Austal Limited announced Monday (24 August) that it has exceeded A$2 billion of revenue for the first time and delivered record earnings for FY2020. Austal Chief Executive Officer David Singleton said “I’m delighted that Austal has generated a record full-year result amid significant global economic volatility, exceeding the record revenue and profit milestones that we set in FY2019. I am particularly proud of the fact that we kept all of our sites open during the pandemic, kept all of our people employed, and have been in a position to pay full time employees a bonus to reflect their exemplary performance in this difficult time.”
The company said in a statement to the stock exchange that revenue totalled A$2.086 billion, up 13 percent compared to FY2019 revenue of A$1.851 billion). Its EBIT of A$130.4 million compared to FY2019 of A$92.8 million was up up 41 percent with net profit after tax of A$89.0 million compared to FY2019 of A$61.4 million) was up 45 percent. The company also said it had “good operations momentum (going) into FY2021, with the business underpinned by multi-vessel defence programs and a secured order book of A$4.3 billion running to FY2024.
Austal Chief Operating Officer and CEO-designate Patrick Gregg said: “The financial results highlight the success of our ongoing strategy to grow our defence business, which now makes up approximately 88 percent of the group’s revenue across construction and support. The value of this is clear as we see that the broader Defence market is strengthening and has largely been shielded from the economic impacts of COVID-19. Importantly, these record earnings have translated into significant cash flow, enhancing our strong balance sheet position with A$397 million of cash. This financial strength is enabling Austal to target strategic investment opportunities to drive the Company’s next phase of growth whilst at the same time increasing dividends and considering debt reductions in FY2021.”
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