- Vertex Resource Group (VTX) has reported record revenue and adjusted EBITDA in Q2
- Terry Stephenson, President & CEO of Vertex Resource Group, sat down with Sabrina Cuthbert to highlight the results
- Highlights include $54 million in revenues and an adjusted EBITDA of $8.6 million
- Vertex is a leading North American provider of environmental services
- Vertex Resource Group Ltd. (VTX) opened trading at C$0.35 per share
Vertex Resource Group (VTX) has reported its financial and operational results for the second quarter ended June 30,2022.
Terry Stephenson, President & CEO of Vertex Resource Group, sat down with Sabrina Cuthbert to highlight the results and share the company’s outlook for the second half of 2022.
Highlights for the three months ending June 30, 2022
- Highest revenue in company history for any quarter at $54.0 million.
- Highest adjusted EBITDA for any quarter at $8.6 million compared to $7.5 million in Q2 2021 where adjusted EBITDA included wage subsidies of $1.7 million.
- Historically high second quarter net income of $1.6 million in Q2 2022 compared to a net income of $0.2 million in the same period of 2021.
- The company extended the maturity date of its secured credit facilities to May 31, 2025 and increased the revolving loan commitment by $10 million.
- Free cash flow amounted to $7.0 million compared to $6.5 million in Q2 2021.
- On April 25, 2022, the company completed the acquisition Cordy Oilfield Services Inc.
The company’s outlook for the second half of 2022 is that North American economies will continue to benefit from favourable commodity prices in energy, utilities, agriculture and forestry. In addition, Vertex has major capital projects across a diverse sector of industries, including midstream, utilities/telecommunications, municipal infrastructure and energy transition in 2022 and 2023.
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$0.35 per share.