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In February, we released our results to the ASX for the six months to 31 December 2023.
Revenue was over $1 billion for the period, a 5.8 per cent increase on the same time last year. We secured more than $1.8 billion in new contracts and contract extensions since 1 July 2023, with major contracts secured in the energy, lithium and iron ore sectors.
Net profit after tax was $30.1 million, up 3.2 per cent, and will support a half year dividend of 25 cents per share to shareholders.
The Maintenance and Industrial Services team achieved a record half year revenue result of $708 million, up 4.6 per cent from this time last year. This was driven by a number of significant onshore and offshore turnarounds undertaken within the energy sector, as well as high levels of demand for maintenance services and sustaining capital works across all market sectors.
Our Engineering Construction division delivered revenue of $303 million, which is up 9.2 per cent on the same period last year. The division was also awarded significant new construction contracts valued at around $750 million.
As part of our continued expansion into renewable energy, Zenviron, our renewable energy joint venture, entered the energy storage market with the award of its first EPC battery storage project.
We welcomed the Melchor team to the Monadelphous family, with the strategic acquisition of the Perth-based structural concrete business further broadening our construction offering to now include civil capability.
Overall, our team has grown substantially, with employee numbers up by around 20 per cent compared to 30 June 2023 as a result of the increase in construction activity, as well as the acquisition of Melchor. Special thanks to our recruitment and mobilisation teams for this great outcome, especially given the challenges of a constrained labour market.
We continued our unrelenting focus on ensuring “The Safe Way is the Only Way”, with our Serious Incident Frequency Rate (SIFR) remaining near historically low levels. Our 12-month Total Recordable Injury Frequency Rate (TRIFR) at 31 December 2023 was 3.82 incidents per million hours worked and continues to be an area of focus for us.
We were proud to earn a number of industry awards for our commitment to innovation and safety performance and our Gladstone team were recognised as winners of the Managing Director’s Safety Innovation award.
As part of our commitment to giving back to the communities where our people live and work, we supported approximately 70 local groups and initiatives by contributing more than $170,000 in funds and nearly 400 hours of voluntary work.
Looking forward, we will continue to target strategic growth opportunities, with strong prospects in the resources and energy sectors and production across most commodities forecast to remain high. This will support our clients continued capital and maintenance spend.
While levels of mining and mineral processing development in the energy transition metals sector are forecast to remain high over the longer term, there has been some price volatility in specific commodities which may lead to a further decrease in production or deferral of capital investment, as our clients focus on reducing costs.
This has been another successful half year across the business and is a great testament to our people, the strong reputation and relationships we have, and our culture.
I want to take this opportunity to thank all of you for your continued support and contribution to these results.
If you’d like to read more about this morning’s results, you can do so here.
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