Achieved record first quarter net revenue of $59 million. SHERWOOD PARK, AB, May 15, 2024 /CNW/ - (TSXV:VTX) - Vertex Resource Group Ltd. ("Vertex" or the "Company") reports its financial and operational results for the first quarter ended March 31, 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 March 31, 2024, which are available on SEDAR+ at www.sedarplus.ca. The first quarter continued to deliver steady revenue, which was muted by additional direct costs and high interest rates.  Initiatives around competitive pricing, debt reduction, geographic and sector diversification will continue to be a focus for 2024. Key financial results for the three months March 31, 2024, and 2023 are as follows:  HIGHLIGHTS Three months ended March 31, (in thousands of Canadian Dollars) 2024 2023 Gross revenue 59,831 58,657 Less flow through subcontractor costs 1,322 1,849 Net revenue 58,509 56,808 Profit margin 13,346 14,606   Profit margin % 23 % 26 % Adjusted EBITDA (1) 6,900 8,615   Adjusted EBITDA % 12 % 15 % Free cash flow (1) 2,937 4,547 Adjusted EBITDA per share, basic and diluted (1) 0.06 0.07 Earnings (loss) per share, basic and diluted (0.01) 0.01 (1) See "Non-IFRS Financial Measures" HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 Vertex achieved the highest net revenue for any first quarter in the company's history at $58.5 million. Environmental consulting net revenue increased by 19% compared to Q1 2023. Free cash flow1 generated was $2.9 million compared to $4.5 million in Q1 2023. Repurchased common shares throughout the first quarter at a weighted average of $0.40, for total consideration of $0.7 million. The total amount of common shares repurchased and cancelled during the first quarter of 2024 and fourth quarter of 2023 represents 2.5% of the total issued and outstanding common shares of the Company. OUTLOOK Vertex's performance in the first quarter of 2024 has been noteworthy, with a reported net revenue increase of 3% compared to the first quarter of 2023. This growth is attributed to the strong demand for our Environmental Consulting services, despite facing headwinds from delayed projects and unpredictable weather that impacted costs in the quarter for the Environmental Services segment.  The company's strategic emphasis on operational efficiency and disciplined market engagement has been pivotal in navigating these challenges.  There are several major capital projects planned for 2024 to 2026 in markets we serve, that will support sustained and expanded activity levels ...