Vancouver-based BQE Water posted its strongest first quarter on record, significantly outpacing analyst expectations as a surge in technical services revenue offset weakness in joint venture earnings and modest operations growth.
Shares in BQE Water [TSXV:BQE/OTC:BTQNF] may attract renewed investor attention following the water treatment company’s first-quarter earnings release last week. The company reported proportional revenue of C$7.9mn for the period ended 31 March, a 133 per cent increase year-on-year and double the C$3.9mn forecast by analysts. The result was driven by a sharp rebound in the firm’s technical services division, highlighting BQE’s ability to convert complex environmental mandates into high-margin design and advisory engagements.
The company, which specialises in wastewater treatment for the mining industry, generated C$5.5mn from technical services— a 663 per cent year-on-year increase.
The segment’s growth came primarily from design and construction mandates for several large-scale facilities in North America, including the Valley Tailings plant in Yukon, sulphate and cyanide removal systems in British Columbia and the US, and advisory work for Victoria Gold’s Eagle mine.
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