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Drone company lifts sales

Drone technology company Global UAV Technologies (CSE:UAV) has more than doubled its revenues year-to-date in 2018 after posting a 20% rise, year-on-year, in the latest quarter.
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Staff reporter

The company said revenue in the quarter ended July 31 was C$401,197, bringing the total for this year to $1.288 million.

Global UAV closed its acquisition of Aerial Imaging Resources during the quarter, and raised $1.77 million via a non-brokered private placement.

The company said on a "topline basis" it continued an aggressive growth trajectory, while it "has, and will continue to absorb the costs of multiple business unit acquisitions and the related operational improvements relating to the five business units that Global consolidated over the past 18 months".

"We are extremely pleased with these results and the progress we have made to date," CEO Mike Burns said.

"The revenue growth of the consolidated business units is nothing short of impressive for a company that has been in operation for approximately 18 months.

"With a number of operational improvements complete, further improvements scheduled over the next 6-12 months, and various one-time costs absorbed, the company believes it will see significant bottom line improvements over the coming months."

Global UAV had a market capitalisation this week of C$6.84 million. Its shares are at about one-quarter of the level they were at in January this year.