Austin Engineering has announced an upgrade to its expected full year 2022 EBITDA to a minimum of $32 million, in response to improved margins particularly in the second half of the year.
The result is a 7 per cent increase on previous guidance announced by Austin in its 1H22 results of about $30 million, and equates to a 2.5 times increase in earnings from FY21 ($12.7 million).
Austin said its order book on July 1, 2022 was about $49 million higher than at June 30, 2021 (FY21). The order book is expected to driver higher first half revenue in FY23 compared to FY22.
Order book growth has been recorded in all of Austin’s operating regions across Australia, Indonesia, North America and South America. Increased demand for truck trays and buckets, and an increase in contract wins has contributed to the result.
Austin chief executive director and managing director David Singleton said the growth in the second half of the year, and continued positive order flow, has established a solid outlook for FY23.
“The bid win rate increase across the business is a direct result of some of the strategic growth measures we have put in place over the 2022 year, and I’m extremely pleased the measures are already resulting in a strengthened financial position,” he said.
For more than 50 years, Austin has partnered with mining companies, contractors and original equipment manufacturers to create innovative engineering solutions that deliver productivity improvements to their operations.
Austin is a market leader in the design and manufacture of loading and hauling solutions, including off-highway dump truck bodies, buckets, water tanks and related attachments, supporting both open-cut and underground operations. Complementing its proprietary product range are repair and maintenance services performed in its workshops and on clients’ mine sites, and spare parts.
The company is headquartered in Perth and has operations around the world in Australia, USA, Canada, Chile and Indonesia serving many of the major mining sites in the world both directly and through local partners.
