MANAGEMENT

Civmec connects the dots

CONTINUED growth in maintenance and capital works helped Civmec ramp up activity levels and achieve 2022-23 financial year revenue of $830.9 million, an increase of 2.7% on the $809.3 million received in FY22.

 Civmec HQ

Civmec HQ

Other financial metrics for FY23 include earnings before income, taxes, depreciation and amortisation of $109.1 million.

EBITDA was up 15.4% year-on-year, compared to $94.5 million in FY22.

Net profit after tax of $57.7 million was up 13.7% year-on-year.

Civmec's order book was $1.149 billion as of June 30, a 10,6% increase from FY22.

Cashflow from operations for FY23 was $122.8 million.

During the year several projects reached completion and some newly awarded projects started.

Civmec chief executive officer Patrick Tallon said the results were achieved against a backdrop of high inflation and low unemployment.

"We are making good progress overall while also transitioning a large part of our workforce between major projects being completed during the year and new projects starting up with no significant change to revenue or profitability," he said.

"Tendering activity continues to be strong across all sectors, with the group focused on securing projects that will allow it to grow its workforce at a sustainable pace."

Major projects underway include the Covalent Lithium refinery, where most manufacturing works have been completed.

Structural mechanical piping and electrical and instrumentation services and fabrication work is ongoing at the Iron Bridge magnetite project.

Civil works and manufacture of eight kilns and 25 carbon steel tanks for trains three and four at Albemarle's Kemerton lithium project also began, along with work on the Western Ranges project for Rio Tinto.

At Port Hedland, foundations are complete and structural steel erection underway, at Civmec's maintenance facility.

Work is also ongoing on the Alcoa calciner maintenance, major overhaul and repair services contract and the Fortescue Metals Group maintenance works contract.

Civmec has also been busy with maintenance and capital works at Newmont's Boddington gold mine, mechanical and maintenance works to support shutdowns for Queensland Alumina and maintenance and refractory works at Rio Tinto's Boyne Island smelter, Yarwun refinery and at Weipa.

Work has also progressed on maintenance support services for Roy Hill's port and mine fixed plant assets and on maintenance services at the Greenbushes lithium mine site.

Civmec chairman James Fitzgerald revealed a continued focus on emissions intensity had caused the company to switch from fossil fuel powered forklifts to electric forklifts.

Diesel-powered lighting towers have also been replaced with solar-powered lighting towers.

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