From results to action InfraBuild is transforming for the road ahead

As I mentioned in my update last month, InfraBuild has completed a transaction with its bond holders that will provide greater flexibility and liquidity for the company.  

Following this, we have finalised our FY24 accounts, with revenue of $4,933.5 million and adjusted EBITDA of $403.3 million with a net loss after tax of $121.2 million for FY24.  

The downturn in the market impacting steel volumes and prices, related party provisions, costs associated with the GFG Settlement, refinancing activities and interest repayments all impacted the FY24 net profit result. 

Across InfraBuild we are focused on executing a transformation program to maximise value in our core steel-in-concrete businesses and construction markets, reviewing non-core activities, reducing costs, improving productivity and investing for future growth across digital and manufacturing capabilities and capacity to meet future demand.    

Last week I was in Brisbane and attended the Future of Construction summit. This event focuses on promoting a more productive and sustainable construction industry using technology and innovation. 

I was honoured to speak at the event about how our use of innovation and technology can play a part in lowering the scope 3 emissions of constructors. 

Carbon emissions relating to construction contribute to around 36 to 38 per cent of global emissions, whether that is direct, indirect and embodied. 

As construction of homes, commercial buildings and infrastructure continues, so do the emissions.  InfraBuild can help play a part in lowering the embodied emission by providing the lowest embodied carbon steel product made in Australia. 

Our Australian innovation of SENSE 600® is a practical way in in lowering Scope 3 emissions in construction.   

Designed and produced in Australia, SENSE 600® is made from 100% scrap steel in our electric arc furnaces. Our unique bar design when we roll the steel uses up to 16.7% less raw materials than our standard grade steel. 

This combination results in a reinforcing bar with equivalent load capacity but with up to 39% lower embodied carbon than our grade 500N reinforcing steel, and it is already available. 

I also took time while in Brisbane to visit some of our sites. I dropped in to see colleagues in our two manufacturing sites at Austube Mills where we produce tubular products, and our mesh facility in Acacia Ridge. I headed along to see our metals recycling facility along with our distribution business ARC at Hemmant.  

It was great to see the pride our colleagues take in doing the best for our customers. Over the next few years, Brisbane is expected to see an increase in construction, from residential buildings through to major infrastructure to support both population growth and the 2032 Olympic Games. InfraBuild has 38 sites in Queensland from the Gold Coast all the way to Cairns and as west as Mount Isa, providing the low embodied carbon steel needed to support the building of a sustainable Queensland. 

Finally, this week is National Reconciliation Week and I want to acknowledge the contributions of our First Nations people across our business. At InfraBuild we are proud to have a Reconciliation Action Plan guiding our work on practical steps across our business in fostering greater respect and increasing Indigenous employment within our business and ultimately play a part in achieving reconciliation.