PWR’s investment in expansion pays off

Automotive, aerospace and defence manufacturer PWR Holdings has reported record sales and profits in FY23 as it continued its expansions internationally and into new market segments.

The manufacturer of specialist radiators for F1 cars reported EBITDA operating profit up 9.2 percent on the previous year to $39.1 million, on revenue up 17.1 percent to $118.3 million.

Net profit after tax of $21 million for the year to June 30 was up 4.4 percent on the previous year.

The Gold Coast, Queensland company, whose PWR Advanced Cooling Technology business extended its operations into aerospace and defence markets during the year, saw growth across all key markets – organic growth was 16 percent and the company also benefitted from positive exchange rate movements.

Emerging technologies, such as the company’s involvement in BAE Systems Australia’s STRIX drone, now represents 18.7 percent of revenue.

However automotive original equipment manufacturer revenue increased by 19.4 percent on existing and new programmes.

During FY23 PWR began reducing raw material inventory holdings which it had increased in response to the impact of Russia’s invasion of Ukraine on global aluminium supplies.

PWR Chairman Teresa Handicott said that during FY23 the company had continued to deliver on its growth objective through implementation of its capital investment and research and development programmes.

Founding shareholder and Managing Director Kees Weel said: “The team made great progress in establishing a United Kingdom manufacturing facility, bringing together the existing PWR business and the recently acquired businesses of Docking Engineering and Bespoke Motorsport Radiators into the new faciluity in Rugby.

“PWR continues to invest in equipment, factory space and people to capitalise on future growth.”

Further reading:
Defence industry partnering for success – how PWR went from F1 to drone technologies
PWR and aluminium specialist Constellium to partner on heat exchangers

Picture: PWR Advanced Cooling Technology/additive manufacture