sted earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 68% year-on-year to $1.5 million. Pre-tax income grew by 569% to $1.4 million, with net income also increasing by 586% to $821,000.The Q3 results place revenue for the year to date at $9.3m, 15% more than at the same point last year.

During Q3, Galaxy was also able to secure a $10.5 million loan to help refinance its existing long-term debt.

Gary A. Vecchiarelli, Galaxy's CFO, says: “We are very pleased with our continued progress in the third quarter. Our top and bottom lines continue to grow as this quarter represents another record breaking period for our Company.

“We also finished the quarter with almost $2 million in cash. The refinancing transaction has changed the financial profile of our Company and provided us with the working capital and flexibility we need to expand rapidly."

Robert Saucier, chief executive of Galaxy, adds: “When reporting our results, it’s always a pleasure to simply say, 'the numbers speak for themselves'.

“But beyond our company’s fiscal performance, what excites me most are the investments we are making to stimulate a compelling future.

“The majority of our increased cash flow is being reinvested to develop new innovative products and to escalate our sales and marketing activities.

“These considerable investments should beneficially increase revenues, profits and cash flow commencing in 2017 and continuing into at least 2018.”