Redishred Capital Corp. Reports Impressive Financial Growth in Q4 2023

Redishred Capital Corp. announced significant achievements in its fourth quarter financial results for 2023, showcasing a substantial increase in its earnings. During the quarter, the company reported revenues of $16.8 million CAD, marking a 9% growth compared to the fourth quarter of 2022. Notably, consolidated EBITDA excluding net recycling revenue surged by 573%, totaling $1.5 million CAD. This growth was primarily fueled by robust sales in shredding and scanning services.

For the full year, Redishred observed a 15% revenue increase to $65.9 million CAD and a 53% rise in EBITDA excluding net recycling impacts, demonstrating consistent strong performance across its operations. The company's achievements are further underscored by a resilient free cash flow of $7 million CAD for the year, up 11% from 2022.

Corporate locations also reported substantial growth with a 10% increase in revenue for the quarter, reaching $16.3 million CAD. This success is attributed to a 2% growth in same corporate location EBITDA, further indicating stable financial health. Additionally, the company highlighted significant investments in technology and infrastructure aimed at long-term value creation, despite the challenges from decreased recycling revenues due to lower commodity paper prices.