Grant Williamson appointed as Canada Leader for Willis
NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) -- Willis, a WTW business (Nasdaq: WTW), today announced the appointment of Grant Williamson as Canada leader within the Corporate Risk and Broking (CRB) business.
In this role, Williamson will partner with the Canadian leadership team and leaders across North America and global specialty lines to drive the Canadian growth strategy through targeted go-to-market initiatives and strengthened local execution. Williamson's appointment reflects the company's commitment to deepening its leadership presence in Canada and driving continued growth in this key market.
With 20 years of experience spanning enterprise risk management, property and casualty insurance, and employment practices liability, Williamson has built a strong track record of delivering client-focused risk solutions. He joined WTW in October 2024 as Deputy Regional Leader, Chief Commercial Officer and Head of Strategy & Execution for Willis in Canada. Prior to joining the company, he held key senior roles in the insurance industry, including National Corporate Segment & Central Zone Leader at Marsh and Managing Director of the Toronto Branch at JLT Canada.
Based in Toronto, he will report to Ionel Rizea, Chief Commercial Officer, CRB North America.
Pat Donnelly, Head of Risk & Broking North America commented, 'Grant brings a clear strategic lens, and his expertise in the Canadian market makes him exceptionally well-suited for this role. His collaborative approach, combined with a client-first mindset, will be key as we expand our Canadian presence.'
Ionel Rizea added, 'We are thrilled to have Grant step into this critical role. His deep understanding of the industry and his innovative approach to risk management will drive significant client value and growth for our Canadian business.'
About WTW
At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk, and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce, and maximize performance.
Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.
Learn more at wtwco.com.
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MONCTON, New Brunswick, June 11, 2025 (GLOBE NEWSWIRE) -- Major Drilling Group International Inc. ('Major Drilling' or the 'Company') (TSX: MDI), a leading provider of specialized drilling services to the mining sector, today reported results for the fourth quarter and fiscal year 2025, ended April 30, 2025. Fiscal 2025 Highlights Recorded revenue of $727.6 million compared to $706.7 million in the prior year period. EBITDA (1) of $101.3 million compared to $120.5 million in the prior year period. Completed the acquisition of Explomin, increasing the Company's South American exposure, supplementing increased activity levels in the region. Invested $72.5 million in capital expenditures in anticipation of elevated levels of activity in fiscal 2026. Achieved a Total Recordable Incident Frequency Rate ('TRIFR') of 0.74 for fiscal 2025, the lowest in the Company's 45-year history. Q4 2025 Summary Revenue of $187.5 million, up 12% from $168.0 million recorded in the same quarter last year. Adjusted gross margins (1) of 22.8% compared to 26.9% in the prior year as the Company incurred increased startup and mobilization costs in preparation for a busy upcoming quarter. Activity levels increased in the final weeks of the quarter, driving strong momentum, which is expected to lead to continued revenue growth. 'Fiscal 2025 marked a pivotal year for the Company, with the successful acquisition of Explomin Perforaciones ("Explomin") in November 2024, bolstering the foundation for a strong path toward further growth heading into fiscal 2026. As we move into the new year, there have been several positive indications with respect to exploration spending, most notably from the larger exploration budgets outlined by several of our senior customers in conjunction with their year-end results,' said Denis Larocque, President and CEO of Major Drilling. 'Market hesitation due to tariff-related economic uncertainty impacted performance during the quarter as several project startups were delayed. These programs ramped up through March and accelerated into April, resulting in some training, mobilization, and startup costs impacting our margins in fiscal Q4,' Mr. Larocque continued. 'While we prepare for a busier fiscal year, we remain proud of our top-tier safety record, as we achieved a TRIFR of 0.74 in fiscal 2025, the lowest in Company history. Our strong safety culture, along with our well-maintained fleet of rigs, strong levels of inventory, and experienced crews, all combine to solidify our position as an industry leader,' concluded Mr. Larocque. 