Austal reaches record profit, targets FY20 growth

30/08/2019 - 11:03

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Investors have welcomed Austal’s announced that it lifted full-year profit 64 per cent to a record $61.4 million, underpinned by strong revenue from its US Navy programs.

Austal reaches record profit, targets FY20 growth
Austal says its healthy order book will keep it busy with work until at least 2024.

Investors have welcomed Austal’s announced that it lifted full-year profit 64 per cent to a record $61.4 million, underpinned by strong revenue from its US Navy programs.

Revenue for the year to June 30 increased 33 per cent to $1.85 billion, with its US shipyard comprising 80 per cent of its revenue.

It has US Navy orders for 33 vessels, of which 20 have been delivered.

Austal said revenue for fiscal 2020 would be no less than $1.9 billion and that it had a $4.9 billion order book, compared with $3 billion in the period prior.

It has 54 vessels currently under construction or scheduled across seven shipyards in the US, Australia, Philippines, Vietnam and China.

The company said its healthy order book would keep it busy with work until at least 2024.

Shares in Austal rose 12.2 per cent at 12.40pm to trade at $4.14 each.

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