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The Wagner Group, which recently was listed on the ASX, has released its latest financial results.
The Wagner Group, which recently was listed on the ASX, has released its latest financial results.
 









Wagner reports increased earnings

The Wagner Group, the Toowoomba-based family building materials company, has announced that its profit and earnings have significantly increased in the first half of 2018.

According to Wagner’s financial results for the period ending 31 December 2017, the company’s net profit after tax increased 50 per cent to $14.3 million while its earnings before interest and tax (EBIT) rose 37 per cent to $23.6 million.

Gross profit was up 37 per cent to $75.1 million, while revenue increased 23 per cent to $121.2 million. The report also indicated an increase of 26 per cent in its construction materials and services and a 24 per cent increase in its ‘new generation’ building materials when compared to the previous year’s corresponding period.


"We are actively pursuing a number of opportunities and are very excited about the potential some international markets could offer our new generation building materials business."
Cameron Coleman, Wagners CEO

Additional initiatives that contributed to the company’s earnings included ‘strong’ increases in its concrete market – an 18 per cent increase when compared to the first half of FY2017 – with its concrete plants in Brisbane and Toowoomba delivering to the local market throughout December.

The company also undertook projects in the USA, UK and New Zealand worth $AUD8 million and had its Wellcamp quarry running at full capacity during the period, Wagners CEO Cameron Coleman said.

“Wagner’s first half results are in line with expectations, with increased revenue across both the construction materials and services and new generation building materials businesses,” Coleman added.

“We are actively pursuing a number of opportunities and are very excited about the potential some international markets could offer our new generation building materials business.”

Floating on the ASX

A recent company prospectus delivered by stockbroking company Morgans has also contributed to raising Wagner’s financial standing.

According to the report, Wagner’s primary initial public offering (IPO) will comprise of raising $100 million through 36.9 million shares at $2.71 per share.

Furthermore, the company – which was listed in late 2017 – will use its proceeds to pursue a ‘range of growth opportunities’ including new product development, an expansion of its market presence in cement and concrete, and potential future market consolidations such as acquisitions.

“Additionally, an ASX listing will provide Wagners with access to equity capital markets, give our employees an opportunity to participate in the ownership of the company and provide a liquid market for shares,” the Morgans report added.

The prospectus also noted that Wagners intended to establish additional ready-mix concrete plants in south-east Queensland, with ‘immediate’ plans to commission two concrete plants this year and a third in 2019.

Quarry contacted a Morgans senior analyst who oversaw the report for additional information but had not received a response at the time of publication.

More reading
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Tuesday, 23 October, 2018 10:06am
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