Blackline Safety sees G7 drive 2018 results, achieves record revenue of $17.8 million
Annual revenue up $6.1 million compared to prior year
Blackline Safety Corp. (TSX Venture: BLN), a global leader of gas detection and connected safety solutions, announced record fourth quarter and annual results for its fiscal year ended October 31, 2018.
“Fiscal 2018 was our first complete year of promoting our G7 connected safety solutions to a global base of industries and businesses with diverse requirements,” said Cody Slater, Blackline CEO and Chairman. “Blackline’s new G7 portfolio drove growth throughout the year, seeing the Company generate total revenue 53% above the prior year. More importantly, looking at our recurring service revenue, we open 2019 with a run-rate of over $14.4M — equivalent to 81% of last year’s total revenue.”
Speaking about Blackline’s growth, Mr. Slater said, “During 2018, Blackline saw growth through all markets as the G7 product was rolled out throughout the world. This growth was particularly impressive in Europe, up 151% and 124% in the United States, driven by G7 adoption in the utility and global industrial sectors. The success we saw here can only be strengthened as we invest in the growth of our sales and distribution network and continue to invest in the expansion of our product line into 2019.”
Addressing product development, Mr. Slater said, “During 2018, Blackline continued to strategically invest in technology development to maintain our leading position in the connected safety sector that we created with G7. Extending our competitive lead, we released a new photoionization detector, a new pump cartridge for confined space entry, an industry-leading data analytics platform and new push-to-talk capability that enables workforces to use G7c like a walkie-talkie.”
“Throughout 2019, we will see new products developed by our in-house team, further extending our leadership position in the connected safety marketplace. We will also continue expanding our distribution network that helped to achieve strong growth beyond Canada, further investing in the United States and Europe while also broadening our focus to other international regions. As we look to the fall, Blackline will introduce G7 Exo, our new area monitoring product line that will be sold alongside our employee wearables, substantially increasing the sales opportunities across each of our industrial sectors.”
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