'With a sharp increase in activity expected over the coming months, we spent $18.6 million on capex during the quarter. This included the addition of 7 new drill rigs, while we disposed of 4 older, less efficient rigs, bringing the total rig count to 708 at fiscal year-end. 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To strengthen our leadership position in the industry, the Company expects to spend approximately $70 million in capital expenditures in fiscal 2026, including further investments to equip our rigs with the latest technology,' concluded Mr. Larocque. In millions of Canadian dollars (except earnings per share) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenue $ 187.5 $ 168.0 $ 727.6 $ 706.7 Gross margin 14.8 % 19.3 % 17.9 % 21.6 % Adjusted gross margin (1) 22.8 % 26.9 % 25.6 % 28.4 % EBITDA (1) 20.5 25.3 101.3 120.5 As percentage of revenue 10.9 % 15.0 % 13.9 % 17.1 % Net earnings 1.0 9.9 26.0 53.1 Earnings per share 0.01 0.12 0.32 0.64 (1) See 'Non-IFRS Financial Measures' Fourth Quarter Ended April 30, 2025 Total revenue for the quarter was $187.5 million, up 11.6% from revenue of $168.0 million recorded in the same quarter last year. Excluding Explomin, revenue for the quarter would have been $149.9 million, down 11% from the same quarter last year. 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Australasian and African revenue decreased by 7.7% to $40.8 million, compared to the same period last year. Project delays at the start of the calendar year negatively impacted revenue in the quarter. Gross margin percentage for the quarter was 14.8%, compared to 19.3% for the same period last year. Depreciation expense, totaling $15.0 million, is included in direct costs for the current quarter, versus $12.8 million in the same quarter last year. Adjusted gross margin, which excludes depreciation expense, was 22.8% for the quarter, compared to 26.9% for the same period last year. The decrease in margins relates to startup costs for projects that were delayed, as well as ramp-up costs for multiple projects in April. General and administrative costs were $20.9 million, an increase of $3.5 million compared to the same quarter last year. The increase was driven by the addition of the Explomin group of companies and annual inflationary wage adjustments. Amortization of the intangible assets was $2.0 million, an increase of $1.7 million compared to the same quarter last year, due to the addition of intangibles recognized as part of the Explomin acquisition. Other expenses were $2.2 million, down from $3.0 million in the prior year quarter, due to lower incentive compensation expenses given the decreased profitability as compared to the prior year quarter. The income tax provision for the quarter was an expense of $0.7 million, compared to an expense of $2.4 million for the prior year period. The decrease in the income tax provision was related to the overall reduction in profitability. Net earnings were $1.0 million or $0.01 per share ($0.01 per share diluted) for the quarter, compared to net earnings of $9.9 million or $0.12 per share ($0.12 per share diluted) for the prior year quarter. Fiscal Year Ended April 30, 2025 Total revenue for the year was $727.6 million, up 3% from revenue of $706.7 million recorded in the previous year. 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The increase from the prior year was driven by the addition of the Explomin group of companies and annual wage adjustments implemented at the start of the fiscal year. Amortization of the intangible assets was $3.7 million, an increase of $2.6 million compared to the previous year, due to the addition of intangibles recognized as part of the Explomin acquisition. Other expenses were $9.0 million, down from $10.3 million in the prior year, due primarily to lower incentive compensation expenses throughout the Company, given the decreased profitability. Foreign exchange loss was $1.9 million, compared to $5.5 million for the prior year. While the Company's reporting currency is the Canadian dollar, various jurisdictions have net monetary assets or liabilities exposed to other currencies. Throughout fiscal 2025, various currencies lost strength against the Canadian dollar, while in the prior fiscal year the loss was mainly driven by Argentina as they experienced a significant devaluation of the Peso as part of economic reforms implemented by the Argentinian government. The income tax provision for the year was an expense of $11.3 million, compared to an expense of $17.9 million for the prior year. The decrease was driven by an overall decrease in profitability compared to the prior year. Net earnings were $26.0 million or $0.32 per