Finalised banking and working capital facilities

Finalised banking and working capital facilities

Calibre Group Limited (“Calibre”) advises that it has executed and commenced using its new banking and working capital facilities totalling $136.6m. The new facilities, expected to be initially drawn to $92m, provide Calibre with the increased working capital and bank guarantee capacity needed to meet its future growth targets.

Entering into the new facilities follows the recent raising of $17.1m in new equity in September 2018, contributing to unaudited net assets as at 31 October 2018 of $50.4m (up from $18.4m at 30 June 2018).

October trading results continue to track in line with expectations delivering year to date revenues of $144m and EBITDA of $6m. Calibre’s longer-term order book is increasing in line with expectations and the growing infrastructure and resources sector expenditures in the private and government sectors. Similarly, Calibre’s committed and secured FY19 work on hand and work delivered is solid at $420m or 84% of the Group’s $500m FY19 revenue target.

Peter Massey, Calibre’s Managing Director and Chief Executive Officer stated “The Board and management are appreciative of the ongoing support from its senior bankers, NAB and Bankwest. Calibre looks forward to continuing its strong relationships with both banks as it reshapes the business for its next phase of growth.

Calibre is also pleased to be able to extend its arrangements with Greensill Capital having provided expanded working capital facilities for the group.

The last six months have seen Calibre implement all of the key elements of its capital management program leading into 2019. We anticipate further equity injections, and deleveraging, as part of the imminent offmarket takeover of the group.”

Across both Calibre Professional Services and Diona, increased levels of cross selling, clear growth strategies and streamlined organisation structures are anticipated to result in a clearer focus on clients, improved employee engagement and greater levels of operational excellence.

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