Increase in Adjusted EBITDA and Reduction in Holdco Costs
Aimia Inc. increased adjusted EBITDA and lowered Holdco costs to below $3 million. Adjusted EBITDA rose to $19.7 million, up from $6.7 million.
Significant Issuer Bid Gain
Aimia generated a gain of almost $54 million from the completion of a substantial issuer bid, which boosted earnings per share to $0.55.
Revenue Growth
Consolidated revenue grew by 6% to $129.8 million, or 2% on a constant currency basis.
Cortland International Performance
Cortland grew revenue by almost 20% to $40.7 million and adjusted EBITDA grew by 35% to $5.4 million, with the margin improving to 13.3%.
Cost Savings Initiatives
Aimia optimized the size of its Board, generating savings of $1.3 million, and plans to continue reducing office rent, audit fees, and software licenses.