Press Release

Inframax restarts dividends after reporting another year of growth in the 12 months ending June 2024

Inframax Construction Limited (Inframax) has resumed paying dividends after reporting a $1.585 million pre-tax profit for the twelve months to June 2024 (FY2024), up from $1.371 million the year prior.

Inframax’s FY2024 financial performance:

• $49.000 million revenue, up from $40.142 million in FY2023
• $1.585 million profit before income tax, up from $1.372 million in FY2023
• Shareholders funds of $13.243 million, up from $12.560 million in FY2023
• All bank covenants met in FY2024

In June 2024 the directors of Inframax announced in the company’s statement of intent that they were delighted to advise that given the improvement in the company’s financial performance over the past two financial years, the prospects of making dividend payments could now be contemplated.  This followed with board chairperson, Mr Rattray, announcing at the company’s annual general meeting (AGM) on 5 November 2024 that the company would be making a $200,000 interim dividend payment in January 2025, for the FY2025 year. At the AGM, Mayor John Robertson, highlighted the fact that this was the first time the company had contemplated, or had been in the financial position, to pay a dividend since 2007. 

“This reflects years of hard work by the Board and management of Inframax, to move it into a position to pay a dividend,” said Mr Robertson.

“I particularly want to acknowledge the current team at Inframax, including the Board to management for their prudent governance and careful management, and including the staff for their commitment to keep rural roads open in often difficult conditions.”

At the AGM, Waitomo District Council, the 100% shareholder of Inframax, received and adopted the company’s financial statements and annual report for the twelve months ending 30 June 2024.

In presenting the statements and report, Mr Rattray, spoke to how the positive financial results and the improvements that have been realised by the company, both financial and non-financial, was attributable to the committed team of locally employed employees that make up the Inframax team.

Mayor Robertson extended his thanks, on behalf of the shareholder, to the wider Inframax team. 

Mr Rattray drew attention to the Inframax team being based right across the King Country region, with Inframax now being a major employer in the Ōtorohanga, Ruapehu and Waitomo districts.  “I believe we are very fortunate to have a core pool of loyal highly competent local staff, committed to the success of the company and its positive contribution to local communities.” Both Mr Rattray and Inframax’s Chief Executive, Vesta Gribben talked to how the safety and wellbeing of the Inframax team remains an ongoing priority for the business, highlighting the capital investment made over the past two years in new safe, reliable and fit for purpose vehicles, plant and equipment for the team and the roll-out of health insurance benefits for Inframax employees in FY2025.

Looking ahead

After two years of solid growth and stabilising the business financially, Ms Gribben advised the shareholder that FY2025 will be a year of consolidation and continued delivery on business improvement projects.  “A key focus for us in FY2025 is ensuring our commitment to wellbeing, safety, risk and compliance is firmly at the heart of the business”.  Both Mr Rattray and Ms Gribben highlighted the well-publicised challenging market conditions the construction sector is facing with the steep reduction in construction pipeline nationally. “Navigating these market conditions prudently, by maintaining a commercially astute approach to pricing and risk management and ensuring no compromise on safety and quality, whilst still remaining competitive, will be a key challenge for us in the year to come.”  says Ms Gribben.