Record annual profit

IT management services company NUVO Network Management Inc. comes close to quadrupling Q4 profits and pushes annual earnings to a new high. NUVO.jpgNet earnings for the Ottawa-based company’s closing three months of 2007 – NUVO’s seventh-consecutive quarter in the black – climbs to $641,298 ($0.2 two a share) from $161,502 ($0.1 a share), though revenue decreases by 3.8% to $4.1 million. Year-over-year earnings reach a record-high, surging from $71,709 last year to $922,850, on revenue of $16.6 million, which includes a $600,000 future tax recovery gain. NUVO realized its most profitable year yet despite the strong Canadian dollar, which in effect cut revenue by $150,000 and increased costs by $50,000, says the company.

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