Seven Group Holdings Limited hereinafter provides a trading update for its key operating businesses, which are performing ahead of expectations in the year to date. The underlying strength of mining production and east coast infrastructure activity, together with unseasonably dry weather and one-off projects, has resulted in improved revenue and profit for the Group in FY18.
Commenting on the results to date, Ryan Stokes, Managing Director and Chief Executive Officer of SGH said: “The Group has exposure to some strong underlying fundamental trends that are driving the Australian economy. Our industrial services businesses continue to benefit from an upswing in mining and infrastructure activity levels. The Group has successfully executed a number of value accretive transactions in the financial year to date, enabling us to enhance our exposure to these core sectors while also enhancing the capital structure.”
As a result of the improved performance of the operating businesses, the Group expects FY18 underlying EBIT to be approximately 20 to 25 per cent above the pro-forma FY17 underlying EBIT of $376.9 million, subject to SGH and Beach Energy finalising the acquisition accounting for Coates Hire and Lattice Energy, respectively.
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