aqua-Pipe and from site remediation, as well as additional revenue from the acquisition of Mistral Environnement SAS. In 2014, the profit attributable to owners of the Company amounted to $31.0 million, compared to $27.5 million in 2013.
During the fourth quarter of 2014, Logistec maintained its consolidated revenue and profit momentum. Consolidated revenue totalled $86.9 million, an increase of $7.4 million or 9.3 per cent over the same period of 2013. This increase is explained by strong activity in the marine services segment. The fourth quarter of 2014 closed with a consolidated profit attributable to owners of the Company of $7.3 million, up by $0.7 million over the same period of 2013.
Outlook
“Our development plan is focused on strengthening and growing our footprint of cargo-handling services in North America. For 2015, we will again focus on three particular sectors: mining, biomass and port logistics. With respect to mining, we are working closely with mining companies in the Arctic and the Northern Quebec/Labrador Trough region to develop and implement efficient cargo-handling solutions for the export of concentrates. The demand for export biomass facilities continues to rise and we are looking to further invest to handle larger wood-pellet volumes in Brunswick, Georgia. In terms of port logistics, we were successful in expanding our capacity at the port of Montréal with the addition of a new container terminal for Termont. Projects are underway to expand our port network geographically, as well as to assist customers in improving their efficiency by offering multiuser distribution centres and made-to-measure automation solutions on an ongoing basis. We continue to seek acquisitions that fit our strategy of growing our footprint in the dry cargo-handling business in North America.
We are optimistic about our environmental services segment as well. Our plan is largely consistent with prior years as the development potential remains strong. In 2015, we will continue to build on our Aqua-Pipe technology and grow our services both in Quebec, where we install our structural lining, and outside the province. Our woven-hose manufacturing business should continue to perform well and, with our increased capacity, will be able to meet the growing needs of Aqua-Pipe demand. In terms of our more traditional environmental services, we are diligently working to obtain a growing book of potential business in the fields of site remediation and biotreatment. We have built a strong team of experts who can find solutions for virtually all types of environmental contaminants and are expanding our services both in scope and geographically.”, commented Madeleine Paquin, President and CEO.