Wagners books strong profit
TOOWOOMBA-BASED Wagners Holdings Co Ltd has delivered a full year profit in line with its prospectus forecasts, driven by strong growth in cement volumes.
The construction materials and services provider yesterday reported a pro forma net profit of $23.2 million for the year to June 30, 2018, up 50.7%. CEO Cameron Coleman said results were in line with expectations.
TOOWOOMBA-BASED Wagners Holdings Co Ltd has delivered a full year profit in line with its prospectus forecasts, driven by strong growth in cement volumes.
The construction materials and services provider yesterday reported a net profit of $24.8 million for the year to June 30, 2018, up 30.4 per cent.
Wagners recorded a pro forma net profit of $23.23 million, up 50.7% and in line with the pro forma prospectus forecast of $23.20 million.
The result was driven by a 20.2 per cent jump in revenue to $231.5 million. The company declared a fully franked final dividend of 3.5 cents per share.
Wagners said its performance for the period indicated strong growth and a financial performance in line with expectations and the prospectus forecast.
Wagners CEO Cameron Coleman said results were in line with expectations.
“We have experienced
‘‘ WE HAVE ALSO SEEN SIGNIFICANT IMPROVEMENT ACROSS THE BALANCE OF THE CONSTRUCTION MATERIALS AND SERVICES BUSINESS.
strong cement sales as a result of increased concrete consumption and increased activity in the renewable energy projects in South East Queensland,” he said.
“We have also seen significant improvement across the balance of the construction materials and services business compared to the previous financial year.
“During the year we have invested in our concrete strategy, haulage assets and expansion of quarry reserves and we expect to continue to invest in assets to enable our business to grow.
“We are excited by the opportunities that are presented for our New Generation Building Materials business both in CFT and EFC and we look forward to the delivery of our first pedestrian boardwalk in the United States later this year.”
The company noted strong growth in cement volumes, increased bulk haulage and increased precast revenue contributed to revenue meeting forecasts.
Wagners Holdings said it was in a strong position to benefit from the large pipeline of infrastructure work in southeast Queensland which was scheduled to start late in the 2019 financial year and continue for four to five years.
“This will provide significant benefit to the construction materials and services offered by the group, and will also provide opportunities for the use of the new generation building materials,” it said.
CAMERON COLEMAN