Calibre Announces Financial Results for FY17
Calibre Group Limited (“Calibre”) today released its results for the year ended 30 June 2017.
Calibre’s revenue from continuing operations for 2017 was $489.4m, down 3.4% on revenue of $506.6m for the previous year. The Group generated an underlying EBITDA of $25.8m for the 2017 financial year, against the previous year’s underlying EBITDA of $33.2m.
Calibre’s strategy to achieve greater diversification in its business and market focus provided many positive benefits in 2017 with 56% of Calibre’s revenues from non-resources dependant markets, principally from the utilities, water and urban development arenas. Earnings from these sectors provided the greatest contribution to 2017 earnings, with expectations of further earnings growth in these areas to be complimented with the modest recovery, already underway, in the resources markets.
Calibre simplified its operating structure during the year into two business lines, Professional Services and Construction & Maintenance. At the same time as enhancing its focus on the Group’s leading market sectors of urban development, buildings & structures, resources, water & environment, automation and technology, and transport and intermodal.
Capital management discipline was maintained by the Group as it focuses on cash generation from organic growth opportunities. A number of positive milestones were achieved since mid-June 2017 with a comprehensive $131.5m capital management program finalised, resulting in borrowings repayable to FY21.
Mr Peter Massey, Calibre’s Managing Director, stated “Calibre’s clients operating in the coal and iron ore markets, have recently experienced a recovery in commodity prices which has resulted in increased enquiries of new greenfield projects, ongoing sustaining capital programs, as well as higher levels of maintenance and shutdown activities. This combined with the momentum building in east coast infrastructure activities is underpinning a positive growth in earnings into the future.
With the majority of the new senior leadership team in place, early 2018 has already turned to focused client partnering opportunities, enhancing employee engagement, aligning vision and values and setting a clear strategic agenda for organic growth and adjacent step-outs.
Commencing the year with an order book of $1.1bn, directors are encouraged by this positive start to FY18 and believe if delivered to plan will provide a solid foundation for an improvement in the value of shareholders’ equity.”