07:53 AM EDT, 06/11/2024 (MT Newswires) -- ADF Group's ( ADFJF ) fiscal first-quarter profit jumped 184% as revenue surged 34%.

The company reported fiscal Q1 net income of $15.3 million, or $0.47 per share, up from $5.4 million, or $0.16 per share, a year earlier. The one analyst surveyed by Capital IQ expected $0.34.

Revenue for the quarter ended April 30 was $107.4 million, up from $80.3 million a year earlier. A single analyst polled by Capital IQ expected $90.1 million.

Adjusted EBITDA for fiscal Q1 was $23.1 million, up from $10 million a year earlier.

The company's board has approved an amendment to its dividend policy to increase its semi-annual dividend to $0.02 per share from $0.01 per share. The amendment will apply to the next dividend payment scheduled for October.

"We started the 2025 fiscal year strong," Jean Paschini, chairman of the board and chief executive officer, said. "With revenues for the 3-month period ended April 30, 2024, exceeding $100 million, we are building on the momentum of the recent quarters. This increase in revenues also allows us to improve our margins and thus record a significant increase in net income."

Further, the company plans to enter into private agreements, within 30 days of June 12, with Jean, Pierre, and Marise Paschini, members of the board and the management team, to buy for cancellation up to 3 million subordinate voting shares of the company.

The shares would be purchased at a price to be agreed upon by the parties at a discount of at least 3% to the market price of the subordinate voting shares on the TSX and the price of the last independent trade of a board lot of the subordinate voting shares on the TSX immediately before the proposed repurchase.

As at April 30, the company's order backlog reached $427.5 million, excluding the contracts announced on May 28, totaling $90 million.

As at April 30, the company reported working capital of $127.5 million while cash flows from operating activities required liquidities of $22.3 million for the quarter that ended April 30.

As at April 30, cash and cash equivalents totaled $48.4 million, a decrease of $24 million as compared with Jan. 31.

The company's shares climbed about 6% in Canada yesterday and closed at $17.85.