“ Despite a challenging first half, DRA performed solidly in the second half of the financial year to deliver a modest full year Underlying EBIT profit of A$7.0 million, a A$23.4 million turnaround in the second half. This followed strong operational and safety performance in our core EPCM and operations and maintenance businesses in each region.
This improvement in financial performance during H2 FY2022, combined with securing A$638 million in new contracts and extensions, validates the decisions we made during FY2022 to reset and strengthen the business – to focus on quality of earnings, and ensure sustainable future profitability and growth.
Having reshaped our operating model and corporate structure, commercially resolved legacy fixed-price construction contracts and divested the G&S Engineering business in APAC, our FY2022 result represents a rebasing of the business. Our performance throughout the second half of the year demonstrates the positive trajectory expected as we move forward.
DRA enters FY2023 with committed orders of A$858 million and approximately 60% of forecast FY2023 revenue. From our reliably performing EMEA foundation, leveraging our growing presence in North and South America, and the restructured APAC business, we expect to re-strengthen our balance sheet and enhance cashflow generation over future periods to deliver growing shareholder value."
James Smith, DRA Global CEO