- Vertex Resource Group (VTX) has reported its financial and operational results for the first quarter ended March 31, 2022
- Terry Stephenson, President & CEO of Vertex Resource Group sat down with Folake Ekwubiri to highlight the results and share the company’s outlook for 2022
- Highlights include $45.4 million in revenues and an adjusted EBITDA of $5.7 million
- The company continues to focus on cost containment, operating efficiencies, geographic diversification, and sector diversification
- Vertex is a leading North American provider of environmental services
- Vertex Resource Group Ltd. (VTX) opened trading at C$0.37 per share
Vertex Resource Group (VTX) has reported its financial and operational results for the fourth quarter and year ended December 31, 2021.
Terry Stephenson, President & CEO of Vertex Resource Group sat down with Folake Ekwubiri to highlight the results and share the company’s outlook for 2022.
Highlights for the three months ending December 31, 2021
- $45.4 million in revenues
- Gross profit of $10.5 million in the quarter
- Adjusted EBITDA of $5.7 million
- Free cash flow of $4.1 million
- During the quarter, Vertex issued a $15.0M convertible debenture
- On April 25, 2022, the company acquired Cordy Oilfield Services Inc.
The company produced historically high first-quarter revenue while continuing to focus on cost containment, operating efficiencies, geographic diversification, and sector diversification.
The company’s outlook for 2022 is that North American economies will continue to benefit from favourable commodity prices in energy, utilities, agriculture and forestry. In addition, we have major capital projects from multiple midstream, utilities/telecommunications, municipal infrastructure and energy transition projects in 2022 and 2023. With a secured backlog reaching record levels, Vertex is well-positioned for strong earnings growth in 2022.
Vertex Resource Group Ltd is a provider of environmental services and solutions, offering a unique combination of consulting, field services and modern equipment. From initial site selection, consultation and regulatory approval, through construction, operation and maintenance, to conclusion and environmental cleanup, Vertex provides a wide array of services to customers operating in the energy, mining, utilities, private development, public infrastructure, construction, telecommunications, forestry, agriculture and government sectors.
Vertex principally operates in Canada with select locations in the United States.
Vertex Resource Group Ltd. (VTX) opened trading at C$0.37 per share.