AusGroup's FY2018 revenue of AU$566.8m is 30.3% higher y-o-y, and represents the highest revenue for the Group in five years.
Q4 FY2018 highlights • Seventh consecutive profitable quarter with EBIT of AU$5.4m. • Increased level of revenue at AU$126.6m for the quarter. • Increased gross profit in the quarter of AU$24.7m. • Balance sheet continues to strengthen as net debt decreases by AU$33.7m since June 2017. • Net worth increases by AU$18.4m for FY2018 to AU$41.7m at June 2018. |
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|
Income statement |
FY 2018 AU$'000 |
FY 2017 AU$'000 |
+/(-) % |
|
Revenue |
566,807 |
434,960 |
30.3 |
|
Gross profit |
57,483 |
44,674 |
28.7 |
|
Gross Margin |
10.1% |
10.3% |
|
|
EBIT |
25,225 |
18,272 |
38.1 |
|
Net gain on debt conversion |
1,314 |
5,541 |
(76.3) |
|
Finance costs |
(11,681) |
(17,104) |
(31.7) |
|
Income and withholding tax |
(1,392) |
(3,574) |
(61.1) |
|
Discontinued operations |
10 |
1,438 |
n.m. |
|
Net profit |
13,476 |
4,573 |
194.7 |
CEO Shane Kimpton said: “AusGroup has had a transformational year achieving excellent financial results from an increased revenue base. Our outstanding performance supports the long term future of our business, allowing us to capitalise on our improved positon as we continue to secure opportunities."
He added: "We have strengthened our senior leadership team, who will be delivering on our business strategy with the support of our exceptional employees. Our agile approach ensures we provide cost effective solutions without compromising on our excellent safety performance."
 "We are seeing a healthy demand of opportunities across the resource and energy sectors aligned with improving levels of investment, which are positive signs for the year ahead.”-- CEO Shane Kimpton (NextInsight file photo) |
For 4Q18, AusGroup has reported net profit after tax of AU$2.7m. up 16.3% y-o-y.
The result would have been significantly stronger if not for non-cash impairments of AU$14.8m, primarily to reduce the carrying value of the Group’s scaffolding asset base following completion of major project work as well as some restructuring provisions.
Operationally, AusGroup core projects in the energy and mineral process sectors were robust.
The debt servicing levels have continued to decrease over FY2018 with the Q4 FY2018 finance cost of AU$2.3m increasing the overall finance costs to AU$11.7m, a reduction of 31.7% compared to FY2017, mainly due to the repayment of loan facilities and the successful debt to equity conversion completed in Q2 FY2018.
For the first time in five years AusGroup’s net profit after tax has been greater than the financing costs for the financial year.
For more info on the FY18 results, click here.
