Dual-listed Civmec recorded a 34 per cent net profit drop to $42.5 million last financial year, but insists the future is bright with a record order book worth $1.25 billion.
Dual-listed Civmec recorded a 34 per cent net profit drop to $42.5 million last financial year, but insists the future is bright with a record order book worth $1.25 billion.
The diversified engineering contractor, dual-listed in Australia and Singapore, posted its full-year results after market close on Thursday, highlighting a growing order book driven by a defence uptick and green infrastructure projects in Western Australia.
But it comes off a lower base, with a substantial drop in revenue notable between the years.
Civmec revenue fell from $1.03 billion to $810.5 million year-on-year, with its net profit after tax down from $64.4 million to $42.5 million as a result.
The company’s order book lifted significantly over the same period, from $853.4 million last year to $1.25 billion at the end of FY25.
That was attributed in part to the company’s acquisition of Luerssen Australia – the local arm of the German shipbuilder with which Civmec shared a facility with in the Henderson precinct.
The Luerssen deal was funded out of Civmec’s cash reserves and made the company a sovereign Australian shipbuilder, tasked with completing an order of Arafura-class marine patrol vessels for the Department of Defence.
Civmec chair James Fitzgerald said the $20 million acquisition marked an “exciting new chapter” for Civmec and solidified the company’s capabilities in the burgeoning defence space.
Beyond Luerssen, Civmec said its order book had been replenished by “a steady flow of smaller contracts” with an uplift of activity in the second half of FY26.
“The significant increase in our order book to over $1.25 billion is testament to the trust our clients place in Civmec and the dedication of our people,” Civmec Australia chief executive Patrick Tallon said.
"This robust pipeline is being driven by a steady flow of new awards across all our core sectors, including resources, infrastructure, energy and defence following the Luerssen Australia acquisition.
“We are seeing strong momentum in tendering activity, with a healthy mix of large-scale projects and recurring smaller contracts that support a sustainable and diversified revenue base.
“Our recent project wins and ongoing client engagements position us well to capitalise on Australia’s infrastructure and decarbonisation agenda, as well as the growing demand for sovereign defence capability.”
The resources sector generated the bulk of Civmec’s revenue last year.
Fellow Henderson shipbuilder Austal will share its full-year results on Friday morning.
