More than 1,000 fewer N.S. agriculture workers in 2023 compared to 7 years prior: StatsCan
Nova Scotia's agriculture sector had more than 1,000 fewer workers in 2023 compared to seven years earlier, according to data recently released by Statistics Canada.
This comes as the president of the Nova Scotia Federation of Agriculture said the province could face a shortage of about 2,600 farm workers by 2029.
"A lot of our industry is impacted, but … horticulture and the fruit producers would be the two that are impacted the largest when there's a labour shortage," said Alicia King.
According to the data, Nova Scotia had 6,161 agriculture employees in 2023, including temporary foreign workers. That's down about 16 per cent from 7,322 employees in 2016.
Statistics Canada's agriculture and agri-food labour statistics program — the source of this data — focuses on farms that have at least one employee and excludes small farms with reported income under $25,000 and institutional ones like university farms.
King, who is also a farmer, said the industry needs to do a better job of communicating the opportunities and different types of jobs available in agriculture to prospective workers.
"I put food on my table, but I put food on my neighbour's table as well. And I think … there's something wholesome about that," she said.
At the same time, the data shows that Nova Scotia now appears to be relying more heavily on temporary foreign workers in agriculture.
In both 2023 and 2024, there were more than 1,900 temporary foreign workers employed in Nova Scotia's agriculture industry — a notable increase from the previous four years when that number did not surpass 1,500 workers.
This mirrors the trend seen at the national level.
"These numbers really highlight the important role that migrant workers play in Nova Scotia's food security," said Stacey Gomez, executive director of the Centre for Migrant Worker Rights Nova Scotia.
"The agriculture industry would not be able to operate without their support."
Gomez said those workers need to be protected from abuse, and called for targeted labour and safety inspections of workplaces that employ them, open work permits — where workers aren't tied to a single employer — and permanent residency status for temporary foreign workers.
A report released in January by human rights organization Amnesty International said Canada's temporary foreign worker program exposes workers to abuse and discrimination.
Meanwhile, a 2023 report from the Royal Bank of Canada said that providing experienced temporary foreign workers with permanent residency could help address labour shortages in the agriculture sector.
The data also indicates there were 212 fewer farms with paid employees in the province in 2023 compared to 2016.
First-generation farmer Paul Wartman said there are people like him who are interested in farming but don't have the experience.
"Even when people do have the experience on how to farm, the second major barrier often comes down to financials and how to financially be sustainable," said Wartman, who is also a Nova Scotia member of the National Farmers Union.
He added that existing farmers need supports to provide mentorship and train people on how to farm.
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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#. 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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.
Globe and Mail
an hour ago
- Globe and Mail
SmartStop Prices Canadian Maple Bond Offering
SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced the pricing of a Canadian Maple Bond offering. SmartStop's affiliated operating partnership, SmartStop OP, L.P., will issue CAD $500 million of series A senior unsecured notes due June 16, 2028 (the 'Notes'). The Notes bear interest at a rate of approximately 3.91% per annum, payable in cash in equal semi-annual installments, commencing on December 16, 2025. The effective interest rate on the indentures after accounting for an interest rate hedge is approximately 3.85%. The Notes are rated BBB (Stable) by Morningstar DBRS. SmartStop intends to use the net proceeds from the offering to repay outstanding higher interest rate indebtedness, fund acquisitions and for general corporate purposes. The closing of the offering is expected to occur on June 16, 2025, subject to the satisfaction of customary closing conditions. The Notes will not be registered under the Securities Act of 1933, as amended (the 'Securities Act'), or any state securities laws in the United States and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The Notes were offered exclusively to persons resident in a Canadian province through a syndicate of agents on a private placement basis. The Notes will not be sold to investors outside of Canada. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. About SmartStop Self Storage REIT, Inc. (SmartStop): SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of June 11, 2025, SmartStop has an owned or managed portfolio of 222 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 158,900 units and 17.9 million rentable square feet. SmartStop and its affiliates own or manage 42 operating self-storage properties in Canada, which total approximately 35,700 units and 3.6 million rentable square feet.
