MONTREAL- Consolidated revenue totalled $604.7 million in 2020, a decrease of $35.2 million or 5.5% over 2019, Logistec Corporation announced. Revenue from the marine services segment was lower at $344.6 million, compared to $385.3 million in 2019. The Company reported a profit for the year of $32.8 million.
“I am proud of our people’s resiliency in safely navigating COVID-19 while continuing to provide the essential services that our customers and communities rely upon on a day-to-day basis,” said Madeleine Paquin, President and CEO. ” We remain focused on our strategic and sustainable long-term priorities, which gives us confidence in our growth in the years ahead. While short-term uncertainty remains, we are well-positioned to emerge stronger, more resilient and more innovative than ever.”
As anticipated, cargo volumes were depressed, as global trade decelerated in response to government measures put in place to slow the spread of the COVID-19 virus. In addition, volumes in the United States further suffered from a heavy hurricane season on the U.S. Gulf Coast. Revenue from the environmental services segment amounted to $260.1 million, an increase of $5.5 million over 2019.
In 2021, Ms. Paquin said Logistec expects “renewed growth in both marine and environmental services, as industries resume more normal production levels. In addition, we will realize the benefits from the acquisitions completed in 2020.
“In marine services, we expect volumes to return to historical levels, as the economy adjusts to the new normal and vaccines are rolled out. Our marine services remain essential and will continually operate with the health and safety of our people and our customers as a top priority.
“In our environmental services segment, we begin 2021 with a solid project order book of approximately $120 million, representing 46% of the segment’s revenue in 2020, thus positioning the segment to surpass this year’s results.” (photo Logistec)
