GEORGIOU RECORDS STRONG FY22 PERFORMANCE

National building construction and civil engineering company Georgiou Group has today released its financial results for the 2022 financial year, with the company announcing 90% of their work-in-hand for FY23 is already secured.

Operational highlights

The company’s revenue of $926.1 million (FY21: $628 million) can be attributed to the ongoing expansion of the company’s east coast operations and improved conditions across market segments in WA.

Overall, the company delivered another solid performance and is well-placed given the current work in hand, delivery capabilities and tender pipeline.

“The outlook for the business remains strong with the Federal and state governments continuing to invest in transport, infrastructure, water and health, whilst the private sector continues to provide good opportunities across our core business sectors of resources, building, and land development,” explains CEO Gary Georgiou.

“Our prospects pipeline is circa. $9bn which allows us to be selective on pursuing project opportunities that align with our business capability and strategic plan.”

Mr Georgiou said a large percentage of the company’s work-in-hand consists of collaborative style contracts including alliances, early contractor involvement and negotiated contract models.

“The construction industry has been affected by increased prices in construction materials and bottlenecks in the supply chain in the last 12 months. The contract models of current work-in-hand has positioned us well to navigate through these pressures. The majority of existing projects have rise and fall provisions. This gives certainty on being able to control project costs and surety of delivery for our clients.”

Georgiou’s FY22 profit (PBT) was $22.3 million (FY21: $17.1 million) and current work-in-hand is circa $1.6 billion with recent project awards in Queensland and NSW.

“None of our success is possible without our dedicated team who has helped us deliver on client and community commitments, whilst having each other’s backs and improving our safety performance by more than 15% over the past 12 months.”