“We are continuing to focus on geographical expansion both in Australia and internationally and are actively pursuing merger and acquisition opportunities that complement our service offering,” Civmec CEO Patrick Tallon said.
“We remain committed to drive internal efficiencies via deeper integration of our internally-developed business management system. Our processes and disciplines are now mature and robust enough for us to consider expansion into new regions.”
Its third quarter statement revealed the company, listed on the Singapore exchange main board, more than doubled its revenue to $S170.2 million ($A151.37 million) in Q1 FY2015 from $11.1 million for Q1 FY2014.
Tallon said the company was starting to gain momentum and reap economies of scale to pursue and tender for strategic projects as it continues to enhance its core capabilities, positioning itself as a leading end-to-end solutions provider.
Civmec provides integrated, multi-disciplinary construction and engineering services to the resource, oil and gas and infrastructure sectors, operating primarily from its headquarters within the Australian Marine Complex in Henderson, Western Australia and the recently acquired the Darwin Offshore Logistics Base in the Northern Territory.
The third quarter follows the company’s progress since it outlined a roadmap for growth in July, including plans for expansion via mergers and acquisitions that complement its service offerings, both in Australia and overseas.
As part of this, Civmec recently strengthened its Singapore and Southeast Asia presence with the appointment of a regional manager. Its Singapore office will be used as a platform for both organic growth and acquisition opportunities in the region.
Civmec said it was confident that over the next 12 months it will make significant in-roads in establishing a presence in Singapore and Southeast Asia.
Chairman James Fitzgerald said the company was able to pursue business opportunities in the growing Australian public infrastructure sector and in the resources industry as it shifted towards operating expenditure investments.
Barring any unforeseen circumstances, the group expects to remain profitable for the 2015 financial year.
