At a Glance
- Aveng revenue declined 13.9% to AUD2.6 billion ($1.69 billion), weighed by softer infrastructure project performance.
- Building backlog hit record AUD864 million ($561.12 million), while mining secured new A$911m Gamsberg contract.
- Operating free cash flow reached AUD23.2 million ($15.07 million), with cash balances rising to AUD267.3 million ($173.62 million).
Aveng Ltd., the South African contractor with projects across Africa, Asia, and Australia, swung to a full-year loss of over $55 million as weaker infrastructure markets and project setbacks weighed on earnings.
The group reported a headline loss of AUD84.6 million ($55.21 million) for the year ended June 30, 2025, reversing headline earnings of AUD38 million ($24.68 million) a year earlier.
Headline loss per share stood at AUD0.646 ($0.422), while basic loss widened to AUD92.3 million ($59.94 million), or AUD0.704 ($0.455) per share, compared with prior earnings of AUD25.7 million ($16.69 million).
Revenue fell 13.9 percent to AUD2.6 billion ($1.69 billion) from AUD3.1 billion ($2.01 billion) in 2024, while gross earnings dropped to AUD79.3 million ($51.5 million) at a margin of 3 percent, down from 5.8 percent previously.
Infrastructure weakens, building grows
Infrastructure, Aveng’s largest segment, generated AUD1.9 billion ($1.23 billion), or 72 percent of group turnover, but posted a AUD45.7 million ($29.68 million) operating loss.
Losses stemmed mainly from the Jurong Region Line project in Singapore and the Kidston Pumped Hydro development in Queensland.
Building delivered a resilient performance, with revenue climbing to AUD491 million ($318.86 million) and a record order backlog of AUD864 million ($561.12 million). The segment earned AUD17 million ($11.04 million) in operating profit.
Mining revenue dipped to AUD252.6 million ($164.06 million) but secured a five-year AUD911 million ($591.68 million) Gamsberg contract in South Africa, providing future earnings visibility.
Cash balances strengthen*
Operating loss before capital items widened to AUD60.4 million ($39.23 million), from earnings of AUD34.5 million ($22.41 million) the prior year.
Still, Aveng generated AUD23.2 million ($15.07 million) in operating free cash inflow, though lower than the AUD97.9 million ($63.59 million) achieved in 2024.
Cash on hand improved to AUD267.3 million ($173.62 million), with net cash at AUD211.4 million ($137.31 million). Net finance charges eased to AUD8.9 million ($5.78 million), while taxation costs rose to AUD15 million ($9.74 million).
“Despite the weaker earnings performance, our disciplined cash management has allowed us to strengthen the balance sheet and position Aveng for the future,” Chief Executive Officer Scott Cummins said.
Order book builds momentum
Work in hand rose to AUD3.2 billion ($2.08 billion), boosted by post-year-end contract awards of more than AUD870 million ($565.12 million). For fiscal 2026, 68 percent of Infrastructure and 96 percent of Building revenues are already secured.
Aveng Legacy recorded an AUD7.2 million ($4.68 million) loss linked to legal costs but cut its performance guarantee exposure to AUD174,594 ($113,404).
The company also completed the AUD8.1 million ($5.26 million) disposal of Dimopoint, realising a AUD7.5 million ($4.87 million) gain.
Cummins said Aveng remains focused on winding down non-core assets and advancing the reset and sale of its mining unit, Moolmans. “Our secured order book gives us confidence as we work to stabilise performance and unlock value for shareholders,” he said.
