H2O Innovation reports Q1 adjusted EPS C$0.029 vs. C$0.025 last year

Reports Q1 revenue C$56.1M vs. C$38.3M last year. "On the heels of a remarkable fiscal year ended June 30, 2022 we are proud to release for the first quarter of our fiscal year 2023, record-high revenues of $56.1 M, supported by an impressive organic growth of 25% for the comparable three-month period ended. All our business lines contributed to this growth, driven by the high demand for our specialty products, the start-up and scope expansion of operation and maintenance contracts and award of new capital equipment projects generating additional services and aftermarket sales. Our unique business model promoting customer retention throughout our three business pillars posted recurring revenues by nature of 89.0% at the end of the first quarter of our fiscal year 2023. Despite the pressure on our gross profit margin emerging from high inflation on material and wages, pricing initiatives and other measures have been implemented to improve margin in the coming quarters. Looking at our sales pipeline, which is rich in diversified municipal and industrial opportunities, at the strength of our distribution network for specialty products, and at our consolidated backlog of $182.0 M, up 48.2% compared to Q1-FY2022, we envision continuation of strong organic revenue growth and see opportunities for margin expansion coming from price adjustment and business mix", stated Frederic Dugre, President and Chief Executive Officer of H2O Innovation.