Civmec posts 1QFY2024 profit of A$15.2 mil, up 7.3% y-o-y

As at end-September, Civmec had an order book of A$1.1 billion, an increase of 17.9% from Sept 30 last year.

Dual-listed construction and engineering services provider Civmec P9d has posted a net profit after tax of A$15.2 million ($13.2 million) in its 1QFY2024 ended September, up 7.3% from the previous corresponding quarter.

Revenue at A$245.1 million is also a 7.3% increase from the A$228.3 recorded in 1QFY2023.

Earnings per share stood at 3.01 cents, up from 2.82 cents in 1QFY2023.

Civmec generated cash flows from operations for the quarter of A$40.1 million, a conversion rate of 139% compared to ebitda of A$28.9 million. This resulted in the company finishing the quarter in a net cash position of A$43.9 million.

As at end-September, Civmec had an order book of A$1.1 billion, an increase of 17.9% from Sept 30 last year.

In a filing, Civmec chairman James Fitzgerald highlights the company’s recently-announced plans to redomicile to Australia. This is anticipated to increase the company’s opportunity pipeline for contracts with governments and other Australian entities.

Shares in Civmec closed at an unchanged 76 cents on Oct 30. 

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