Wagners ready to ramp up

TOOWOOMBA company Wagners has started work on a new concrete facility in London as part of its continued international expansion across Europe and North America.

The construction materials firm’s latest overseas move comes after it was revealed a $10m net profit in its 2020-21 financial year report this week.

With its composite fibre technology plant in Texas already under construction, CEO Cameron Coleman said the company was ready to ramp up sales of its earthfriendly concrete product with a new manufacturing site in northeast London.

“The US factory will be complete and delivering product by the end of this calendar year, and we’ve made the decision to manufacture our earthfriendly concrete product in London,” he said.

“We’re currently building a second manufacturing plant similar to the one we have in Queensland to be installed later this year in London.

“The establishment of this manufacturing facility will reduce our cost base and ensure we have product delivered to our customers in a timely manner.”

The latest profit report showed revenue was up nearly 30 per cent from the previous financial year, a result the company said was a strong sign it was moving past the economic impacts of Covid-19.

Mr Coleman said while lockdowns and border closures had muted the growth of its CFT business, increased construction activity in Queensland had underpinned the positive result.

“Construction activity in southeast Queensland (has driven revenue), including a major increase in precast concrete activities,” he said.

The company’s board elected not to declare a final dividend.

The result led to strong interest from investors.