SHERWOOD PARK, AB, Aug. 13, 2024 /CNW/ - (TSXV:VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") reports its financial and operational results for the second quarter ended June 30, 2024. The following should be read in conjunction with the Management Discussion and Analysis ("MD&A") and the unaudited condensed consolidated interim financial statements of Vertex for the period ended June 30, 2024, which are available on SEDAR+ at www.sedarplus.ca. Vertex has successfully navigated through difficult conditions across multiple business lines including wildfires, tornadoes, and production delays, all of which have negatively impacted the business. With our current backlog, demand is expected to be steady throughout the rest of the year and heading into 2025. Key financial results for the three and six-months June 30, 2024, and 2023 are as follows:  HIGHLIGHTS Three Months ended Years ended June 30, June 30, (in thousands of Canadian Dollars) 2024 2023 2024 2023 Gross revenue 57,159 63,147 116,990 121,804 Less flow through subcontractor costs 460 844 1,782 2,693 Net revenue 56,699 62,303 115,208 119,111 Profit margin 16,521 17,401 29,867 32,007   Profit margin % 29 % 28 % 26 % 27 % Adjusted EBITDA (1) 10,047 10,956 16,947 19,571   Adjusted EBITDA % 18 % 18 % 15 % 16 % Free cash flow (1) 1,742 3,964 2,179 8,511 Adjusted EBITDA per share, basic and diluted (1) 0.09 0.09 0.15 0.17 Earnings per share, basic and diluted  0.00 0.01 (0.01) 0.02 (1) See "Non-IFRS Financial Measures" HIGHLIGHTS FOR THE THREE MONTHS ENDED JUNE 30, 2024 Environmental Consulting net revenue increased by 4.8% compared to Q2 2023. Profit margin increased 1.2% compared to Q2 2023. Amendments to the $76.0 million Credit Facilities including extension of the maturity date to May 31, 2027 and an increase to the syndicate term loan of $5.0 million. HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2024 Environmental Consulting net revenue increased by 12.4% compared to 2023. Repurchased common shares throughout the first half at a weighted average of $0.40, for total consideration of $1.0 million. The total amount of common shares repurchased and cancelled during the Normal Course Issuer Bid represents 3.2% of the total issued and outstanding common shares of the Company. OUTLOOK Vertex's commitment to operational efficiency and market engagement has been crucial in addressing the challenges posed by natural events, such as the wildfires in Western Canada. Despite these adversities, the company has maintained a stable market presence, albeit at a lower level compared to the previous year. Looking forward, Vertex is poised to meet the anticipated demand for its services in the latter half of 2024, supported by a backlog of scheduled projects. The strategic focus on sustainable energy and carbon intensity reduction remains at the forefront of Vertex's operations. This approach not only aligns with the global shift towards environmental consciousness but also positions Vertex as a proactive player in assisting clients and undertaking internal projects that contribute to this cause. The emphasis on cross-selling services across various industries and project phases underlines the company's adaptability and commitment to growth. As Vertex grows and adjusts to customer and market needs, we continually evaluate the return on assets that we deploy to ensure we have a strong balance sheet that supports future strategic initiatives. Operational and administrative efficiencies are identified as key drivers for financial performance, with a clear aim to enhance adjusted EBITDA and net income. By streamlining processes and maintaining a disciplined approach to ...