(Left-right) Mark Benson, Managing Director and Chief Executive Officer and Timothy Burnett, Saunders’ Chairman for 16 years. Timothy elected to step down from the role in 2023 and is now Non-Executive Director.
GROWTH MARKETS Our focus remains on pursuing key clients and excelling in our core sectors while identifying opportunities in growth markets such as Defence, Water, and New Energy. Our ability to tender directly for larger government funded projects and compete at scale within the Defence sector is bolstered by the finalisation of our Defence Industry Security Program (DISP) and Federal Safety Commissioner (FSC) accreditations. We are actively pursuing projects in new regions, including New Zealand, and are reviewing opportunities for further geographic expansion. 2024 AND BEYOND As we embark on the new financial year, we have a strong operational platform, a strengthened executive and senior leadership team, and a continued commitment to our strategic initiatives. The outlook for Saunders and the markets we operate in is positive. We are well-positioned to leverage the significant pipeline of opportunities before us and continue on our growth trajectory. We are focused on delivering quality outcomes for our clients and safe outcomes with on-time delivery and on budget. This commitment will underpin the strength of our financial performance in the years ahead. Thank you to our shareholders for your ongoing support and to the entire Saunders team for your commitment and valuable contributions throughout 2023. I am genuinely excited about the year ahead and look forward to sharing the stories of our progress, our people, and our projects with you.
Our earnings have steadily improved for the fourth consecutive year through our disciplined approach to risk management during the tender stage and our exceptional project execution. This includes the work we performed on Project Caymus in Darwin up to the point in April, where our client’s own strategic reasons we were terminated for convenience from the project, despite being near the completion of construction of the 11 jet fuel storage tanks. While this has had a negative impact on our cash balance as of 30 June 2023, we anticipate this will improve upon finalising contract closure with our client in the coming months. PEOPLE AND CAPABILITY The collective energy, passion, and commitment to excellence exhibited by the Saunders team has been the driving force behind our performance in 2023. This year, we experienced significant growth, with our employee numbers increasing by 19.9% to support the delivery of our newly secured work, positioning our business for continued success. We have also invested in new executive and senior talent to enhance our in-house capabilities. We are now able to provide our clients a ‘one-stop shop’ for their projects after bolstering our capability across the Group and forming a multidisciplinary integrated offering. STRATEGIC ACQUISITIONS In May 2023, we welcomed Automation IT to the Saunders team, a specialist automation and control systems engineering business operating in the energy, water, defence and mining industries. This follows our acquisition of PlantWeave in 2021 and further expands our industrial automation and technology-based infrastructure offering for our clients who are increasingly moving towards technology-driven solutions. We continue to assess various opportunities to diversify and grow our operations and provide increased earnings to the Group and shareholders through acquisitions.
Mark Benson Managing Director and Chief Executive Officer Saunders International
9
Annual Report 2023 9
Made with FlippingBook - Online Brochure Maker