Oil and gas industry composites manufacturer Matrix Composites has been hard hit by the Covid-19 pandemic, reporting subdued revenue in the latest financial year and sparking a strategic review of its businesses.
The company, which supplies buoyancy systems for undersea gas and oil installations and pipelines (pictured below), reported unaudited fourth quarter revenue of $27.5 million.
The company foreshadowed a reduction in the carrying value of its assets to reflect Covid-19 related project delays, deferrals and reduced customer capex, which will be reflected in the audited accounts.
While Matrix continues to service traditional capex project work it is pivoting to maintenance and sustainment work in the Australian LNG sector as well as emerging markets in mineral resources and defence.
The company has already paid $2.4 million to acquire plant and equipment and an exclusive distribution agreement for Acotec’s Humidur Coatings products in Australia.
Matrix has already received $1 million in orders for the coatings which increase the service life of infrastructure and plant.
The company has engeged Azure Capital to review corporate and business options, including growth pathways and ownership and equity structures.
Pictures: Matrix Composites
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