WOODBRIDGE, Ont. — Titanium Transportation Group announced its earnings for 2015 this morning, a year in which it doubled its size and substantially grew revenues.
The company completed two acquisitions in 2015 – Muskoka Transport and ProNorth Transportation – increasing its customer base to more than 1,000 from about 600 and its truck count from 176 to 420. It also increased its staff and operator base from 239 to 535 while suffering driver turnover of just 9%, the company announced.
Titanium saw revenues increase to $110.2 million on the year, a 54% increase over full year 2014 results. EBITDA for the year rose to $11.7 million, an 81% increase over 2014. Annual run rate total revenue and EBITDA of $125 million and $14.5 million respectively have been adjusted to reflect general economic conditions, the company announced.
Titanium says its truck transportation revenue rose 66% to $71.6 million in 2015 and EBITA climbed 93% to $8.9 million. The company says organic growth revenue was about $3.6 million.
Titanium says it increased EBITDA margins at Muskoka Transport to more than 12%, from 4%. The company says it also plans to continue growing and is targeting two acquisitions per year. It has $27 million in undrawn credit facilities to finance acquisitions.
“Titanium had a strong year in 2015, increasing EBITDA by over 80%, completing two truckload acquisitions and growing revenues of the logistics business organically by almost 40%. We more than doubled our number of trucks and staff, and are now serving over 1,000 customers,” announced CEO Ted Daniels. “We have now fully integrated Muskoka Transport where we tripled EBITDA margins to 12% and are extracting synergies at ProNorth Transportation. Thanks to the hard work of the entire Titanium team, we remain well positioned to execute our consolidation strategy with a strong balance sheet and substantial undrawn credit facilities.”