ISC Achieves Landmark Year with Record Revenue and Growth Plans
Published: 12:35 14 Mar 2024 EDT
ISC CEO Shawn Peters joined Steve Darling from Proactive to to discuss the company’s financial results for the fourth quarter and year ended December 31, 2023. Peters highlighted the significant growth ISC experienced in 2023, with revenue reaching a record $214.5 million, representing a 13% increase compared to $189.9 million in 2022. This growth was attributed to several factors, including a full year of revenue from Ontario Property Tax Assessment Services in the current year compared to seven months in the prior year.
Peters emphasized the extension of ISC's registry partnership with the Government of Saskatchewan, ensuring continuity for both customers and ISC through to 2053. Additionally, the company continued to invest in people and technology to support growth across all segments, including achieving ISO 27001 certification towards the end of the year. The company's adjusted EBITDA also reached a new record of $72.9 million for the year, compared to $64.4 million the previous year. This increase was driven by higher adjusted EBITDA in Registry Operations, primarily due to fee adjustments implemented in its Saskatchewan Registries division, offsetting reduced volume in the Land Registry.
Additionally, the full year of contributions from Ontario Property Tax Assessment Services contributed to this growth. Despite these achievements, increased cost of goods sold associated with the growth in Services' Regulatory Solutions division, along with increased investment in the Corporate segment in people and technology, partially offset the adjusted EBITDA growth. Overall, Peters expressed satisfaction with ISC's performance in 2023 and highlighted the company's ongoing commitment to growth and innovation across its various business segments.
