Civmec P9D has reported earnings of A$14.6 million ($13.1 million) for its 3QFY2023 ended March 31, maintaining its strong growth momentum as it posted a 20.2% earnings improvement over the corresponding period last year.
This improvement saw earnings per share increase to 2.89 Australian cents for the period, up from 2.42 Australian cents in 3QFY2022.
However, revenue for 3QFY2023 slipped slightly to A$187.8 million, down by 2.7% compared to last year.
Still, Civmec’s net profit margin was able to improve by 1.5% points to 7.8%.
Amid strong tendering activity across all sectors, Civmec says it continues to focus on securing projects that will generate good returns, optimise workforce utilisation and maintain a strong, high quality order book.
This continued focus has enabled the group to increase earnings and margins during the quarter, despite a slight decrease in revenue.
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CEO Patrick Tallon says: “Our continued disciplined approach to contract selection and execution coupled with our relentless focus on cost containment, optimising productivity and working with our clients proactively along the project life cycle in these times of high inflation and tight labour markets has allowed us to generate yet another set of strong results for our shareholders.”
Shares in Civmec closed flat at 70.5 Australian cents on May 10.
