JSE-listed Aveng has reported revenue of A$2.3-billion, or R26.4-billion, for the year ended June 30, which was 12.4% lower than the prior year, reflecting the anticipated softening of infrastructure markets in Australia and New Zealand.
Group interim CEO David Simpson noted, however, that the group returned to an operating profit with improved performance across the portfolio of projects while maintaining a robust work-in-hand position.
He said that, while significant progress had been made in stabilising the business, improving gross margins and derisking the project portfolio, further work remained to realise the group's full potential, with a keen focus on restoring the fundamentals.
Simpson noted that the company’s priorities included improving consistency, growing the order book while maintaining tender discipline, rebuilding the balance sheet through focused cash management, completing the Kidston Pumped Storage Hydro project, exiting Southeast Asia and resolving remaining commercial disputes and historical matters in Aveng Africa.
The group reported gross earnings of A$150.6-million, or R1.7-billion, for the period, representing a gross margin of 6.5%, with all operating segments returning to gross profitability.
