Full Year 2026 Austal Ltd Earnings Call
Speaker #2: Thank you for standing by, and welcome to Austal's FY2026 results call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.
Speaker #2: If you would like to ask a question during the Q&A time, simply press star, followed by the number one on your telephone keypad. To withdraw your question, press star one again.
Speaker #2: For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded.
Speaker #2: I'd now like to welcome Patty Gregg, Chief Executive Officer, to begin the presentation. Patty, over to you.
Speaker #3: Good morning, everybody, and welcome to the 2026 full-year results call. I'm Patty Gregg, the CEO at Austal, and I'm joined by our CFO, Christian Johnson.
Speaker #3: We'll be presenting in the same format as usual. I'll give the business overview and context, while Christian focuses on the financial details. Then I'll finish with the outlook as I see it.
Speaker #3: And as always, we plan to present for no more than 30 minutes to allow plenty of time for questions. So, FY26 has been a year of significant strategic achievements for Austal.
Speaker #3: Both in Australia and the US. In Australia, the execution of the strategic shipbuilding agreement has delivered a record-breaking Australasian order book with a $5+ billion, 12-year build program for the Landing Craft Medium and Landing Craft Heavy, plus the general purpose frigate is a very real, valuable, and compelling future opportunity.
Speaker #3: Our Australian operations have delivered a record result, with EBIT more than doubling to $85 million, demonstrating the strength of our defense and commercial programs.
Speaker #3: As we announced two weeks ago, the Group EBIT result was shaped by an accounting adjustment at Austal USA; and while our request for accelerated contractual relief was not agreed by the US Department of War at this stage, notwithstanding prior constructive engagement, we've proactively commenced the longer formal process to recover value on these contracts.
Speaker #3: And our position is supported by documented, factual, and contractual records that give us confidence in that outcome. We took this change of approach to ensure maximum transparency and to actively facilitate Hanwha's due diligence on Austal USA.
Speaker #3: The receipt of an indicative, non-binding, and conditional proposal from Hanwha Defence USA to acquire Austal USA was a major development this year. Austal has determined that it merits further evaluation, and we've approved Hanwha to undertake some due diligence to strengthen the certainty of any proposal.
Speaker #3: We're really pleased to see that the revenue and employee numbers in both businesses are growing in line with the order book as programs come online.
Speaker #3: And the outlook in Australasia is truly exciting. The combination of a profitable and high-growth Austal Australasia and potential proceeds from the sale of Austal USA will be carefully assessed as to whether that outcome provides the best value for shareholders, but it's certainly looking very interesting.
Speaker #3: For those of you who are looking at the presentation that we've uploaded, titled 'Austal Radical Ants,' we've got a couple of slides covering key facts and a summary overview of the business for anyone who doesn't know Austal.
Speaker #3: Revenue has grown beyond $2 billion for only the second time in the company's history, a milestone that reflects the accelerating momentum across our operations.
Speaker #3: As many of you know, we operate five shipyards in four countries and about eight service centres, giving us the opportunity to design, build, and service ships and submarine modules.
Speaker #3: We also operate the United States Navy's Additive Manufacturing Centre of Excellence in Danville. What does that order book look like in ships? So we have about 75 ships under construction or scheduled, with approximately 64 under sustainment contracts.
Speaker #3: We can build in steel, we can build in aluminium, we can build ships, we can build submarine modules for both defence and commercial customers.
Speaker #3: And our major customers include the United States Navy, the United States Coast Guard, the Royal Australian Navy, the Australian Border Force, and many commercial passenger ferry operators around the world.
Speaker #3: Importantly, we've continued to build the order book in Australia, which now stands at a record high—a testament to the confidence our government partners place in Austal's capabilities.
Speaker #3: We've orders for some 32 ships in Australia, and delivered 6 this year. Employee headcount globally is growing daily to make sure we service these contracts, like the submodules in the US with the opening of the module manufacturing facility.
Speaker #3: And then the strategic shipbuilding agreement in Australia for the Landing Craft Medium and Landing Craft Heavy contracts. The vast majority of our work is in the defence sector, and that will continue to grow relative to commercial.
Speaker #3: We'll also see more balance between the U.S. and Australian operations, as the Australian shipbuilding revenue will more than double over the next five years.
