Georgiou with profit surge

Georgiou Group has reported a 64 per cent increase in profit and a 12 per cent uptick in revenue, citing improving conditions for the industry and growth in three states.

The Osborne Park-headquartered national construction group has attributed its performance in the recent financial year to growth in Western Australia, Queensland and NSW. 

In FY23, Georgiou Group’s profit before tax was $36.5 million, up from $22.3 million 12 months ago.

Its earnings before interest, tax, depreciation and amortisation was $45.7 million, up from $34.1 million the previous year.

The company also recorded revenue of $1.04 billion, up from $926.1 million in FY22.

Georgiou Group chief executive Gary Georgiou said the company had an optimistic outlook, despite challenging conditions in recent years.

“The outlook for Georgiou Group remains strong, with continuing public infrastructure programs from both federal and state governments, in addition to private sector opportunities across our core business sectors of resources, renewables, defence, building, transport and land development,” he said.

In WA, Georgiou Group is delivering the Tonkin Gap and Mitchel Freeway extension projects, as well as the infrastructure around several Metronet stations.

The company is set to complete construction of Fitzroy River Bridge, with Belmont construction company BMD Group, before the end of the year, which is six months ahead of schedule.

Mr Georgiou told investors that inflation and supply chain issues appeared to be easing, following several years of disruption to the construction industry.

As of June, Georgiou had $1.6 billion of work in hand, including $480 million of contracts in WA.