Global UAV Technologies has posted a 20% increase in third quarter revenues compared to the same period last year, continuing its rapid progress since its formation less than two years ago.
The Canadian-based drone firm’s revenue climbed from CAD333,000 (£200,000) in Q3 last year to CAD401,000 (£241,000) this time around.
The latest quarterly figures pushes its turnover in the financial year to date up to CAD$1.28m (£769,000), an improvement of some 140% versus the same timeframe a year ago.
During the three months to July 31, Global UAV Technologies completed the acquisition of Aerial Imaging Resources and secured a non-brokered private placement of $1.77m £1.06m.
The company has said it expects to continue to focus on key corporate actions, such as acquisitions and operational improvements for the next six to twelve months.
Mike Burns, CEO, said: “We are extremely pleased with these results and the progress we have made to date. The company believes it has made significant improvements and will continue to work on streamlining operations which the company expects will result in significant cost reductions over the long run.
He added: “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 six to twelve months, and various one-time costs absorbed, the company believes it will see significant bottom line improvements over the coming months.”