2022 was a year of continuing recovery, with our country and the world emerging from the worst impacts of the pandemic. K-Bro is also moving forward and leaving behind some of the worst effects of COVID-19. Our business continued to recover in 2022 as we saw ongoing strength in revenue, our healthcare volume continued to be higher than historical amounts and hospitality volumes approached pre-pandemic levels. While labour and utility cost pressures impacted our operations, we also realized price adjustments to help mitigate the impacts. As a result, 2022 was a solid year for K-Bro and we enter 2023 filled with optimism for our company. While delivering industry-leading service, we have always embraced our responsibility to society. We prioritize customer and employee relationships, environmental stewardship and creating positive impacts where we do business. In 2023, we are excited to advance our sustainability agenda for the long-term and intend to publish our inaugural sustainability report by the end of the year.
We begin 2023 expecting continuing increases in our volumes throughout our Canadian and UK operations, while also seeing the benefits of our labour optimization and utility hedging efforts. We will have a full year of processing 100% of Alberta Health Services ("AHS") volume throughout Alberta, having integrated all of the additional volume during 2022. At the same time, we continue to pursue strategically valuable acquisitions and will move quickly when we see opportunities, including the recently announced acquisition of Paranet in Quebec City. All of these factors should present strong organic and acquisition growth opportunities for K-Bro in 2023.
Our 2022 highlights included:
Revenue and EBITDA were $277mm and $36.5mm. In addition to other changes, we expect to realize the full-year benefit from 100% of the new AHS volume and the annual impact of price adjustments agreed to in 2022 across various markets.
We saw strong Canadian results and continuing recovery in our UK operations.
Our balance sheet remained conservative throughout the year, with year-end debt of $45mm. We expect a strong balance sheet throughout 2023.
We are appreciative of your continuing support and confi- dence, and we commit ourselves every day to providing the best possible service for our customers, a safe and fulfilling environment for all of our Canadian and UK employees, and superior financial performance for our shareholders. We wish you a good 2023.
L I N D A M c C U R D Y
WE ARE DEPENDABLE.
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K-Bro Linen Inc. published this content on 08 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2023 07:29:04 UTC.
K-Bro Linen Inc. is an owner and operator of laundry and linen processing facilities in Canada. The Company provides a comprehensive range of general linen and operating room linen processing, management and distribution services to healthcare institutions, hotels, and other commercial accounts. It operates about ten processing facilities and two distribution centers under two distinctive brands, including K-Bro Linen Systems Inc. and Buanderie HMR, in ten Canadian cities: Quebec City, Montreal, Toronto, Regina, Saskatoon, Prince Albert, Edmonton, Calgary, Vancouver and Victoria. Its Canadian division provides laundry and linen services to the healthcare and hospitality sectors through ten operating divisions. The Companyâs UK division provides laundry and linen services primarily to the hospitality sector, with other sectors, including healthcare, manufacturing and pharmaceuticals, through five sites which are located in Cupar, Perth, Newcastle, Livingston and Coatbridge.
K-BRO LINEN INC. 
