CVL – Civmec Limited
It is possible that there has not been the market interest because of being domiciled in Singapore.
I bought today on the strong breakout esp in P&F chart (not shown as it makes eyes glaze over here) at 130 from open.
A few extracts from the Chairman’s Statement in the Annual Report:
Fittingly, this is our first Annual Report since announcing our intention to re-domicile the head company from Singapore to Australia. This became effective on 4 September 2024, through a restructuring of the company by way of a scheme of arrangement…….
……we are optimistic that this will further position Civmec as the contractor of choice for future Australian content requirements, not only increasing our opportunity pool, but further strengthening the business and its overall appeal to investors.
Financial Performance
….. in FY24, Civmec achieved exceptional financial results, culminating in our revenue surpassing A$1 billion for the first time in our history. Furthermore, we attained our highest ever Net Profit After Tax figure, A$64.4 million – a remarkable achievement that reflects our unrelenting commitment to growth.
We strengthened our cash position, transitioning from a net borrowing position of A$76.5 million in FY19 to a net cash position of A$24.5 million (excluding lease liabilities).
Our increased net assets now stand at an impressive A$488.2 million…..
….We will continue to focus on cash generation and the maintenance of a strong balance sheet to support our strong operational performance and growth strategy.
Dividends
…… Since our listing on the ASX, we have generated A$232.2 million in profit and returned more than A$75.5 million to our shareholders through dividends.
Our Board of Directors has declared a final cash dividend of A$0.035 per share. The payment will bring the full-year dividend to A$0.06 per share, representing a 47% payout ratio…..
