Half year results news briefs – stories you might have missed

Carbon Revolution begins mega-line production

Carbon fibre road wheel manufacturer Carbon Revolution has begun manufacturing its wheels on its mega-line production system which aims to boost volume output. Delivering half-year results, the Geelong, Victoria company said wheels had been produced on the line since January, and commissioning was progressing well. A statement said: “Several processes are already in production including the face lay-up, pre-heat, demould and tool management system. These systems are operating well, and the company continues to systematically commission the overall line integration.” $14.8 million has been invested in the mega-line, with a further $4.8 million commited. Half year revenue for the company was $18 million, 2.3 percent up on the previous corresponding period.

Adbri secures price and volume growth

Construction materials manufacturer Adbri has reported full year revenue of $1.7 billion, up 8.4 percent on the previous financial year driven by price and volume increases. Statutory NPAT was $102.6 million, down from $116.7 million. Given capital required to complete the consolidation two Perth cement plants into one, the board did not declare a final dividend. CEO Mark Irwin said demand for the company’s products remained strong, however the result was impacted by higher operating costs and wet weather events. CEO Mark Irwin (pictured) said: “Despite some significant headwinds during the year, the company made solid progress on a number of strategic initiatives, including our Kwinana (WA) upgrade project, growth of our concrete and aggregates footprint through the Zanows acquisition, further recovery in our lime business, increased exposure to the infrastructure sector and divestment of some surplus land holdings.” Irwin has been appointed CEO following a period as interim CEO.

Aurora Labs benefits from contract extension

3D print bureau operator Aurora Labs has received a three year contract extension from aluminium manufacturer Alcoa for the provision of 3D printed parts and consulting services. The contract extension with subsidiary A3D Operations followed an initial two year contract period. CEO Peter Snowsill said that as the company’s 3D print track record grew, he expected customer demand and volumes would increase ‘steadily’. Snowsill said increasing additive manufacturing would drive demand for A3D’s printers.

A half year of losses hits Electro Optic Systems

Space, communications and defence manufacturer Electro Optic Systems has revealed a half year result marred by losses in discontinued and existing businesses. During the half the Canberra company stopped funding its SpaceLink satellite businesses to focus on its profitable areas. In the first half revenue was $137.9 million, down 35 per cent on the previous corresponding period. Including SpaceLink, EOS repoprted an operating loss after tax of $115.6 million, compared to a loss of $13.8 million in the previous reporting period. However losses were not seen only in discontinued businesses. Underlying EBITDA from continuing operations was $42.9 million compared to a profit of $22.8 million. As at 31 December 2022 EOS held cash of $21.7 million.

Ainsworth still recovering from Covid supply chain disruptions

Poker machine and gaming manufacturer Ainsworth Game Technology reported underlying first half profit after tax of $15.5 million compared to $6.1 million in the previous corresponding period on revenue up 23 percent to $124.1 million. The company said cash flow from operations was a deficit of $8 million for the period compared to a surplus of $31 million previously. Net cash holdings at December 31 were $36.5 million. Inventory increased 32 percent in the half to $90 million, resulting from global componentry supply chains and to ensure no delivery disruptions. Ainsworth said: “Given the currently planned investment in R&D being undertaken, the uncertaintities in global supply chain shortages and continuing inflationary cost pressures, dividends continue to be suspended to ensure strong liquidity.”

DroneShield’s record year

Drone detection and countermeasure manufacturer DroneShield reported a record full year result ended December 31, with revenue up 60 percent to $16.9 million. The company’s net loss narrowed by 82 percent compared to the previous year to $949,000, in what the company called a trajectory to profitability. CEO Oleg Vornik said 2023 was expected to be transformational for the company, following the winning of two orders of $11 million each in December and January. The company has no debt and cash of $20.5 million.

Picture: Adbri CEO, Mark Irwin