Full Year 2026 Aveng Ltd Earnings Call Transcript
Key Points
- Operating earnings improved by nearly $80 million, swinging from a $60 million loss to a $19.3 million profit.
- Order book remains strong at over $3 billion, with new work aligned to a revised risk appetite.
- New Zealand and Pacific Islands infrastructure business delivered exceptional EBIT of $27.8 million and secured $1.1 billion in new work.
- Building segment achieved an exceptional 11.5% earnings margin, with 92% of projects delivering above margin.
- Significant derisking in Africa, with legacy liabilities reduced by 51% and the Leonardo arbitration concluded with no further liability expected.
- Revenue declined to AUD2.3 billion from AUD2.6 billion, impacted by reduced infrastructure spending in Australia.
- Kidston project continues to weigh on results, with an additional loss recognized and ongoing commercial disputes.
- Headline loss of $4 million persists, though improved from an $84 million loss a year ago.
- Building order book fell to $517 million from $864 million, requiring new wins to sustain growth.
- Moolmans' Tshipi contract remains unprofitable, with only marginal prospects through June 2027.
Good morning, everyone. My name is David Simpson, and I'm the Interim Chief Executive Officer for Aveng Limited. And with me, I have Adrian Macartney, who is the Chief Financial Officer for Aveng Limited. And today, we're presenting the full-year results for June 30, 2026.
Before I start the results presentation, I'm pleased to say that this morning, we announced into the market that Fraser Wyllie has been appointed as our Group CEO, and that will be effective on the October 1. Fraser is the current Managing Director of our New Zealand business and Pacific Islands business. And so it's an internal appointment, and it's an appointment that's come along after a rigorous recruitment process, both internally and externally. So this was announced this morning into our organization as well. We've done a town hall that announced that as well as our results. And so the organization has a bit of excitement at the moment to have confirmed their long-term CEO.
At the town hall that we spoke to, we had people from
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