Austin Engineering is entering the 2024–25 financial year (FY25) with a spring in its step after closing out FY24 with growth across the board.
Group underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 48.9 per cent to $46.6 million.
Total FY24 group revenue increased 21 per cent year-on-year to $313.2 million, and underlying net profit after tax rose to $31 million from $18.1 million in FY23.
“The results reflect a doubling down on our Austin 2.0 operational strategy, which has led to increases in revenue, forward order book, and a much stronger cashflow position at the end of the year,” Austin chief executive officer David Singleton said.
“Our improved financial performance has been driven by a series of initiatives designed to enhance operating efficiencies and lower costs across our business units, which has led to a continued growth in margins.”
Having kicked off in 2022, Austin 2.0 aims to boost customer and sales growth opportunities in all of the company’s operating regions.
This has been largely defined by the investment in and growth of Austin’s Indonesian operations in Batam, which are serving as a central point of manufacturing capacity expansion.
“Customer focus has been a business priority for Austin in FY24,” Singleton said.
“We’ve invested in increasing the size of our sales and product support function and added a central marketing capability.
“This has helped us to end the financial year with a 30 per cent year-on-year increase in our order book, which we expect will drive further revenue growth as we move into the new financial year.”
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