08/10/2021 - 15:18

Georgiou posts strong year

08/10/2021 - 15:18

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Contractor Georgiou has reported a lift in earnings to $28 million, with almost $1.3 billion of work in hand, which it said was a record level.

Georgiou employees working on a road in New South Wales.

Contractor Georgiou Group has reported a lift in earnings to $28 million, with almost $1.3 billion of work in hand, which it said was a record level.

The Osborne Park-based private business has expanded its work interstate in recent years, while in the past 12 months it has picked up local contracts including with Brightwater Care Group, Rio Tinto and the Australian Marine Complex

Revenue for the 2021 financial year was up $20 million to be $628 million, the company said.

Georgiou attributed the growth to its east coast expansion and significantly improving local market conditions.

Two examples from the past 12 months are in Queensland.

In July, Georgiou won a $45 million roadworks contract to upgrade the Pacific Motorway; in September last year, the business was selected for a $230 million project at the Townsville Ring Road.

EBITDA was $28 million, up by 40 per cent from the 2020 financial year, with nearly $1.3 billion of work in hand.

“The infrastructure investment from the federal and state governments’ COVID-19 response has increased our prospects pipeline to circa $10 billion and the company is taking a steady approach to growing our work-in-hand and capacity to deliver,” said chief executive Rob Monaci.

“We are well-positioned over the next three years to further grow our business and capability of our employees. 

“We are also seeing renewed confidence in the private sector with increased project opportunities in the resources, building and land development sectors.

“COVID-19 has impacted many aspects of our business and we are continually monitoring and changing our approach to ensure we can provide a safe environment for our employees and community.

“As a company, we have invested into our safety culture and although we never take safety for granted, it is important to recognise the improvements over the past 12 months. 

“None of what we have achieved over the past 12 months could’ve been possible without our dedicated team and growing partnerships with key clients and partners.”

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