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“We are pleased with the first quarter performance of FY2021. We are continuing to navigate the challenges of strict border controls and isolation requirements for our workforce whilst ensuring exceptional service for all our clients. We have executed multiple strategies to mitigate the impact of these challenges, with the impact on margins beginning to ease,” Patrick Conway, Executive Director & Chief Executive Officer commented.
“The ongoing success of our US operations is particularly pleasing, with revenue growth of 200% compared to Q1 in FY2020. A number of new contracts were executed for work scopes in Florida, Nevada, Colorado and Texas. We are currently working on several opportunities for our Rest of World teams in Asia, South America and Africa. We have plans to re-enter these regions when our risk assessments indicate that it is safe to do so. With global conditions beginning to stabilise, Mader Group has relaunched its expansion plans to enter Canada. Internal options are being assessed with a goal to be operational by the end of FY2021. The addressable market in Canada represents a significant opportunity for Mader Group. Whilst the travel restrictions have curtailed our ability to service some of our markets and presented challenges for our workforce the underlying demand for Mader Group’s expertise in heavy equipment maintenance remains strong.”
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