Georgiou goes into 2022 with $1B work-in-hand

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Tonkin Gap Project. Image courtesy of Main Roads WA.

National construction and civil engineering company Georgiou Group has released its financial results for the 2021 financial year, with the company securing $1 billion of new contracts in various sectors.

Georgiou Group provides solutions for the urban development, road and rail, oil and gas, mining, defence, water, residential, commercial, health, retirement and aged care, education, industrial, public infrastructure and agriculture markets.

Some of the latest projects secured by Georgiou Group include stage one of the $183 million Moggill Road Corridor Upgrade and construction of the $103 million Bruce Highway – Saltwater Creek Bridge Upgrade in Queensland.

Georgiou’s other recent major projects include the construction of Perth’s first Direct Factory Outlet, the Northern road upgrade from Mersey to Eaton roads, the stage four of the Cairns Southern Access Corridor and WA’s Scarborough beach redevelopment.

Georgiou’s Chairman John Georgiou said the company’s revenue of $629 million (up from $608 million in FY2020) could be attributed to improved revenue across all civil infrastructure business units.

“We continued to grow our balance sheet and improve our financial performance, with revenue $629 million and EBITDA increasing to $28 million. Net working capital improved in FY21 with net cash of $129 million and working capital of $50 million at 30 June 2021,” Mr Georgiou explained.

“Work-in-hand has increased to circa $1 billion with many clients adopting collaborative contracts which include ECI [early contractor involvement] and Alliance contracts,” he added.

Some of the in-hand projects for Georgiou include the Hollywood Hospital South Block Upgrade (valued at $67 million) and the Tonkin Gap Project (valued at $470 million) in Western Australia, Mona Vale Road East Upgrade (valued at $112 million) in New South Wales, and the Isle of Capri Bridge construction (valued at $40 million) in Queensland.