GLOBAL VISION A WINNER FOR AUSENCO

Written on the 20 February 2013

GLOBAL VISION A WINNER FOR AUSENCO

AUSENCO'S (AAX) global strategy has delivered a full year net profit of $41.4 million, up 57.1 per cent from 2011.

The company reported growth across the board, with revenue from operations up to $633.5 million and personnel numbers also on the rise, despite a local slowdown in the mining industry.

“During the year we increased our service offering, expanded our footprint and built on our expertise in the important markets which are forecast to result in a high demand for our services in the future,” CEO Zimi Meka (pictured) says.

“It is this strategic growth and diversification across sectors, commodities, regions and revenue streams that is underpinning our positive outlook for 2013 and beyond.”

The company reports that 84 per cent of revenue and 78 per cent of work on hand is now from non-Australian based projects.

Ausenco has increasingly moved into overseas markets in the past few years, with Australian projects accounting for 30 per cent of profit in 2010 and less than 25 per cent in 2011.

Meka says that Ausenco’s work on hand is currently valued at more than $450 million and 60 per cent of assignments are under way in South America, Canada and Africa.

The acquisitions of Queensland asset management firm The Rylson Group and Canadian oil sands specialist Reaction Consulting during the year attest to Ausenco’s focus on diversification.

Shareholders will receive a final dividend of 10.1 cents per share, franked to 50 per cent and payable on May 1.

Ausenco shares were steady following the announcement, trading at $3.84 late this morning, down 0.26 per cent on the previous day’s close.

 

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