We are pleased to announce the release of our Preliminary Final Report for the year ended June 30, 2020. FY20 was another demonstration of year-on-year growth for the group. Impressive financial outcomes only heightened by delivering so amongst the backdrop of COVID-19 and associated challenging external factors.
Key highlights include:
Substantial Revenue Growth
- Total revenue increased 36% to $205.6 million (FY19: $151.7 million)
- EBITDA (excl. one-off items) of $9.5 million (FY19: $11.7 million)
- Cash balance of $15.2 million and low gearing ($5.7 million debt, including $2.7 million of lease liabilities) (at 30 June 2020)
Strong Growth Outlook
- Current contracted order book of approx. $230 million for FY21
- Forecast FY21 underlying EBITDA margin of 6 – 8%
- Preferred contractor status for approx. $750 million
Commenting on our preliminary results, Managing Director, Cameron Henry, said:
“We believe the FY20 financial results highlight the next evolution of the Primero model. Full year revenue of over $200 million, with current contracted orders already standing at $230 million for FY21, ably demonstrate the substantial growth trajectory in Primero’s reach and delivery brand.
“We continue to invest in our capacity to deliver larger and higher margin projects. This platform is what enables us to credibly pursue these opportunities and then ultimately deliver on them for our Tier 1 client base. Just as critically, we are also resolutely focussed on the successful practical and economic delivery of our current contracted order book at its robust projected margin levels.”