Australian industrial service company WestStar Industrial Limited (ASX: WSI) has turned in a record breaking performance for the Half Year Ended December 31, 2021.
Having secured a record-breaking $222 million of contracted revenue with existing contracts the company has delivered a strong first half with the ability to improve upon these results in the second half of the financial year.
First Half Year Revenue Highlights
- Record Half Year Earnings (EBITDA) of $4,201,882
- Record Profit (NPAT) of $2,353,461
- Record Revenue of $74,700,981 (after AASB15 Revenue Recognition)
- Record Cash Holdings of $28.9M.
- Record 1HFY22 Group Contract Awards received of $192M
- Record Order Book yet to be delivered of ~$169M
- Imminent awards expected to increase Revenue
Revenue for the Group was $74,700,981 for the half year ending December 31, 2021 (December 31, 2020: revenue of $24,945,379). The Group posted an after-tax profit attributed to members of $2,353,461 for the half year ending 31 December 31, 2021 (December 31, 2020 after tax loss: $577,258). Several non-cash expenses are recorded in the company’s accounts.
I would once again like to begin by recognising the significant contributions made by the Executive, Management and entire workforce in both Alltype Engineering and SIMPEC, delivering these record results in some of the most challenging environments seen in this companies’ history,” WestStar CEO and Managing Director, Robert Spadanuda, said.
“WestStar continues to build on its performance with a firm focus on Safety, Profitability and cash Management during this growth journey.
“We continue to demonstrate that cash management and low debt levels Can provide a platform to perform its greater obligations in supporting Alltype Engineering and SIMPEC to deliver sustainable outcomes to its clients.
“Our key focus for the half was to secure and execute on Bond facilities provided by Export Finance Australia, raise appropriate capital and release cash backed guarantees to enable greater growth which we stated would deliver strong Profitability.
“Our ability to service a variety of larger contracts at the same time has been proven with the significant depth of experience across our management teams. We will continue to grow our order book pipeline expecting to yield further contract awards in the near term and continuing to grow upon the financial metrics delivered in this Half Yearly report.”
“WestStar Industrial continues to achieve significant financial milestones and has demonstrated its ability to rapidly deliver an accelerating order book with Strong profitability.
“To have delivered this result in the challenging environment presented by COVID-19, along with what remains a highly competitive labour market, is a true testament to the Executive and their respective teams.”