share ($0.32 per share diluted) for the year, compared to $53.1 million or $0.64 per share ($0.64 per share diluted) for the prior year. Non-IFRS Financial Measures The Company's financial data has been prepared in accordance with IFRS, with the exception of certain financial measures detailed below. The measures below have been used consistently by the Company's management team in assessing operational performance on both segmented and consolidated levels, and in assessing the Company's financial strength. The Company believes these non-IFRS financial measures are key, for both management and investors, in evaluating performance at a consolidated level and are commonly reported and widely used by investors and lending institutions as indicators of a company's operating performance and ability to incur and service debt, and as a valuation metric. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. Adjusted gross profit/margin - excludes depreciation expense: (in $000s CAD) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Total revenue $ 187,546 $ 168,035 $ 727,579 $ 706,694 Less: direct costs 159,799 135,567 597,036 553,970 Gross profit 27,747 32,468 130,543 152,724 Add: depreciation 14,961 12,772 56,008 47,814 Adjusted gross profit 42,708 45,240 186,551 200,538 Adjusted gross margin 22.8 % 26.9 % 25.6 % 28.4 % EBITDA - earnings before interest, taxes, depreciation, and amortization: (in $000s CAD) Q4 2025 Q4 2024 YTD 2025 YTD 2024 Net earnings $ 1,020 $ 9,930 $ 25,955 $ 53,085 Finance (revenues) costs 717 (888) 484 (2,204) Income tax provision 741 2,394 11,345 17,928 Depreciation and amortization 18,039 13,852 63,519 51,718 EBITDA $ 20,517 $ 25,288 $ 101,303 $ 120,527 Net cash (debt) – cash net of debt, excluding lease liabilities reported under IFRS 16 Leases: Forward-Looking Statements This news release includes certain information that may constitute 'forward-looking information' under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address future events, developments, or performance that the Company expects to occur (including management's expectations regarding the Company's objectives, strategies, financial condition, results of operations, cash flows and businesses) are forward-looking statements. Forward-looking statements are typically identified by future or conditional verbs such as 'outlook', 'believe', 'anticipate', 'estimate', 'project', 'expect', 'intend', 'plan', and terms and expressions of similar import. All forward-looking information in this news release is qualified by this cautionary note. Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management related to the factors set forth below. While these factors and assumptions are considered reasonable by the Company as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such forward-looking statements are subject to a number of risks and uncertainties that include, but are not limited to: the level of activity in the mining industry and the demand for the Company's services; competitive pressures; global and local political and economic environments and conditions; measures affecting trade relations between countries, including the imposition of tariffs and countermeasures, as well as the possible impacts on the Company's clients, operations and, more generally, the economy; the integration of business acquisitions and the realization of the intended benefits of such acquisitions; the level of funding for the Company's clients (particularly for junior mining companies); exposure to currency movements (which can affect the Company's revenue in Canadian dollars); changes in jurisdictions in which the Company operates (including changes in regulation); currency restrictions; the Company's dependence on key customers; efficient management of the Company's growth; the impact of operational changes; safety of the Company's workforce; risks and uncertainties relating to climate change and natural disasters; the geographic distribution of the Company's operations; failure by counterparties to fulfill contractual obligations; disease outbreak; as well as other risk factors described under 'General Risks and Uncertainties' in the Company's MD&A for the year ended April 30, 2025, available on the SEDAR+ website at Should one or more risk, uncertainty, contingency, or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Forward-looking statements made in this document are made as of the date of this document and the Company disclaims any intention and assumes no obligation to update any forward-looking statement, even if new information becomes available, as a result of future events, or for any other reasons, except as required by applicable securities laws. About Major Drilling