Progressive Planet Solutions Q4 Revenue Jumps 42%
Progressive Planet Solutions (PLAN.V) said Thursday after trade its fiscal fourth-quarter revenue jumped near 42% to C$6.5 million, from C$4.6 million, in the previous corresponding quarter.This was the highest revenue generated in a quarter, the company said.Research and development costs skyrocketed by 390% year over year to C$1.24 million due to non-capital expenses associated with its PozGlass Pilot Plant, hiring a chief technical officer, and opening a cement materials research lab in Calgary to develop Progressive Planet's second major cement, Planet LCD."We are delighted to see a major increase in revenue for Q4 and the full year. This year, we invested a record C$6.7 million into property, plant, and equipment. Much of the capital invested was for equipment that typically lasts for decades. We invested to enable aggressive growth of revenue in our core business while investing in the future via the PozGlas Pilot Plant. We will continue to invest heavily for future growth over the next year," said Chief Executive Steve Harpur.Progressive Planet shares closed unchanged at C$0.38, on the TSX Venture Exchange.
