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Inframax Construction Limited publishes annual result

30 Nov 2022, 9:21 AM



Inframax, Construction Ltd has reported an after-tax loss of  $0.8m for the year to June 2022. 

Board Chairperson, Earl Rattray, who took over the role in April 2022, said the result reflects a challenging year, and is disappointing after recording an unbroken run of profitability over the past nine years.    

Mr Rattray said businesses everywhere are feeling the impact of inflation.

"We have had to manage the delicate balance between absorbing these costs while honouring historical contractual obligations.

“At the same time, non-recurring expenses incurred after the flooding event at one of quarries  when unprecedented rainfall from Cyclone Dovi hit Waitomo, together with the loss of production, has been a major contributor to the negative business result this year.

“While we learn from the past, our focus is on the future."

Mr Rattray said Inframax is regaining momentum after putting a difficult period behind us and has a line of sight to return to profit. 

"The underlying capability of the business is highlighted by the recent award of a large road maintenance contract with Ruapehu District Council and our growing construction order book.”

In the last quarter of the June 2022 financial year, shareholder Waitomo District Council, refreshed the Inframax board of directors, welcoming Janie Elrick, Hugh Goddard and Chris Ryan as new directors. 

The business also welcomed new CEO, Vesta Gribben, in March 2022 to lead the executive and management functions of the company.

Mr Rattray welcomed the new board of directors and Chief Executive Officer.

“This is a well-balanced and experienced governance team supporting a highly motivated CEO, all equally committed to the success of Inframax as a key service provider in the regional roading network and a major King Country based employer."

CEO, Vesta Gribben, said since starting with the business she has been impressed by the dedication, capability and commitment of the Inframax team and the high-quality services delivered to customers and communities where Inframax operates.

“Whilst the financial result of the past year does not reflect it, there are a number of positives to take out of the twelve months to 30 June 2022 which places the company on a sound future footing and can provide our people, customers and shareholder, confidence in the outlook of the business. 

"Our annuity revenue order book, secured by long-term maintenance contracts, was strengthened in the year through the commencement of our partnership agreement with Fulton Hogan on the Waka Kotahi West Waikato Network Outcomes Contract, the extension of our road maintenance contract with Waitomo District Council and the award of road maintenance contract with Ruapehu District Council,” said Ms Gribben.

“The confidence of these customers in Inframax bears a direct correlation to the talent, skill and knowledge of our people and the underlying strengths of the business.

“Looking ahead, management’s focus is to quickly pivot from this challenging year and to build on the strengths of the company to bounce back in the next financial year."