Dual-listed construction and engineering services provider Civmec P9D Limited has reported another record set of results for the FY2024 ended June 30. Earnings rose by 11.6% y-o-y to A$64.4 million ($57.0 million) while revenue grew by 24.4% y-o-y to A$1.03 billion.
The higher revenue was attributed to the group’s increased activity levels as well as the timing of revenue recognition on projects. Revenue for the group’s resources and infrastructure, marine & defence segments rose while revenue for Civmec’s energy segment fell.
FY2024 gross profit increased by 9.0% y-o-y to A$119 million thanks to the higher revenue.
Other income during the year surged by 102.6% y-o-y to A$5.3 million mainly due to the fair value gain on an investment property and higher interest income.
The group’s ebitda stood at A$120.8 million while cash from operations stood at $96.9 million, representing a conversion rate of 80%.
Earnings per share (EPS) stood at 12.70 Australian cents, up from 11.42 Australian cents in FY2023.
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As at June 30, Civmec’s order book came in at over A$853 million.
“It is pleasing to deliver another record result for our shareholders, with the group achieving over A$1 billion in revenue and A$64 million in NPAT. This continued strong performance has allowed us to propose a final dividend of 3.5 Australian cents, taking total dividends payable for the year to 6 Australian cents, a 20% increase on FY2023,” says Civmec’s chairman James Fitzgerald.
“As in the past, the dividends are fully franked for Australian taxpayers. As recently announced, the resolution to change the domicile of the parent entity of the group to be Australian was passed at the shareholders’ scheme meeting on Aug 1. The change in domicile of the group will broaden the future opportunities that will align with Civmec’s strategic growth plans,” he adds.
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The shareholders’ scheme was sanctioned by the court on Aug 28. Civmec will lodge the court order with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) on Sept 4. The scheme will take effect on and from the date of lodgement.
Looking ahead, the group says it continues to grow its engineering design capability as it sees strong demand for original equipment manufacturer (OEM) material handling machines, for both new facilities and replacement of ageing assets.
Based on its estimates, there is demand for over 30 OEM machines over the next 10 years in Australia and the group is the only one in the country with a full in-house service offering so far.
In addition, the group says it is committed to supporting future shipbuilding programmes in the defence sector.
“As we celebrate 15 years of successful operations in Australia, the group’s outstanding financial performance and ability to deliver over A$1 billion in revenue this year is a testament to our group’s operational excellence,” says CEO Patrick Tallon.
On the same day, Civmec announced the appointment of Bojan Cica as its new chief financial officer (CFO). The appointment is internal with the current acting CFO, Kevin Deery, serving in a dual capacity. Deery is also the group’s chief operating officer (COO).
Cica, who was most recently Civmec’s group manager commercial and operational risk, will step into his new role from Sept 1.
Shares in Civmec closed 1.5 cents higher or 1.63% up at 93.5 cents on Aug 29.
