Manufacturing profits briefs – stories you might have missed

Calix grows on revenue and margin gains in water businesses

Industrial technology company Calix has reported a gross profit up 126 percent on the previous corresponding period to $12.2 million on revenue and other income up 28 percent to $16.3 million for the half year ended December 31, 2023. Growth was driven by revenue and margin contribution from Calix’s water line of business, and a new revenue stream from delivering engineering services related to its Leilac subsidiary. Leilac is pioneering a new kiln technology to slash emissions in making cement and lime. Managing Director and CEO Phil Hodgson said: “It is pleasing to see the diversification of our revenue streams and the benefits of commercialising our platform technology across multiple applications.”

Codan grows on organic growth and acquired businesses

Communications and metal detection company Codan has posted strong growth for H1 FY24 on organic growth in its two main areas of business and the acquisition of the Eagle and Wave Central businesses during the period. Net profit after tax was up 24 percent to $398.1 million on group revenue up 26 percent to $265.9 million on the previous corresponding period. Communications revenues were up 12.5 percent and revenues from the sale of metal detectors for prospecting and defence use were up 49 percent. Codan Chief Executive Alf Ianniello said the company’s communications business had an order book of $183 million, up 12 percent.

Bega Cheese posts profit rise on success of branded products

Bega Cheese has announced a profit for the first half of FY 24 of $86.1 million, up 20 percent on the previous corresponding period on revenue up three percent to pass $1.7 billion. Profitability in the branded segment increased significantly with EBITDA up $66.6 million or 153 percent. Bulk segment profit was down by $55.1 million as prices for global dairy commodities remained disconnected from Australian farm gate prices. Bega told investors: “The result reflected the importance of the diversity of the group with strong performance in branded more than offsetting the decline in the bulk segment.

Austal earnings up, driven by USA results

Shipbuilder Austal has reported a strong recovery from a loss of $2 million in H1 FY23 to record an EBIT profit of $32.1 million in H1 FY24. Net profit after tax was $12 million set on revenue down due to a lower contribution from Australasia from $777 million to $717.7 million. During the half the company’s orderbook, now stretching out over 10 years, rose by $5.7 billion to reach $12.7 billion. Austal told investors it was targeting further defence project opportunities in the US and Australasia following the release of the review of the Royal Australian Navy’s surface fleet. CEO Paddy Gregg said: “Our forward work programme has never been so large and our support from governments and navies in the United States and Australia has never been stronger.”

Maggie Beer recovers on strong online channel sales

Luxury food manufacturer Maggie Beer Holdings has reported a solid recovery in sales in the half year ended 31 December reflecting strong performance in its online channels. Net sales were up 0.9 percent to $58.9 million. Maggie Beer retail sales were down 0.6 percent while online sales rose 1.8 percent. During the half the company expanded its offerings of stocks, broths and finishing sauces into Coles supermarkets, and launched ice creams into Woolworths. The company’s Hampers and Gifts Australia segment delivered strong growth reflecting the strength of ‘The Hamper Emporium’ brand, according to a statement.

XRF Scientific’s strong profit growth

Scientific equipment and chemicals manufacturer XRF Scientific (picture) has reported net profit after tax up 20 percent to $4.5 million in the December 2023 half year on sales revenue up six percent to $28.6 million. The company announced a record profit before tax of $3.4 million. The mining sector remained a key driver of activity and the consumables division generated a profit before tax of $2.9 million.

Guidance for full-year unchanged in Quickstep’s results

Composites specialist Quickstep Group has announced its half-year results, with an unchanged guidance for the financial year of revenues between $103 million and $106 million and a positive EBIT. In a statement on Friday, it claimed improved performance across its three divisions: aerostructures, aftermarket and applied composites, with improved gross profits for the half-year versus the corresponding period by five per cent, 58 per cent and 85 per cent. The lift in applied composites revenues was driven by drone contracts with Carbonix and Swoop Aero: “The Applied Composites business which is focused on servicing the developing commercial drone market delivered a sales uplift of 85% to $1m…”

Picture: XRF Scientific