One of Australia’s largest private construction firms has recorded a small annual profit and its boss hopes the worst is over for the building industry.
Chris Herde @ChrisHerde2 min read October 30, 2024 - 9:08PM
The Australian Business Network
The chairman of one of Australia’s largest private builders has described the 2024 financial year as “rubbish”, but said he believed conditions were slowly improving after a horror pandemic run coping with cost increases and labour shortages.
J. Hutchinson Pty Limited, referred to as Hutchies, recorded a $4.7m net profit in the 2024 fiscal year compared to $1.3m in the previous 12 months, according to a financial statement lodged with the Australian Securities & Investments Commission. It reported a profit of $21.2m in FY22 and $27.7m in FY21.
Over the last financial year, Hutchies’ construction revenue lifted to $3.3bn compared to $3.1bn in the previous 12 months.
Hutchies chairman Scott Hutchinson said he believed the 112-year-old family business was at the bottom of the cycle, although it continued to lose money through its construction arm, having to cope with a 40 per cent increase in costs and 50 per cent longer building times since the pandemic hit in 2020.
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