Industrial composites systems manufacturer Matrix Composites & Engineering plunged to a $64.5 million loss after tax in the 2020 financial year with delays, deferrals and reduced capital expenditure in the oil and gas sector.
Underlying EBITDA loss is $3.7 million, the difference made up by asset write downs as its markets were challenged by the effects of Covid-19.
Turnover for the year was $27.4 million, down from $38.2 million.
The company’s key market is underwater buoyancy systems for oil and gas producers, though it also sells into infrastructure, resources, defence and transportation sectors.
During the year it announced a pivot towards brownfields maintenance and sustainment work in the LNG and resources sectors.
CEO Aaron Begley said: “This work is highly adjacent to our traditional buoyancy products supplied to the oil and gas sector, which we will continue to target, but less exposed to the cyclical nature of oil and gas.”
Picture: Matrix Composites
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