119 0 Kommentare People Corporation Announces 2019 Financial Results for the Fourth Quarter and Full Year

WINNIPEG, Manitoba, Dec. 09, 2019 (GLOBE NEWSWIRE) -- People Corporation (the "Company") (TSX Venture: PEO) today announced financial results for the quarter and full year ended August 31, 2019.

Laurie Goldberg, Executive Chairman and Chief Executive Officer commented, “During 2019, we continued to make meaningful progress against our four key focus areas: sales and service; products; strategic acquisitions; and integration. These efforts resulted in solid financial progress during the year, with Revenue growing 24.5%, of which organic revenue growth was 8.9%. Further, Adjusted EBITDA grew faster than revenue at a pace of 31.0% for the year.”

Mr. Goldberg continued, “2020 will be another important year in our ongoing journey to build People Corporation into Canada’s premier independent provider of group benefit consulting and third-party administration services, group retirement services and human resource consulting. We will remain focused on executing against our four key focus areas in order to drive growth in Revenue and Adjusted EBITDA both organically and through judicious acquisitions. We are better positioned than ever to offer industry-leading services to our clients and their plan members, with access to a deeper pool of products, solutions and tools, delivered by best in class consultants. We have also taken steps to further integrate our national footprint through recent strategic acquisitions, where we see opportunities to generate synergies across our platform. We are in the early innings of leveraging the power of our growing scale and national distribution and are carving a pathway to a multi-year opportunity to drive growth and value for our shareholders, and generate sustainable long-term returns on capital.”

Highlights of Financial Results for the quarter and full year ended August 31, 2019

2019 Highlights

Revenue increased 24.5% to $162.5 million from $130.5 million in 2018, including organic revenue growth of 8.9%;
Adjusted EBITDA increased 31.0% to $36.1 million compared with $27.5 million in 2018;
Adjusted net earnings decreased to $6.2 million, compared with $7.4 million in 2018 and adjusted net earnings per share decreased to $0.10, compared with $0.14 in 2018;
Net loss improved $2.6 million, compared with $6.9 million in 2018 and net loss per share improved $0.04, compared with $0.13 in 2018;
Acquired 3 new operating practices: ACL Student Benefits Ltd., Life Benefit Solutions Inc. and Benefit Partners Inc;