MACA work in hand soars

DESPITE a drop in full-year profit, the outlook is bright for contractor MACA.
MACA work in hand soars MACA work in hand soars MACA work in hand soars MACA work in hand soars MACA work in hand soars

Staff reporter

Revenue for the 2019 financial year rose 18% to A$665.7 million, EBITDA was down 10% to $70.7 million and net profit after tax dropped 13% to $20.6 million.

The company said the second half of FY19 delivered stronger margins and cashflow after significant capital investment.

"This capital outlay for new projects and growth within existing projects that have been extended provides a solid platform for MACA of work going forward," the company said.

"The significant capital investment into the business has been achieved with a prudent and modest level of gearing, supported by a strong focus on cash management."

Net debt was $82.8 million, including bank debt of $142.1 million.

Debt owed to the company by Great Panther Mining has reduced from $60 million to $27 million.

The board elected to pay a final dividend of 2.5c per share, taking the full-year payout to 4.5c per share, down from 6.5c for FY19.

Importantly, work in hand has jumped 65% year-on-year to $2.11 billion.

Mining work accounts for 88% of the total, with 59% in gold and 34% in coal.

MACA expects FY20 revenue to rise to $720 million, of which over $500 million relates to mining and crushing.

Shares in MACA last traded at 90c, valuing the company at $242.1 million.