Civmec Limited has reported earnings of A$19.7 ($19.4 million) million for the 2HFY2021 ended June, more than double the earnings of A$9.5 million reported in the same period the year before.
This brings earnings for the FY2021 to A$34.8 million, up 97.7% y-o-y.
Earnings per share (EPS) for the 2HFY2021 stood at 3.94 Australian cents on a fully diluted basis, higher than the 1.90 cents reported in the 2HFY2020.
FY2021 EPS stood at 6.94 Australian cents, higher than FY2020’s EPS of 3.51 Australian cents.
Revenue for the 2HFY2021 increased by 63.3% y-o-y to A$368.5 million mainly due to the timing of commencement of new projects.
Gross profit for the period increased by 55.6% y-o-y to A$40.5 million in line with the revenue increase.
Other income was up by 58.6% y-o-y to A$0.6 million on insurance recoveries received for property damages in 2HFY2020.
Other expenses fell by 97.6% y-o-y to A$0.1 million attributable to the write off of a trade receivable in 2HFY2020.
FY2021 revenue increased by 72.0% y-o-y to A$674.2 million due to the timing of projects.
Gross profit for the FY2021 was up by 68.1% y-o-y to A$75.0 million.
Other income during the FY2021 increased by 15.0% y-o-y to A$2.5 million due to the gain on disposal of property, plant and equipment and insurance recoveries.
FY2021 EBITDA increased 91.6% y-o-y to A$73.8 million.
For the 2HFY2021, Civmec has declared a final dividend of 1.0 Australian cent, bringing total dividends for the FY2021 to 2.0 Australian cents, double that of the 1 Australian cent distributed in FY2020.
The dividend will be payable on Dec 17.
As at June 30, cash and cash equivalents stood at A$48.2 million.
“Civmec’s order book continued to strengthen in FY2021, enabling the group to grow revenue and profits throughout the year. This places the group in a strong financial position as we enter FY2022, with a A$1 billion order book and good performance across all operating sectors,” says Civmec’s chairman James Fitzgerald.
“The group continued to demonstrate good cashflow management with cash generated from operations representing 98.8% of EBITDA. In view of the good financial performance, the board is recommending a final dividend of 1.0 Australian cent,” he adds.
On the ongoing border restrictions due to Covid-19, Civmec says it is taking a “measured approach” to tendering activities with a focus on securing projects that they are confident of having the resources for.
Shares in Civmec closed 0.5 cent lower or 0.67% down at 74 cents on Aug 26.
