Austco results out after the bell, looks good:

• Revenue from customers up 30.7% to $48.2 million

• EBITDA margin increased from 14.0% to 17.1%

• EBITDA grew 60.1% to $8.3 million

• Net Profit Before Tax up 62.1% to $6.3 million

• Unfilled Contracted Revenue of $47.2 million provides visibility into future earnings

• Debt-free with $15.2 million cash on balance sheet

Things to note, this is the first time the order book dropped, but still very high, and sales are lumpy and after it growing so much I was expecting this to move around.

Asia had some timing issues and Europe was flat on revenue.

Some pretty impressive headline numbers from AHC's 1Q26 trading update at the AGM this morning.

Revenue of $23.2m up 51% and a record EBITDA margin of 18.1% (compared to 17.8% in 2H25). It's tough to pin down exactly where organic growth is landing, but management have provided a full year target of 10-14% and the EBITDA margin expansion provides confidence that acquisitions aren't just providing empty calories.

There were a couple of questions at the AGM about board shareholdings and the potential to pay a dividend again, but compared to some other recent AGM's it's fair to say AHC shareholders are content with how things are travelling right now. After being forced to survive through Covid (which larger peer HIL couldn't achieve), AHC is thriving now.

Sure, it's a growth-by-acquisition story, but at least they are acquiring into an industry with structural growth tailwinds.

Net Profit After Tax lower: $5,933Mill (16.2%)

Net Debt/ Equity is ok so has liquidity here .. We looking for the these acquisitions to be integrated, sustainable.

https://hotcopper.com.au/threads/ann-appendix-4e-fy25-financial-statements.8731195/

Unfilled Contracted Revenue Recent large contract wins in North America and growth in most other regions across the group have contributed to the continued growth of Austco’s Unfilled Contracted Revenue (UCR). Our UCR book now stands at $53.8 million at 13 August 2025. This includes a net $6.3 million from the recently acquired G&S, being their UCR less orders they had open with Austco NZ. 

Cash and Working Capital Position Cash on hand was $14.5m at 30 June 2025, up from $13.6 million at June 2024. Cash generated from operating activities of $13.48 million reflected underlying profitability and allowed for the investment into further businesses (G&S acquired in May 2025) without the need for debt or raising capital. Despite working capital increasing as a result of acquiring G&S, the Group is well placed to fund future contingent consideration obligations without the need for liquidity events, if it chooses to do so. 

AHC closed lower while the XJO 8,395 -0.40% also lower

Return (inc div)   1yr: 71.43%   3yr: 50.53% pa   5yr: 38.36% pa

Austco snuck in a price sensitive investor presentation this morning, which was an interesting decision given they released results less than two weeks ago (sans presentation). It came two days after a competitor, Hills Limited (HIL.ASX) announced they had been successful in bidding for the New Footscray Hospital tender in Melbourne. I'm not saying it was because of that. I'll leave that to others.

Largely it replicated what they they had already released with some swanky graphics added. It did give a little more detail about the growth investment being made in each region. One nice little new tidbit it shared was an increase in the order book to a record $24.7m. That's $2m higher than they had disclosed at the end of August and is probably what justified it being price sensitive.

[Held]