Major Drilling Group International Inc. is the world's leading provider of specialized drilling services in the metals and mining industry. The diverse needs of the Company's global clientele are met through field operations and registered offices that span across North America, South America, Australia, Asia, Africa, and Europe. Established in 1980, the Company has grown to become a global brand in the mining space, known for tackling many of the world's most challenging drilling projects. Supported by a highly skilled workforce, Major Drilling is led by an experienced senior management team who have steered the Company through various economic and mining cycles, supported by regional managers known for delivering decades of superior project management. Major Drilling is regarded as an industry expert at delivering a wide range of drilling services, including reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive/longhole, and surface drill and blast, along with the ongoing development and evolution of its suite of data and technology-driven innovation services. Webcast/Conference Call Information Major Drilling Group International Inc. will provide a simultaneous webcast and conference call to discuss its quarterly results on Thursday, June 12, 2025 at 8:00 am (EDT). To access the webcast, which includes a slide presentation, please go to the investors/webcasts section of Major Drilling's website at and click on the link. Please note that this is listen-only mode. To participate in the conference call, please dial 416-340-2217, participant passcode 5509648# and ask for Major Drilling's Fourth Quarter Results Conference Call. To ensure your participation, please call in approximately five minutes prior to the scheduled start of the call. For those unable to participate, a taped rebroadcast will be available approximately one hour after the completion of the call until Sunday, July 6, 2025. To access the rebroadcast, dial 905-694-9451 and enter the passcode 3742746#. The webcast will also be archived for one year and can be accessed on the Major Drilling website at (unaudited) Three months ended Twelve months ended April 30 April 30 2025 2024 2025 2024 TOTAL REVENUE $ 187,546 $ 168,035 $ 727,579 $ 706,694 DIRECT COSTS 159,799 135,567 597,036 553,970 GROSS PROFIT 27,747 32,468 130,543 152,724 OPERATING EXPENSES General and administrative 20,882 17,379 78,803 67,846 Amortization of intangible assets 1,962 263 3,676 1,054 Other expenses 2,180 2,950 9,039 10,324 (Gain) loss on disposal of property, plant and equipment 214 (232) (673) (843) Foreign exchange (gain) loss 31 672 1,914 5,534 Finance (revenues) costs 717 (888) 484 (2,204) 25,986 20,144 93,243 81,711 EARNINGS BEFORE INCOME TAX 1,761 12,324 37,300 71,013 INCOME TAX EXPENSE (RECOVERY) Current 773 1,890 13,204 14,381 Deferred (32) 504 (1,859) 3,547 741 2,394 11,345 17,928 NET EARNINGS $ 1,020 $ 9,930 $ 25,955 $ 53,085 EARNINGS PER SHARE Basic $ 0.01 $ 0.12 $ 0.32 $ 0.64 Diluted $ 0.01 $ 0.12 $ 0.32 $ 0.64 Major Drilling Group International Inc. For the twelve months ended April 30, 2025 and 2024 (in thousands of Canadian dollars) (unaudited) Retained Other Share-based Foreign currency Share capital earnings reserves payments reserve translation reserve Total BALANCE AS AT MAY 1, 2023 $ 266,071 $ 105,944 $ (37) $ 3,696 $ 76,903 $ 452,577 Exercise of stock options 764 (197) - (342) - 225 Share-based compensation - - - 277 - 277 Share buyback (4,156) (7,093) - - - (11,249) Stock options expired/forfeited - 1 - (1) - - 262,679 98,655 (37) 3,630 76,903 441,830 Comprehensive earnings: Net earnings - 53,085 - - - 53,085 Unrealized gain (loss) on foreign currency translations - - - - (1,102) (1,102) Unrealized gain (loss) on derivatives - - 19 - - 19 Total comprehensive earnings - 53,085 19 - (1,102) 52,002 BALANCE AS AT APRIL 30, 2024 $ 262,679 $ 151,740 $ (18) $ 3,630 $ 75,801 $ 493,832 BALANCE AS AT MAY 1, 2024 $ 262,679 $ 151,740 $ (18) $ 3,630 $ 75,801 $ 493,832 Exercise of stock options 429 - - (115) - 314 Share-based compensation - - - 100 - 100 263,108 151,740 (18) 3,615 75,801 494,246 Comprehensive earnings: Net earnings - 25,955 - - - 25,955 Unrealized gain (loss) on foreign currency translations - - - - 2,172 2,172 Unrealized gain (loss) on derivatives - - (275) - - (275) Total comprehensive earnings - 25,955 (275) - 2,172 27,852 BALANCE AS AT APRIL 30, 2025 $ 263,108 $ 177,695 $ (293) $ 3,615 $ 77,973 $ 522,098 Major Drilling Group International Inc. (in thousands of Canadian dollars) (unaudited) Three months ended Twelve months ended April 30 April 30 2025 2024 2025 2024 OPERATING ACTIVITIES Earnings before income tax $ 1,761 $ 12,324 $ 37,300 $ 71,013 Operating items not involving