Our 2023 Full Year Results

Recently, we were pleased to announce our 2023 full year results.  

In total, we recorded sales revenue of $1.83 billion for the year (down 5 per cent on last year), including a record $1.3 billion from Maintenance and Industrial Services and $542 million from Engineering Construction.  

The result reflects strong demand for our maintenance services across all sectors, particularly in energy. As everyone’s aware, construction activity was impacted by delays in the timing of award and commencement of new major projects, however we continued to experience high levels of construction tendering throughout the year and participated in a number of early contractor engagement assignments.       

Net profit after tax increased slightly to $53.5 million, generating earnings per share of 55.8 cents. 

We ended the year with a solid cash balance of $178.3 million. Our discipline in maintaining a strong balance sheet continued to support our markets and growth strategy, and enabled us to invest in opportunities, such as our purchase of Victorian-based BMC.  

In safety, we continued to focus on the identification, elimination and mitigation of fatal risks and the delivery of sustained improvement in health and safety outcomes. This included improving relevant infield risk management tools and rolling out a series of fatal risk awareness campaigns.  Pleasingly, our serious incident frequency rate remains at historically low levels.  We also launched our Respect@Monadelphous behavioural framework, which aims to further embed respectful behaviours across our operations. 

We continued to strategically target new work opportunities while ensuring we only take on the appropriate level of risk. Since the beginning of the financial year, we secured approximately $2 billion of new contracts and contract extensions, including $350 million of construction work post year end (the first in a new wave of construction activity), ensuring a strong pipeline of work for the coming year. 

In the iron ore sector, we were awarded new work with long-term customers, including BHP, Rio Tinto and Fortescue. We also won a major construction contract and two strategic long-term maintenance contracts in the lithium sector with Albemarle at their Kemerton operations in the south west of WA. These came on the back of the successful delivery of earlier construction packages at the project.     

In the energy sector, we were awarded both available two-year extensions to our contract with INPEX, as well as an extension to our contract with Santos in Papua New Guinea via our joint venture with Worley.    

Importantly, we continue to develop our approach to sustainability. During the year, we formalised our Emissions and Energy Reduction Roadmap, launched our second Stretch Reconciliation Action Plan and continued to progress the commitments in our Gender Diversity and Inclusion Plan. We also supported more than 120 initiatives, contributing over $300,000, in the communities where we live and work.  

Our Managing Director, Zoran Bebic, said he was extremely proud of everyone’s contribution this financial year, and everything the team has been able to achieve as a result.  

“Our team is well known for delivering what we promise, like clock-work and to a high standard, but most importantly, safely. Thank you for your efforts – I look forward to seeing what we can achieve in 2024,” he added. 

If you’d like to read more about our results, you can do so here.