Leading construction material and lime producer, Adbri reported that revenue has increased up to $812 million at the end of financial year (FY) 2021.
Adbri have reaffirmed a commitment to execute strategic priorities to deliver business improvement and growth, through a focus on reducing cost and improving operational efficiency, to transform the lime business.
Speaking on the challenges faced by the business and the execution of strategies for the future, Adbri’s managing director and chief executive officer, Nick Miller, said that the cost reduction strategies employed by the company will shape growth moving forward.
“We have delivered another period of top line growth, with increasing volumes across the majority of our product lines as strong demand continued in the construction and mining sectors, despite significant disruption to the business as a result of severe weather events on the east coast of Australia,” Miller said.
“The company has actively managed its pricing strategy to partially mitigate significant inflationary pressures while continuing to execute our cost reduction program to deliver savings and protect earnings.”
“Adbri enters the second half in a robust financial position to advance key strategic initiatives including the Kwinana Upgrade project, the Kalgoorlie kiln definitive feasibility study and the performance of recent acquisitions.”
Following the impressive results as a part of FY 2021, Adbri has also announced the recent appointment of Mr Dean Jenkins as an independent non-executive director, effective 23 August 2022.
As an experienced executive having held senior leadership positions across the transport, manufacturing, engineering, energy and resources sectors both domestically and overseas, Jenkins’ appointment is a part of the Adbri board’s commitment to restore a majority of independent directors, after the recent retirement of long serving Independent non-executive director Mr Ken Scott-Mackenzie.
Through the growth of concrete and aggregates, enhancing capability in infrastructure and actively managing land holdings, Abri has outlooks to increase an already solid financial position through 2022.
“We expect growth in underlying earnings for 2022, driven by increased contributions from cement, concrete, aggregates, masonry, joint ventures and recent business acquisitions, subject to weather, inflationary headwinds and traction with out-of-cycle pricing,” Miller said.