The timely acquisition of Finland-based Sabik Group drove Victoria-based Carmanah Technologies to a $10.7-million profit in 2015, according to financial results released this week.
The profit was a massive shift from the $1 million earned in 2014.
“In all respects, Sabik has exceeded our expectations,” said Carmanah chief executive John Simmons.
Carmanah’s signals division, which includes Sabik acquired in July 2015, reported strong growth and generated $12.5 million in revenue in the fourth quarter, a 59 per cent improvement over the same period in 2014.
Over the course of the full year, signals reported revenue of $34.2 million, more than double the total in 2014.
Sabik alone translated into additional revenue of $6 million in the third quarter and $8.4 million in the fourth quarter.
The company’s earnings before interest, taxes, depreciation and amortization were $8.6 million last year, up from $4 million in 2014.
“Our company continued to progress well in 2015 and built on the turnaround that started to take hold in 2014,” said Simmons. “In 2016, we will begin to make strategic investments in our signals and illumination divisions in an effort to develop profitable growth.”
Simmons said the company is also looking at further acquisition in the coming year to add to its product line and improve distribution.
And the firm is also committed to increased spending on research and development.
“Overall we are optimistic that we can continue Carmanah’s progress in 2016 and achieve reasonable levels of growth,” he said.
Carmanah’s stock price (TSX:CMH) closed up five cents at $5.39 Wednesday.