The Australian shipbuilder Austal significantly increased sales and earnings in the first half of the current financial year.
Group sales increased by 34% to $1.1 billion, while the operating result (EBIT) rose by 41% to $60.3 million. Below the line, the company achieved a net profit of $30.5 million.
The main growth drivers were the activities in Australia and Asia, where higher capacity utilization in the military and service business led to significantly better results. Although revenue increased in the USA, earnings remained under pressure due to cost increases in naval programs and investments in the expansion of shipyard capacities.
Order backlog at a new high
The order backlog reached a new high of $17.7 billion. New defense orders from Australia contributed significantly to this. In particular, this includes an order worth around $2,8 billion for the construction of eight 100-meter-long landing craft (Landing Craft Heavy) for the Australian armed forces. The units are to be built at the Australian site in Henderson from 2026 and form a central component of Australia’s amphibious transport and logistics strategy.
Net liquidity fell to $241 million, which is primarily due to high investments in the expansion of US production capacities. An interim dividend was therefore not distributed.
Austal expects EBIT of around $110 million for the year as a whole. The focus in the second half of the year will be on improving operating performance in the US shipyards and implementing the extensive defence programs, which are intended to secure long-term capacity utilization for the company.
