ADF Group swings to $7.7-million profit in 2013 as revenues more than double

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TERREBONNE, Que. – ADF Group (TSX:DRX) posted its best annual results in five years on Thursday, swinging to a $7.7-million profit and higher revenue for the 12 months ended Jan. 31, amid increased order volume and improving market conditions.

The Quebec-based fabricator of steel structures for the construction industry says it earned 23 cents per diluted share for the 2013-14 fiscal year. That compared to a five cents per share or $1.55 million loss in fiscal 2012-13.

ADF’s annual revenues increased to $93 million, up from $41.4 million in a year before, and its order backlog stood at $36 million.

The company, which didn’t immediately provide fourth-quarter results, attributed the increases to contracts signed in Western Canada and Quebec.

The company says improving market conditions have increased the number and size of tenders, but prices remain weak.

Fabrication hours at its plant in Terrebonne, Que., increased by more than 20 per cent last year. It is building a new facility in Montana to target markets in the Midwestern U.S. and Western Canada.

ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication and installation of complex steel structures and heavy steel built-ups, as well as in architectural metals for non-residential construction.

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