Interim Chief Executive Officer
DRA Interim Chief Executive Officer James Smith said “The first half of the financial year has been challenging due to legacy fixed-price construction contracts that were entered into by our G&S business in the APAC region in prior years.”
“Those contracts have been terminated and associated contract claims are being commercially resolved with the estimated financial effects accounted for at 30 June 2022," said Mr Smith.
“As expected, our businesses in the EMEA and AMER regions continue to show strong and steady performance and we expect our refocused APAC business to become profitable during H2 FY22 following the divestment of the non-core G&S business which is anticipated to be completed in September 2022.
“Additionally, we successfully resolved two major disputes that arose prior to the Group’s IPO. Together with progress towards resolving the residual fixed-price construction contracts and planned divestment of the G&S business, the Group has a platform to deliver a profitable second half.
“Notwithstanding the financial impact of the legacy fixed-price construction contracts in APAC, our global growth strategy continues with a strong focus on the core EPCM and operations and maintenance businesses in all regions.”