Family-owned contractor Georgiou Group is continuing to pursue national expansion, with regulatory filings providing a detailed insight into its profitable growth.
Family-owned contractor Georgiou Group is continuing to pursue national expansion, with regulatory filings providing a detailed insight into its profitable growth.
The business has posted a 36 per cent lift in net profit to $34.6 million for the year to June 2024, according to financial statements lodged with ASIC.
That was off a 22 per cent lift in revenue to $1.26 billion.
The increase in revenue makes Georgiou WA’s seventh largest private company, according to Business News’ Data & Insights.
It has also become a major employer, with 915 staff.
The building and civil construction company has built on its strong market position in WA by expanding into NSW and Queensland in recent years and has flagged further national expansion.
“We continue to diversify our project portfolio by regionally entering Northern Territory, as well as the expansion of our services into the Defence, Resources, and Renewable markets,” the company stated.
It added that current market conditions have enabled it to secure work-in-hand (at 30 June) of $1.3 billion, with a large percentage of budget revenue and margin already in hand leading in to FY25.
The group highlighted its balance sheet strength, with net cash at 30 June of $215 million, net working capital of $84 million and equity of $103 million.
Total borrowings and lease liabilities were $51 million.
It paid a $20 million final dividend in May, following a $10 million dividend in 2023.
Its recent wins include a contract to build a six-level car park and transport interchange at Perth Airport, with construction scheduled to commence later this year.
In February it won a $107 million contract for the next major stage of the Ocean Reef marina development and has been contracted to build a six-storey apartment building for aged care group RAAFA.
The group recently commenced work on the $50 million superstructure for Perron Group’s $115 million Toyota distribution centre in Kewdale.
