INTRODUCTION 2 Message from our CEO • Revenue grew by over 50% to $1.47 billion • Underlying operational earnings of $28 million and EBITDA $54 million • Return on shareholders funds of 14.5% and a return to paying shareholder dividends • Work in hand up to $1.87 billion with over $1.5 billion new work won in the period. • Strong liquidity position and cash conversion with $172 million in the bank and minimal debt • Bonding & bank facilities $560 million with strong support from our financial partners • Preferred positions on prospects worth over $1.7 billion plus $1.8 billion submitted tenders outstanding (as at 30 August 2021) • Clear pathway to revenue and profit growth in FY22 Key Highlights Operational Performance The June 2021 financial year was a successful one for the McConnell Dowell Group with the business delivering an operational profit for the fourth consecutive year. The Group continues to effectively navigate the complexities and challenges imposed by the COVID-19 pandemic and the underlying market opportunity across its footprint remains strong. Australia continued to be the primary driver of the McConnell Dowell Group’s growth in FY21, with revenue more than doubling compared to the prior period. Revenue in South East Asia grew in FY21 and increased work in hand will drive continued revenue growth. Revenue for Built Environs decreased in FY21 due to a lack of new work won previously, however momentum for the business is growing and the business has secured new work in Victoria for the first time. New work won and revenue were lower than expected in New Zealand, primarily due to impacts of the COVID-19 pandemic. The proactive approach to overhead management, coupled with strong revenue growth has seen the Group’s EBIT trend upwards as economies of scale are realised. The diversity of the Group’s technical capability and market sector participation continues to benefit the organisation, and judicious business development and disciplined tendering resulted in new contract awards amounting to $1.5 billion. This was despite the delays in the awarding of some projects as a result of uncertainty surrounding COVID-19. 1972 In 1972 the reticulation of gas in the City of Geelong gives McConnell Dowell a springboard into Australia.
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