FY18 audited accounts, director changes and privatisation proposal

FY18 audited accounts, director changes and privatisation proposal

Calibre Group Limited ("Calibre") provides the following summary of its results for the full year ended 30 June 2018. Pro-forma revenue from all businesses was up 25% to $612m for the year, as compared to $489m for the prior 12 months.

Operating cash flows were $17.8m for the FY18 year, up 110% from $8.5m in FY17. This improved result included the benefit of a significant number of working capital initiatives pursued across the business.

Despite these improved cash flows and improved revenue outcomes, Group underlying EBITDA was down 34% from $25.8m last year to $17.1m. The Professional Services business underlying EBITDA was down $5.6m to $1.3m this year, with June 2018’s results well below expectations requiring steps to resize areas of the business and reduce controllable costs in August 2018.

Overall Construction and Maintenance (C&M) underlying EBITDA before impairments was up from $21.8m to $23.8m, reflecting a normalisation of $9.1m of an individual EPC project loss impacting the reported C&M EBITDA of $11.9m. The EPC loss of $9.1m, was higher than as anticipated in June 2018, and contributed to a lower level of proceeds from the sale of G&S than originally predicted, contributing to an impairment loss of $15.8m recorded in FY18.

Mr Massey, Calibre’s Managing Director, commenting that “the highlight of the FY18 results is certainly improved revenues and operating cash flows of $17.8m. It is disappointing that this did not fully translate into earnings, with the businesses distracted due to the extensive sale process underway.

Since year end we have completed the sale of G&S Engineering, issued $17.1m of additional equity using proceeds to reduce borrowings by $27m. At present, unaudited Calibre net assets have improved significantly to over $43m (from $18m at 30 June 2018). We are well advanced in finalising new working capital facilities with our financiers, the implementation of which will better position Calibre as it delivers an increased level of new work.

Calibre’s FY19 order book is now around $420m, over 80% of our FY19 revenue target, and Calibre is increasingly positioned to maximise its opportunities as a result of renewed growth in its resources related markets in Western Australia and the East Coast infrastructure markets”.

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