The downturn in mining and construction activity in Western Australia has delivered a mixed bag of results for several contractors today, with the major surprise being a downgrade in MACA's revenue outlook.
The downturn in mining and construction activity in Western Australia has delivered a mixed bag of results for several contractors today, with the major surprise being a downgrade in MACA's revenue outlook.
Maca's revenue guidance for the 2016 financial year fell $30 million to $420 million, as revealed in its half-year report today, as a result of mine scheduling changes and a lower amount of civil work being won in the current market.
"Notwithstanding this, the tender pipeline remains increasingly positive for projects which may deliver revenue in FY17," the company said.
See the profit results of Perth-based companies Brierty, MACA, Swick Mining Services, Tempo Australia, Southern Cross Electrical Engineering and Macmahon Holdings below.
Brierty – Six months to December
- Profit up 2.4 per cent to $4.2 million
- Revenue down 7.8 per cent to $125.2 million
- No interim dividend declared
Maca – Six months to December
- Profit down 64.3 per cent to $12.4 million
- Revenue down 34.8 per cent to $208.5 million
- 4 cents per share interim dividend declared
SCEE – Six months to December
- Profit down 7.3 per cent to $3.8 million
- Revenue down 3.4 per cent to $137.1 million
- 1.35 cents per share interim dividend declared
Tempo – Full year to December
- Profit up 100 per cent to $6.7 million
- Revenue up 393 per cent to $79.1 million
- No interim dividend declared
Swick – six months to December
- Loss of $1.6 million
- Revenue up 2 per cent to $64.9 million
- No interim dividend declared
Macmahon - Six months to December
- Profit up 103 per cent to $3.3 million
- Revenue down 55 per cent to $174.1 million
- No interim dividend declared
Meanwhile, Brierty also announced today that its co-founder and non-executive director Alan Brierty would be retiring in May.
Mr Brierty founded the company in 1981 with his wife Kylie as a civil construction business.
He grew the company by adapting to meet the changing needs of its clients, expanding to provide a full range of civil infrastructure services as well as adding contract mining and land development.
Chairman Dalton Gooding said the contributions Mr Brierty had made to the company during his 35-year career at the business were extensive and long lasting.
“Alan didn’t just found Brierty, he ingrained an enduring culture of evolving the business and delivering projects to meet our clients’ needs,” Mr Gooding said.
“Brierty has benefitted from Alan’s invaluable insights as a non-executive director, but we knew that one day he would step back from the business, and we wish him all the very best in retirement.”
Brierty shares were 4.7 per cent lower to 20 cents each at 12:50pm.
Maca shares slumped 23.5 per cent to 75.7 cents each, while SCEE shares were unchanged at 36.5 cents.
Tempo shares gained 7.4 per cent to 14.5 cents, Swick shares were 4 per cent higher to 13 cents and Macmahon was trading 10.5 per cent higher to 10.5 cents each.
