Georgiou in a strong financial position as FY23 results released

companies, Georgiou,

October 16, 2023

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National building construction and civil engineering company Georgiou Group has released its financial results for the 2023 financial year.

The company has announced a strong financial position and optimistic outlook despite challenging conditions in the construction industry.

• Revenue of $1.04 billion (FY22: $926.1 million)
• Group EBITDA of $45.7 million (FY22: $34.1 million)
• Cash $191.6 million at 30 June 2023 (FY22: $160.5 million)
• Current Work in Hand $1.6 billion (consistent with FY22)

National building construction and civil engineering company Georgiou Group has released its financial results for the 2023 financial year, with the company announcing a strong financial position and optimistic outlook despite challenging conditions in the construction industry.

The company’s revenue of $1.04 billion and strong profits can be attributed to ongoing improvement in operational excellence, coupled with improved market conditions and the continued transformation and growth of business units across Western Australia, Queensland and New South Wales.

“We’re incredibly proud to share our FY23 results. In addition to strengthening our financial position, we’ve continued to invest in the safety, wellbeing and development of our people, bolstered valued relationships with our clients and partners and enhanced the positive impact we’re able to make in the communities in which we work,” explains Chief Executive Officer, Gary Georgiou.

“The outlook for Georgiou Group remains strong, with continuing public infrastructure programs from both Federal and State Governments, in addition to private sector opportunities across our core business sectors of resources, renewables, defence, building, transport and land development.”

Mr Georgiou stated that impacts of inflation and supply chain issues appear to be easing, which should help to normalise the operating environment following several years of disruption to the construction industry.

Work-in-hand at 30 June 23 is $1.6 billion and Georgiou Group’s FY24 budget is positioned for additional growth. Prospects for the next 18 months total more than $10 billion, which allows the organisation to selectively pursue opportunities that align with business capability and location of resources.

“Our success ultimately results from our client’s success and our ability to deliver on our promises. We’re committed to living our values of care, integrity and excellence and we’re proud of the trusted reputation we’ve built.”

“Underpinning Georgiou’s performance is a deliberate focus on the development and growth of our people. We continue to strive to be an employer of choice – the best people to work with. I’d like to take this opportunity to thank our people for their loyalty, tenacity and unwavering drive to live our values of care, integrity and excellence each and every day.”

Source: Georgiou

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