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Logistec reports strong 2019 results

Montreal-based marine and environmental services provider Logistec Corporation announced consolidated revenue of $639.9 million in 2019, an increase of $55.1 million or 9.4% over 2018. Logistec provides specialized services to the marine community and industrial companies in the areas of bulk, breakbulk and container handling in 34 ports and 60 terminals in North America.

The marine services segment posted revenue of $385.3 million in 2019, representing higher sales compared with $340.8 million in 2018. This increase stems from two factors: the business combinations of GSM and Pate, which contributed an additional $40.8 million in sales during the year and, to a lesser extent, a general volume increase in Logistec’s bulk and break-bulk terminals, which saw more activity in 2019 than in 2018.

Revenue from the environmental services segment totalled $254.6 million, compared with $244.1 million in 2018, an increase of $10.5 million. This was mainly due to higher revenue from the rehabilitation of underground water mains, site remediation and decontamination services than last year, which was partially offset by lower revenue from woven hose manufacturing.

In 2019, the Company reported a profit of $26.4 million, of which $0.2 million was attributable to non-controlling interest, amounting to a $26.2 million profit attributable to owners of the Company.

“We have and continue to benefit from our diversity of services offered, of customers we serve, and of our geographic network. This solid platform of services which focuses on customer needs is the base on which we will continue to grow,” said Madeleine Paquin, President and CEO. “In cargo handling, we will continue to expand our network of terminals and services, while maximizing cargo volumes in each facility. Through market intelligence, we always seek to position our services in line with the growth of imports and exports. Our growth will come from both organic and acquisition opportunities.

“We also have ambitious plans for our environmental business. The rapid pace of development in urbanization, demographic shifts, climate changes and technology has required that we anticipate our customers’ future challenges and deliver creative solutions that bring value not only today, but more importantly for tomorrow.

“Our business development team is being strengthened to ensure increased penetration in not only the Canadian market, but also in the USA. We are also confident that our subsidiary FER-PAL is also well-positioned to grow in its markets, particularly Ontario, Western Canada and the U.S. Midwest.” (photos Logistec)