Bowman Consulting Group Ltd (NASDAQ:BWMN), an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment, stock rose 4.59% (As on Mar 22, 1:00:57 AM UTC-4, Source: Google Finance) after the company in the fourth quarter of FY 21 has reported 40% year-over-year increase in the gross revenue to $41.9 million. Net service billing was of $37.8 million for the quarter, a year-over-year increase of 44%. The company has reported net loss of $0.6 million. The company has delivered Adjusted EBITDA of $3.5 million and Adjusted EBITDA margin, net of 9.3%. Gross backlog was of $167 million, an increase of 20% from September 30, 2021, and 48% as compared to December 31, 2020.

On the other hand, in the fourth quarter, the company has closed on six acquisitions, that includes Triangle Site Design in Raleigh, NC, PCD Engineering in Denver, CO, BTM Engineering in Louisville, KY, Kibart in Towson, MD, 1519 Surveying in Waco, TX and Terra Associates in Houston, TX. The company has closed on the acquisition of Perry Engineering in Tucson, AZ in Q1 2022. The integration process, combined with the addition of experienced team members, is creating immediate revenue synergies, and is resulting in economies of scale that the Company expects will positively impact the margins. The Company is well capitalized to continue executing on our growth initiatives and given the current pipeline of acquisition opportunities the Company expects to close on additional transactions this year at valuations that meet the target objectives.

Meanwhile, the Company is increasing and narrowing its full year 2022 outlook for Net Service Billing to be in the range of $170 to $185 million and Adjusted EBITDA in the range of $23 to $27 million. This presents an increase from previous guidance of $150 to $170 million of Net Service Billing and $20 to $24 million of Adjusted EBITDA. The current outlook for 2022 is based on completed acquisitions as of the date of this release and does not include contributions from any future acquisitions.

Additionally, in May the company had announced the closing of its initial public offering of 3,690,000 shares of common stock at a price to the public of $14.00 per share. The gross proceeds to Bowman from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Bowman, are approximately $51.7 million. The underwriters retain their 30-day option to purchase up to an additional 553,500 shares of common stock from Bowman, on the same terms and conditions as the initial public offering, to cover over-allotments, if any.