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20% revenue growth caps off 20 years of profitability

(All amounts in release are in Canadian dollars)

OTTAWA, November 24, 2021 – Calian Group Ltd. (TSX: CGY), a diverse product and services company providing innovative solutions for the healthcare, communications, learning and security sectors, today released its annual results for the year ended September 30, 2021.

Calian Group Ltd. (the “Company”) reported revenues for the quarter of $128 million, representing a 4% increase from the $123 million reported in the same quarter of the previous year. For the year ended September 30, 2021, the Company reported revenues of $518 million, a 20% increase from the $432 million in the previous year.

Fourth quarter highlights:

  • 80th consecutive profitable quarter
  • Revenue of $128 million, a 4% increase over Q4’20
  • Adjusted EBITDA of $12.4 million, a 35% increase over Q4’20
  • Adjusted net profit of $8.9 million, a 54% increase over Q4’20
  • Gross margins of 26%, a new record
  • New contract signings of $84 million

Full year 2021 highlights:

  • 20th consecutive profitable year
  • Revenue of $518 million, a 20% increase over FY20
  • Adjusted EBITDA of $51.9 million, a 41% increase over FY20
  • Adjusted net profit of $37.2 million, a 58% increase over FY20
  • Consolidated gross margin of 24% represents the highest annual gross margin performance in company history
  • EBITDA margin exceeds 10%

Click here for full report.

“Calian passed the half billion-dollar annual revenue mark for the first time in company history. Our success can be attributed to our employees, who execute our four-pillar growth framework—continuous improvement, customer retention, customer diversification and innovation,” said Kevin Ford, Calian CEO. He continued: “We have never had more technology assets than we have right now and we continue to invest in new assets quarter over quarter. Our unrelenting focus on customer retention means that customer satisfaction remains strong despite the challenges posed by COVID-19. We also diversified our customer base, expanding our military training footprint from Canada only to Europe, becoming one of the leading training partners for NATO in Europe. Calian now has one of the largest diversified Health footprints in Canada. Our pivot to an innovative global growth strategy is working—as a result of the acquisition of Tallysman, we strengthened our antenna offerings, allowing Calian to enter new markets in this vertical, such as electric vehicle manufacturing.”

Adjusted EBITDA for the fourth quarter was $12.4 million, an increase of 35% from $9.2 million in the same quarter of the previous year. For the year ended September 30, 2021, Adjusted EBITDA was $51.9 million, a 41% increase compared to the $36.8 million in the previous year. Adjusted EBITDA has grown nearly 2x (192%) since 2019, when it was reported at $27M.

Adjusted net profit, which excludes non-cash items related to recent acquisitions, was $8.9 million for the quarter, a 54% increase compared to $5.8 million in the same period of the previous year. For the year ended September 30, 2021, Adjusted net profit was $37.2 million, a 58% increase over the $23.5 million reported in the previous year.

Net profit for the fourth quarter was $1.1 million and $11.2 million for the year ended September 30, 2021, representing a 45% decrease from the $20.4 million in the same period of the previous year, due primarily to the accounting treatment of acquisitions. This marks the 80th consecutive profitable quarter for Calian—20 years of profitability.

“The end of our fiscal year marks multiple key indicators at record levels. Our third consecutive year of double-digit growth, coupled with our highest gross margins and EBITDA margins, indicates our efforts to grow profitably were successful in 2021. In FY22 as in FY21, we will seek opportunities to deploy capital through internal initiatives to harvest our assets, as well as new M&A transactions,” said Patrick Houston, Calian CFO.

Kevin Ford, Calian CEO noted: “Our focus on both organic and acquisitive growth persists, as we welcomed SimFront to the Calian family in early October. Their innovative, immersive learning technologies will strengthen our market offerings in this segment. We continue to pursue acquisitive opportunities aligned to our strategic plan.”

“We pride ourselves in solving significant and complex customer problems—problems that stand in the way of better health, communications, learning and security. But we can’t do this without our dedicated and talented people, who have had to adapt to continue supporting customers throughout the pandemic. At the end of this fiscal year, we find ourselves in a strong position, focused on future growth so we can help more customers in more places succeed and deliver on their objectives,” said Kevin Ford, Calian CEO.


  • Revenue: Low $550 million, High $590 million
  • Adjusted EBITDA: Low $57 million, High $61 million
  • Adjusted net profit: Low $39.25 million, High $42.75 million

About Calian

Calian employs over 4,500 people in its delivery of diverse products and solutions for private sector, government and defence customers in North American and global markets. The Company’s diverse capabilities are delivered through: Advanced Technologies, Health, Learning, and IT and Cyber Solutions. Advanced Technologies provides innovative products, technologies and manufacturing services and solutions for the space, communications, defence, nuclear, government and agriculture sectors. Health manages a network of more than 2,400 healthcare professionals delivering primary care and occupational health services to public and private sector clients across Canada. Learning is a trusted provider of emergency management, consulting and specialized training services and solutions for the Canadian Armed Forces and clients in the defence, health, energy and other sectors. IT and Cyber Solutions supports public and private sector customer requirements for subject matter expertise in the delivery of complex IT and cyber security solutions. Headquartered in Ottawa, the Company’s offices and projects span Canada and international markets.

Product or service names mentioned herein may be the trademarks of their respective owners.

Media inquiries: [email protected] 613-599-8600 x 2298 Investor Relations inquiries: [email protected]


Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: [email protected]