Boom Logistics Limited (ASX:BOL) MD & CEO, Brenden Mitchell provides an overview of the company, including its move into infrastructure, wind farm construction and labour hire.
- Listed on ASX in 2003, 1000 employees Australia wide, 18 depots across Australia, 300 Cranes
- Majority of revenue (54%) from resources sector, followed by construction and engineering - commercial and infrastructure (17%)
- Market cap of $99.7M
- Business in wind farm maintenance, civil construction and infrastructure, mining maintenance and shutdown and much more
- Business responded to challenges by closing unprofitable depots and selling surplus assets
- Boom has also reduced debt to under $50 million from over $100 million
- Started labour hire marketplace Readi: Customers in the mining services, construction and general maintenance sectors, Revenue $8.5 million, Trading EBIT of $0.5 million
- Business coming out of the low point in the mining and construction cycle with a transformed business that is flexible and responsive with a healthy balance sheet
- Revenue as at the end of October 2017 was $62 million compared to $50 million for the prior corresponding period.