Results come as Ecometrica secures new markets and accolades for its environmental solutions
/Edinburgh/London, Aug 17, 2016 -- Sustainability software and data company Ecometrica has recorded a surge in profit and sales, as it secured new markets for its groundbreaking environmental reporting solutions.
The Edinburgh-headquartered firm - with offices in Boston, London and Montreal, saw sales rise by 132 percent, to £2.77m. A change in financial reporting requirements, which requires organisations to take into account the growth in the value of assets, such as intellectual property, resulted in profits hitting £5.3m.
In a year where it managed to trim its administrative costs, Ecometrica achieved a cash surplus of £499,000 in comparison to a £352,000 loss the year before. In addition, the boosted its working capital by securing a senior debt facility from the Clydesdale Bank.
Adrian Smith, chief financial officer, said: “Although Ecometrica's balance sheet has topped £10m in assets, we remain determined to grow in a sustainable and profitable way. Our work with the UK Space Agency, providing mapping applications that show the effects of deforestation and climate change, has put us at the forefront of a British success story. As a result, we have seen significant turnover growth, particularly in the downstream space and mapping markets, across the UK and emerging markets, such as South America. At the same time, our cross-platform environmental reporting product, OneMap, has secured clients in two new public markets, including on the New York Stock Exchange."
Ecometrica's OneMap provides senior managers with access to satellite data, business information and local intelligence within a single map.
He continued: “Equally importantly, we are not resting on our laurels and have honoured our commitment to increase the innovation pipeline, with R&D spending more than doubling to £391,000 in the financial year, up from £164,000. We are continuing to hire staff in response to our growth, and recently reached a critical mass of 30 employees, which means that all necessary specialities are covered. Our focus remains on profitable growth.”
Ecometrica's financial year achievements included becoming the first Gold Software Partner for CDP’s water and forests programmes and helping to secure $1m from the Global Environment Facility (GEF) to support a conservation project in Mexico, while the company also recently scooped its first major international award, when it was named Environmental Leader Product of the Year at a ceremony in Denver, Colorado.
Ecometrica's financial results come as the group secures a place as a supplier of 'Software as a Service' (SaaS) to UK public sector institutions via the latest version of the Government's digital marketplace, G-Cloud 8. Adrian Smith said that he hopes the status will make it easier to secure UK public sector contracts in the future as the G-Cloud system becomes more widely adopted.
Distributed by The Communications Business on behalf of Ecometrica.
The Communications Business
tel: +44 (0) 131 208 1500
Ecometrica has been named as one of the world’s top Sustainability and EH&S brands by industry analyst Verdantix. Backed by a team of recognised experts in environmental sustainability accounting and reporting, the company has unrivalled experience in environmental assessments and natural capital accounting. Its Ecometrica Platform brings clarity to environmental and natural resource challenges by combining earth observation data from satellites with local information and business intelligence.
Ecometrica supports all aspects of sustainability planning, operations and reporting by businesses and public organisations. The company's data and software services are available worldwide through offices in London, Boston, Edinburgh and Montreal.
Ecometrica will provide clarity and illumination on environmental impacts, focusing on providing clients with the best information so that they can decide the appropriate direction for their own organisations. The team is there to help clients build knowledge and capacity, manage relationships, and navigate difficult times.
- June 2016 - Ecometrica Platform scoops Environmental Leader’s Product Of The Year 2016 Award (full story here)
- June 2016 - NASA-UK Space Agency project sees Ecometrica spearhead collaboration with top universities to monitor forest and climate change (full story here)
- April 2016 - Ecometrica becomes first Gold Software Partner for CDP’s water and forests programmes (full story here)
- November 2015 - University of Edinburgh's School of GeoSciences teams up with Ecometrica to establish Earth Observation Lab to make satellite data available (full story here)
- November 2015 - Forest satellite data & mapping project led by Ecometrica gets $1M from GEF to Conserve Mexico Biodiversity Hotspot. Ecometrica will spearhead the use of satellite data for forest monitoring across the globe. It will initially work with Brazilian space research institute INPE and Mexican research group ECOSUR, as well as several of the UK's leading forest EO researchers and experts (full story here)
- October 2015 - Ecometrica appointed by the UK Space Agency to co-ordinate a major new international project to set up a network of virtual regional Earth Observation (EO) Labs to develop suitable products for the forest sector (full story here)