Chairman’s Review
I am pleased to present the eighth Annual Report of WDS Limited.
FY14 was a year of significant progress for WDS. The Group posted a solid net profit and paid off its remaining debt to achieve an ungeared balance sheet. Our Energy and Mining Divisions both secured important new contracts and ended the year with healthy order books.
The Group net profit of $13.30m represented a 61.2% increase over FY13. Revenue across the Group increased 5.0% to $369.47m and WDS continued to generate strong free cash flow, with cash reserves of $17.9m at 30 June 2014.
The substantial increase in Group profit and the strength of our balance sheet demonstrates the value of WDS’s strategy of maintaining separate but inter-related Divisions, thus avoiding the earnings declines reported by several companies active only in servicing the mining sector.
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