ABN Group more than doubles profit

ABN Group has more than doubled its profit on the back of strong revenue for 2020-21, as strong demand for home builds led to a spike in construction activity.

The Dale Alcock led residential building group generated $19.03 million in profit and $1.2 billion in revenue in the 12 months to June 30, according to the group’s financial results on ASIC.

The company’s revenue spiked by 24 per cent from $983 million in 2019-20 and its profit lifted by 150 per cent from $7.6 million.

ABN managing director Dale Alcock said the strong financial results were due to a substantial increase in the volume of homes built as consumers took advantage of federal and state stimulus.

“This activity has led to an increase in construction completion times due to supply chain disruption, material shortages and stock outs, together with a severe shortage of skilled labour,” he said.

“We continue to actively address these constraints and forecast our revenue will plateau in FY 2022, as the volume of commencements normalises as all jobs that have qualified for stimulus grants have commenced.”

The company paid $14.5 million in dividends in 2020-21 including $4.5 million to non-controlling interests.

ABN Group currently employs 2055 people across its Perth and Melbourne offices.