Aveng final results 30 June 2016

Tuesday 23rd August, 2016
Revenue for the year lowered to R33.755 billion (2015: R43.930 billion). Gross earnings increased to R2.495 billion (2015: R2.364 billion), net operating earning turned around to R146 million (2015: loss of R288 million), loss for the period attributable to equity-holders of the parent narrowed to R101 million (2015: loss of R460 million), while headline loss per share fell to 75.2 cents per share (2015: loss of 144.3 cents per share).

Outlook and prospects
Challenging economic conditions are expected to continue in the short term, although with more positive medium term opportunities in Australia. Aveng is a more focused business and well positioned for improved performance. Aveng expects the benefits of business optimisation to further contribute to this improved performance in the next financial year. This allows the business to position itself for profitable growth within the second phase of the group's strategy.

The claims settlement process on QCLNG is expected to be concluded in 2017 and on Gold Coast in 2018.

The Group continues to investigate and pursue transformational alternatives for Aveng Grinaker-LTA. The divestment of Aveng Trident Steel remains an objective; however, the achievement of acceptable value under current market conditions is likely to be challenging.
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