Preliminary Final Report

• Full Year Earnings (EBITDA) of $8,236,458
• Net Profit After Tax (NPAT) of $3,293,761
• Completed strategic acquisition of Watmar Engineering Pty Ltd

Weststar Industrial Limited (ASX: WSI), an Australian industrial services company, has reported its FY24 preliminary results. The company recorded revenue of $205.6M, a 32.4% decrease from the previous year, primarily due to the completion of the Iron Bridge Wet Plant Project. However, the company achieved a net profit after tax of $3.3M, an 87.3% increase from the prior year. The company's EBITDA for the year was $8.2M, an increase of 36.7% on the prior year. Weststar continued to strengthen its balance sheet, with total equity increasing by 17.2% to $30M. The company's subsidiaries, Alltype Engineering and SIMPEC, both delivered solid performances, with Alltype Engineering achieving revenue of $91.9M and SIMPEC delivering revenue of $110.6M. The company also completed the strategic acquisition of Watmar Engineering Pty Ltd, which contributed $3M in revenue over eight months. Weststar continues to focus on delivering its projects safely, on time, and profitably, while also exploring new opportunities across various sectors, including the growing defence industry.

The company reported an EBITDA of $8,236,458 and a Net Profit After Tax of $3,293,761 for the financial year ended 30 June 2024.

The company continues to progress its construction works primarily in Western Australia, New South Wales and Queensland, maintaining its strong reputation with its valued customer base now on a national footprint. The company has circa $70M of work-in-hand with existing contracts, contract extensions and new projects secured across its subsidiaries.