- Austin Engineering (ANG) sees a 100 per cent increase to its order book compared to this time last year
- The company reported $82 million of new orders over a three month period to the end of February 2022
- ANG is now confident it has received enough orders to meet its FY22 revenue guidance
- It has started to secure orders for its FY23 pipeline, with enquiry levels and contract win rates strong
- Shares were trading 1.72 per cent higher today at 29.5 cents each
Austin Engineering (ANG) has seen a 100 per cent increase to its order book compared to this time last year.
The company reported $82 million of new orders over a three month period to the end of February 2022. It is now confident it has received enough orders to meet its FY22 revenue guidance.
It has started to secure orders for its FY23 pipeline, with enquiry levels and contract win rates strong.
Order book improvements occurred across all of the company’s home markets, but it received the most growth from the USA, Chile and Indonesia.
The increased orders are due the company sharpening its focus on its customers needs. It is now planning to roll out its manufacturing plan, which will see reduced costs and increased productivity.
However, it expects productivity issues in the short term as it braces for the peak impact of COVID-19 in Western Australia.
CEO and Managing Director David Singleton said the increase in orders shows successful execution of sales campaign strategies.
“Our continued, accelerated investment in new product innovation and technology means we are remaining at the forefront of our industry, aligned with the needs of our customers and maintaining relevance in the market,” he said.
“Our investment in advanced manufacturing means we are increasing our efficiencies in-house; the technology means we can increase production, equipment range and quality too.”
Shares were trading 1.72 per cent higher today at 29.5 cents each at 3:00pm AEDT.