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