Calibre first half revenue $307m, up 42%

Calibre first half revenue $307m, up 42%

Calibre’s revenue for the six months ended 31 December 2017 was $306.3m, up 42% on revenue of $215.8m for the previous corresponding period. Operating cash flow for the six month period was $12.2m, an increase of $8.7m from the prior corresponding period, reflecting a strong focus on working capital management.

For the half year ended 31 December 2017, Calibre reported a 9% increase in an underlying EBITDA to $5.7m.  Similar to 2017, Calibre’s first half results are traditionally impacted by seasonal events relating to the start of the new financial year, calendar year-end holidays and timely ramp up of new projects.

Reflecting the $92.9m increase in revenue in the Construction & Maintenance business, reported EBITDA for this business was up $5.4m to $6.9m. At the same time, an increasingly competitive market and continuing challenges in the resources sector contributed to the $4.6m decline in EBITDA for the Professional Services business to $0.3m.

Calibre’s successfully concluded its’ four year bank refinancing during the period, resulting in current borrowings declining from $72.5m at 30 June 2017 to $32.6m at 31 December 2017.

Calibre’s Managing Director and CEO, Peter Massey said “Our forward order book has increased to a record $1.3bn, reflecting an active period experiencing an increase in client and project enquiries, particularly in its key infrastructure and resources end markets.”

Concurrent to the release of its half year results, Calibre has conducted a strategic review of the business and the Board has confirmed that the Company will progress the sale of the business following First Reserve’s intention to exit its shareholding, as announced on March 15 this year.

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