Mining equipment parts maker Austin Engineering has flagged FY22 EBITDA of A$32 million – 7% higher than its previous guidance – and says a $139m order book at the end of June is expected to drive higher first-half revenues in the current year.
Austin reported FY21 EBITDA of A$21.4m (last August), which was down 8% on the previous 12 months. However, it says the new FY22 number is 2.5-times its adjusted FY21 EBITDA of $12.7m.
It says improved operating margins, particularly in the six months to June 30, drove the stronger FY22 EBITDA result.
The company reported $90m of orders on its books at the end of last fiscal year and says the order level is now $49m above the same time last year.
“Order book growth has been recorded in all of Austin’s operating regions across Australia, Indonesia, North America and South America. Increased demand for truck trays and buckets, and an increase in contract wins has contributed to the result,” Austin said this week.
The company’s share price is up about 4% in the past month, capitalising Austin at circa-A$145m.