Morneau Shepell Ltd. is rebranding as LifeWorks Inc., subject to approval by the company’s shareholders.
“While the Morneau Shepell name has ably served our company through many years of profitable market and geographic expansion, we believe our next stage of growth will require more focus on branding that the new name is intended to support,” said Stephen Liptrap, president and chief executive officer, in a press release.
Following extensive market research with clients and prospects in Canada, the U.S., the U.K. and Australia, the proposed name change will be tabled at an annual and special meeting on May 14, noted the release. The company’s board and executive leadership team have already unanimously recommended shareholders vote in favour of the change.
The move comes as the company reports in 2020, revenue grew 10.2 per cent, or $90.3 million, to $979.2 million, with adjusted earnings before interest, taxes, depreciation, and amortization increasing by 9.6 per cent to $200.0 million. Adjusted EBITDA margins were essentially flat at 20.4 per cent for the year.
For the fourth quarter of 2020, the company produced revenues of $249.6 million, a 0.8 per cent increase, or $2.1 million, compared to the same period 2019, and organic growth of 4.4 per cent. Adjusted EBITDA increased 6.2 per cent, or $3.0 million, to $51.0 million, with adjusted EBITDA margins increasing to 20.4 per cent from 19.4 per cent.
“While in-person services were impacted in markets affected by lockdowns, there was a strong increase in demand for technology-enabled solutions across our core businesses, especially so in fast-growing well-being markets for digital health,” said Liptrap. “Throughout the year, we strengthened our position as the global leader in the total well-being space and added 2.85 million people to our well-being platform.”