05:18 PM EDT, 05/22/2024 (MT Newswires) -- Flow Capital Corp. ( AHFCF ) ,on Wednesday said its first-quarter profit more than doubled on higher revenue.

The lender said it earned C$0.72 million, or C$0.03 per share, in the period, up from C$0.35 million, or C$0.01, in the year-prior quarter.

Revenue rose 16% to C$1.91 million from C$1.75 million.

Adjusted free cash flow rose to C$0.42 million from C$0.3 million.

"We are pleased with our results this quarter. Book value per share continued to grow and recurring revenues hit $1.8 million this quarter, a record for us. The recurring revenue represents a 16% annual cash return on our current loan book of $43.7 million," chief executive Alex Baluta said in a statement.

The company's shares closed down C$0.02 to C$0.54 on the TSX Venture Exchange.