- Southern Cross Electrical Engineering has announced a strong second half of the year which was up 62 per cent over the first half
- Revenue for the year was $386 million which is an 11 per cent increase
- Its public infrastructure and defence revenues increased significantly from $44.1 million to $143.4 million
Southern Cross Electrical Engineering has announced a strong second half of the year which was up 62 per cent over the first half.
Revenue for the year was $386 million which is an 11 per cent increase since last year. Southern Cross second half of the year revenues were higher than the first half at $204.2 million compared to $181 million in the first half.
Southern Cross has grown to become one of Australia’s leading electrical, instrumentation, communication and maintenance services companies.
The company’s public infrastructure and defence revenues increased significantly from $44.1 million to $143.4 million and it became Southern Cross’s largest sector.
In transport work was completed on the Westconnex M4 in New South Wales with ongoing works on the Westconnec M5 project and Northlink road project in Western Australia.
In the health sector the company ramped up Westmead Hospital in NSW and it completed the University of Canberra Hospital in Canberra.
The full year revenue was expected to be $400 million, Southern Cross said it was behind due to the earlier than anticipated demobilisation of the Westconnex M4 Project.
Southern Cross resource sector dropped $37.1 million due to the Wheatstone LNG project completed early. The business still continues to work with mining giants Rio Tinto and BHP Billiton facilities.
CEO Graeme Dunn says that 2019 saw Southern Cross continue to improve its financial performance with record revenues and increased profitability.
“We continue to see the benefits of our diversification strategy with significant projects being performed across Australia in our five sectors,” he said.
Net cash for the company at the end of June 2019 was $53.3 million with no debt compared to $58.1 million at the start of the year.
Southern Cross says it has an order book for FY20 of $360 million, which was similar to last year.
“We expect a continuation of this strategy to lead to further growth in FY20. Our healthy balance sheet and order book of $450m including over $360m of work to be performed in FY20 puts us in a strong position to achieve this,” Graeme said.