Martello Technologies Leaps on Fiscal 2019 Figures

It may be past Canada Day, but Ottawa-based Martello Technologies Group (TSX-Venture:MTLO) had reason Wednesday to set off fireworks.

Martello, a technology solution provider released year-end financial results that got heads turning.

Martello claims to have had an active year, completing its second acquisition and integrating the two acquired companies, closing a $7.5-million private placement, and going public on the TSX Venture Exchange.

Annual revenues were $10.4 million in F2019, representing an increase of 103% compared to the 2018 fiscal year.

A word of caution: the loss from operations was $4.3 million compared to $927,678 in the prior-year quarter.

MTLO shares rocketed five cents, or 8.2%, to 66 cents early Wednesday afternoon, on volume of 5.6 million shares.