Civmec revenue and profit gains

Shares in Henderson-based Civmec rose by 7 per cent early on Friday, following a positive third quarter for the 2024 financial year.

As of 11.08am WST, the construction and engineering services provider was trading at 92 cents per share, up 4 per cent, which is the company's highest price since April 15. 

During its first-half report, released on February 14, Civmec chief executive officer Patrick Tallon spoke about the how the company’s diversified revenue strategy was based around both quality customer service and also adding value for shareholders.

This momentum carried on into the third quarter, with Civmec generating $258.3 million in revenue, up 37.6 per cent, or $187.8 million, from the prior corresponding period.

In the first nine months of the 2024 financial year, Civmec’s revenue hit $750.7 million, rising 23.7 per cent from the same time last year on the back of several contracts being won within its maintenance sector.

Civmec’s earnings before interest, tax, depreciation and amortisation reached $31.6 million, up from $27.4 million during the third quarter of the 2023 financial year, while its net profit after tax also jumped by 16.9 per cent to $17.1 million from the prior corresponding period.

“I am proud to announce another strong quarter for our shareholders, with continued growth in both top line revenue and bottom-line earnings and resilient profit margins,” Civmec chair James Fitzgerald said.

“An increase in the volume of maintenance related awards reflects our increasing focus on maintenance works as a significant pillar of growth for the company.”