• Revenue of A$502.9 million, up 2.2% from 1H FY24
• EBITDA of A$52.9 million, down 11.2% from 1H FY24
• Net asset value per share increased 13.6% to 97.9 cents

Civmec Limited has announced its financial results for the half-year ended 31 December 2024 (1H FY25), showcasing continued profitability and a strengthened balance sheet. The company reported revenue of A$502.9 million, a 2.2% increase from the same period in the previous financial year. However, EBITDA decreased by 11.2% to A$52.9 million, with EBITDA margin declining by 1.6 percentage points to 10.5%. Net profit after tax (NPAT) also decreased by 16.9% to A$26.5 million. Despite the decrease in profitability, Civmec's net asset value per share increased by 13.6% to 97.9 cents, and the company maintained its interim dividend of 2.5 Australian cents per share, consistent with the previous year. The company's order book stood at A$633 million, down from A$1,002 million in the same period last year. Civmec's CEO, Patrick Tallon, highlighted the company's commitment to delivering excellence to all stakeholders, despite the decrease in profitability compared to the exceptional results in the previous year. The company continues to invest in its people and focus on operational efficiency to drive future growth. Civmec has also made significant progress in the due diligence process for the ownership transfer of Luerssen Australia Pty Ltd, which is responsible for building six Arafura Class Offshore Patrol vessels for the Royal Australian Navy. The revised effective date for the transfer is set for on or before 1 July 2025.

Civmec has observed a shift in market conditions, driving delays in the timing of key project awards or the re-scheduling of projects. These delays and re-scheduling are expected to result in lower levels of activity for the Group during 2H FY25, with the potential to extend into 1H FY26.

Despite the challenges, Civmec notes that the pipeline of tendering activities remains strong, and forward indications are positive for upcoming projects across various sectors. The company is actively collaborating with a diverse range of clients on approved expansion, sustaining, and maintenance projects, as well as providing budget estimates for projects currently under feasibility studies.