28/02/2018 - 15:11

Decmil posts net loss, reshuffles board

28/02/2018 - 15:11

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Decmil Group has launched a major board restructure that includes the retirement of company founder Denis Criddle, as it posted an interim loss but pointed to strong revenue growth in the coming year.

Decmil posts net loss, reshuffles board
Scott Criddle says the outlook for 2018 is positive. Photo: Attila Csaszar

Decmil Group has launched a major board restructure that includes the retirement of company founder Denis Criddle, as it posted an interim loss but pointed to strong revenue growth in the coming year.

Mr Criddle, who founded the company 40 years ago, will retire at the next annual meeting in November while current director David Saxelby will replace Bill Healy as chairman.

Don Argent, who is a director at Ausdrill, has been appointed to the board.

Mr Healy will remain as a non-executive director at the company.

Decmil announced a loss of $6.2 million for the half year, which included losses of $5.9 million from discontinued operations.

This was the result of the company exiting operations in the telecommunications and design consulting sectors.

Revenue for the period was flat at $140.7 million compared with last year, while the company also said it would not issue a dividend.

Managing director Scott Criddle said the outlook for 2018 was positive and the company would improve profitability through increasing revenue and overhead control.

“We have seen an improvement in all our key sectors and Decmil has had a strong start to the 2018 financial year with larger contract wins across Australia and New Zealand,” he said

“In the last six months we have also consolidated the group’s focus on the infrastructure, resources and renewable energy sectors and achieved greater operational consistency across business units.

“We have also focussed on the commercial and operational performance of our key projects and overhead control to set the business up to improve margins going into FY19.”

Mr Criddle said Decmil had a number of larger projects in the tender pipeline.

Shares in Decmil were up 1 per cent at $1.03 today.

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