Lingo Media sees its 2020 profit increase to C$1.1M on revenue of $2.1M

Lingo Media Corporation (CVE:LM) (OTCQB:LMDCF) (FRA:LIMA) saw its profits jump during FY 2020 as remote learning boomed during the coronavirus (COVID-19) pandemic.

The Canadian educational company revealed its FY and 4Q 2020 results showing net profit of C$1,110,609 compared to the $162,566 figure it delivered in FY 2019.

During its fourth-quarter ended December 31, 2020, the company posted a profit of $609,576 or $0.02 per share compared to $338,619 or $0.01 per share in the comparable year-ago quarter.

READ: Lingo Media strengthens educational offering and distribution in China in a busy 3Q

Revenue for 2020 came in at slightly over C$2.1 million compared to just under $2 million in 2020, with $958,766 of that revenue coming in 4Q compared to $831,508 in the year-ago quarter.

Toronto-based Lingo offers online and print-based technologies and solutions for learning English as a second language.

Throughout the year, the group entered into new partnerships with universities and language programs in South America and Asia, including its first client in Japan.

The company also invested in technology development by adding new functionalities for distributors and continued development of its mobile app.

Lingo CEO Gali Bar-Ziv told investors that the company was placing a premium on business development in the coming months.

“We expanded our sales and marketing team in 2020,” Bar-Ziv said in a statement accompanying the results.

“These EdTech industry veterans helped identify new opportunities and market channels and enhanced our engagement with our existing distributors. We are very encouraged with the increased adoption of remote and online learning and expect this trend to positively impact our 20201 results and beyond.”

Contact Angela at [email protected]

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Story by ProactiveInvestors