Austal’s Post

View organization page for Austal, graphic

50,984 followers

Austal Limited (ASX:ASB) has today released its financial results for the financial year ended 30 June 2024 (FY2024). The Company recorded Earnings Before Interest and Tax (EBIT) of $56.5 million (FY2023: loss of $4.8m), on Revenue of $1,468.9 million. EBIT was in line with the market guidance range (3% to 4% EBIT margin on targeted 8% to 10% growth in FY2023 revenue), despite FY2024 revenue declining by around 7%. The turnaround in earnings reflected improved earnings performance from USA shipbuilding operations as well as a strong contribution from Austal’s support business. Austal Chief Executive Officer Paddy Gregg said “Austal delivered an improved financial result in FY2024 as our transition from existing to new programs continues. Our record order book continues to grow and will grow further once the Australian Government announced programs are contracted through the Strategic Shipbuilding Agreement later this year. These orders will add billions of dollars of work to our Australian operations, and coupled with recent commercial wins, means a recovery in Australasian financial results is expected. “The Company delivered Earnings Before Interest and Tax in line with market guidance, despite lower revenue for the year. While Australasia underperformed financially due to fewer commercial shipbuilding awards and later than expected defence awards, we are well positioned for a long runway of Australian defence vessel build programs. The support business was a strong earnings contributor across both the USA and Australasia. We had predicted support revenue would reach $500 million by FY2027. At $467 million we were very close to getting there three years early. “We remain confident Austal has a positive outlook which is underpinned by a record order book and more diverse revenue base from our growing support business, expanding technology business, and a large and increasing number of defence construction programs.” Read the full FY2024 financial results announcement at https://lnkd.in/gPsNecAH The FY2024 Austal Limited Annual Report is available for viewing or download at https://lnkd.in/gJ3Dzb9A

  • No alternative text description for this image
Geoffrey Buchanan

ASX C-Suite executive / Independent Consultant / Interim Management / Multi-sector

2mo

Great set of results considering delayed Australasia shipbuilding awards. The continued excellent growth trajectory in sustainment revenues towards the $500m revenue target by 2027 is especially welcome!

Like
Reply
Geoffrey Scott

Artist at myself art deaf. And Geoffrey Scott v Telstra in 1995, and Deaf Swimming Australian in 1977,1981,1985, 2014, and Team Deaf Water Polo Australia 2005. And ex-farmer at Doodlakine Western Australia.

2mo

Congratulations!

Ramil Martinez

Operations Excellence Leader Certified Six Sigma Blackbelt and Certified Lean Manufacturing/Services Expert Doing Continuous improvement in different Industries

1mo

Congrats!

Like
Reply
See more comments

To view or add a comment, sign in

Explore topics