cash Depreciation and amortization 18,039 13,852 63,519 51,718 (Gain) loss on disposal of property, plant and equipment 214 (232) (673) (843) Share-based compensation 19 59 100 277 Finance (revenues) costs recognized in earnings before income tax 717 (888) 484 (2,204) 20,750 25,115 100,730 119,961 Changes in non-cash operating working capital items (11,053) (13,691) 18,965 4,652 Finance revenues received (costs paid) (717) 888 (484) 2,204 Income taxes paid (4,604) (4,161) (18,295) (14,782) Cash flow from (used in) operating activities 4,376 8,151 100,916 112,035 FINANCING ACTIVITIES Repayment of lease liabilities (616) (413) (2,072) (1,495) Repayment of long-term debt - - - (20,000) Issuance of common shares due to exercise of stock options 2 96 314 551 Proceeds from draw on long-term debt (1,272) - 27,682 - Cash-settled stock options - - - (326) Repurchase of common shares - - - (11,249) Cash flow from (used in) financing activities (1,886) (317) 25,924 (32,519) INVESTING ACTIVITIES Business acquisitions (net of cash acquired) (379) - (93,551) (6,991) Investments - - (15,205) - Acquisition of property, plant and equipment (18,607) (18,461) (72,521) (73,534) Proceeds from disposal of property, plant and equipment 1,320 312 3,247 2,138 Cash flow from (used in) investing activities (17,666) (18,149) (178,030) (78,387) Effect of exchange rate changes (1,788) 1,667 959 657 INCREASE (DECREASE) IN CASH (16,964) (8,648) (50,231) 1,786 CASH, BEGINNING OF THE PERIOD 62,951 104,866 96,218 94,432 CASH, END OF THE PERIOD $ 45,987 $ 96,218 $ 45,987 $ 96,218 Major Drilling Group International Inc. As at April 30, 2025 and April 30, 2024 (unaudited) April 30, 2025 April 30, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 45,987 $ 96,218 Trade and other receivables 144,731 122,251 Income tax receivable 6,992 3,803 Inventories 115,629 110,805 Prepaid expenses 8,490 9,532 321,829 342,609 PROPERTY, PLANT AND EQUIPMENT 277,553 237,291 RIGHT-OF-USE ASSETS 9,176 4,595 INVESTMENTS 17,814 - DEFERRED INCOME TAX ASSETS 2,151 2,872 GOODWILL 65,962 22,597 INTANGIBLE ASSETS 24,256 2,219 $ 718,741 $ 612,183 LIABILITIES CURRENT LIABILITIES Trade and other payables $ 112,690 $ 86,226 Income tax payable 4,295 4,367 Current portion of lease liabilities 2,021 1,395 Current portion of contingent consideration 8,869 8,863 127,875 100,851 LEASE LIABILITIES 7,430 3,321 CONTINGENT CONSIDERATION 13,341 - LONG-TERM DEBT 27,682 - DEFERRED INCOME TAX LIABILITIES 20,315 14,179 196,643 118,351 SHAREHOLDERS' EQUITY Share capital 263,108 262,679 Retained earnings 177,695 151,740 Other reserves (293) (18) Share-based payments reserve 3,615 3,630 Foreign currency translation reserve 77,973 75,801 522,098 493,832 $ 718,741 $ 612,183 MAJOR DRILLING GROUP INTERNATIONAL INC. SELECTED FINANCIAL INFORMATION FOR THE THREE AND TWELVE MONTHS ENDED APRIL 30, 2025 AND 2024 (in thousands of Canadian dollars) SEGMENTED INFORMATION The Company's operations are divided into three geographic segments corresponding to its management structure: Canada - U.S.; South and Central America; and Australasia and Africa. The services provided in each of the reportable segments are essentially the same. The accounting policies of the segments are the same as those described in note 4 presented in the Notes to Consolidated Financial Statements for the year ended April 30, 2025. Management evaluates performance based on earnings from operations in these three geographic segments before finance costs, general and corporate expenses, and income tax. Data relating to each of the Company's reportable segments is presented as follows: Q4 2025 Q4 2024 YTD 2025 YTD 2024 Revenue Canada - U.S.* $ 58,799 $ 74,539 $ 274,390 $ 344,931 South and Central America 87,979 49,286 262,273 187,410 Australasia and Africa 40,768 44,210 190,916 174,353 $ 187,546 $ 168,035 $ 727,579 $ 706,694 *Canada - U.S. includes revenue of $27,375 and $36,679 for Canadian operations for the three months ended April 30, 2025 and 2024 respectively, and $102,596 and $130,378 for the twelve months ended April 30, 2025 and 2024 respectively. Q4 2025 Q4 2024 YTD 2025 YTD 2024 Earnings (loss) from operations Canada - U.S. $ (3,963) $ 2,172 $ 762 $ 32,355 South and Central America 5,009 7,128 18,930 24,159 Australasia and Africa 5,605 5,650 36,791 26,456 6,651 14,950 56,483 82,970 Finance (revenues) costs 717 (888) 484 (2,204) General and corporate expenses** 4,173 3,514 18,699 14,161 Income tax 741 2,394 11,345 17,928 5,631 5,020 30,528 29,885 Net earnings $ 1,020 $ 9,930 $ 25,955 $ 53,085 **General and corporate expenses include expenses for corporate offices, stock options and certain unallocated costs.
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