Speaker #3: If we look at the FY26 overview, turning to the financial highlights, I'm pleased to report these are presented with no qualification from our auditors, as we had at half year.
Speaker #3: I talked about the record revenue of over $2 billion, which is an 11% increase year on year. And as I said, it's just the second time that we've surpassed that $2 billion mark.
Speaker #3: Really driven by a successful ramp-up in the shipbuilding programs, both in the US and Australasia, including meaningful progress on new defence contracts awarded under the strategic shipbuilding agreement here in Australia.
Speaker #3: EBIT was finalised at a loss of $125 million as part of Austal USA's year-end closing adjustments, resolving the half-year audit qualification in the process.
Speaker #3: And as previously advised, the FY26 result was largely driven by a one-time accounting adjustment in the US programs, relating to contracts like TATS, AFDM, and LCU.
Speaker #3: The adjustment reflects a conservative and prudent accounting approach to contractual claims, and Austal is actively advancing its formal recovery process with the U.S. Department of War.
Speaker #3: This EBIT position is partly counterbalanced by a record EBIT of $85 million in Australasia, up 49% on the prior year. It's important to touch on that figure.
Speaker #3: Previously, our record EBIT in Australasia was $36 million, set last year. So this year's EBIT is 137% higher than the prior year—a powerful signal of the extraordinary growth trajectory ahead for the Australian business.
Speaker #3: We had an outstanding year for orders in Australia: the 18 Landing Craft Medium vessels at $1 billion, the 8 Landing Craft Heavy vessels at $4 billion, and we also signed 4 Evolved Capes this year.
Speaker #3: The signing of multiple Capes was big news, and I think it's just got lost in the size and scale of the landing craft, but excellent we see the aluminium program continuing for Australian Border Force.
Speaker #3: I was also in Japan a few weeks ago with the Commonwealth to commence the contract discussions with Mitsubishi Heavy Industries on Mogami, the general-purpose frigate for Australia. As you know, that will see the first three vessels built in Japan, with eight here in Henderson.
Speaker #3: And last week, it was fantastic to host the Deputy Prime Minister, following his announcement on the defence precinct, and see that coming to life in line with the requirements for Landing Craft Heavy, and then moving on into Mogami.
Speaker #3: This is all about creating long-term value for shareholders. The order book at $16.5 billion secures revenue for years to come. It has grown significantly in Australia following the signing of the strategic shipbuilding agreement and the award of the Landing Craft Medium and Landing Craft Heavy.
Speaker #3: The subs module production in the US is expanding with MMF3 coming online, and the commercial yards have got a solid order book and future potential for growth, particularly in the low-emission space.
Speaker #3: Cash was always projected to be lower than at the half-year due to value-creating capital investments to increase capability and capacity for future growth. Both the submarine module manufacturing facility and the final assembly sets for large steel ships are fully funded and in construction to support future growth.
Speaker #3: You can see a progress photo of MMF3 in the investor pack, and achieving Stage One opening in May, ahead of schedule, was a really fantastic achievement for our team in the US.
Speaker #3: We started using this facility almost immediately, with modules being moved in and construction starting there in July. The full facility should be completed by the end of the calendar year and is going to support over 1,000 jobs.
Speaker #3: We've already got about 500 people trained and working on sub-modules today. We've put a new slide in the pack this year around the Australasia business.
Speaker #3: You know, really based on the significant growth that we're seeing, the signing of the strategic shipbuilding agreement, we really wanted to highlight the capabilities we have, how strong our performance improvement over recent years has been, and there's a very exciting growth trajectory based on orders that we have placed.
Speaker #3: And the EBIT that's going to come with it. So I really look at years of revenue and EBIT growth coming on those contracts, which is incredibly exciting for the Australian business.
Speaker #3: With that, I'll hand over to Christian, and he will talk a little bit more in detail about the financial highlights of this year's results.
Speaker #2: Thank you, Paddy. It's my pleasure to present Austal's FY26 performance highlights. As Paddy mentioned, FY26 has been a significant year for the Group, marked by strong revenue growth, substantial strategic progress, and outstanding performance across our Australasian operations.
Speaker #2: Before I move into the details, the key message is that Austal delivered double-digit revenue growth of 11.3%, with revenue exceeding $2 billion. While ongoing discussions with our key US customers regarding contract alignment and recovery of additional scope have impacted reported earnings for the period, the underlying operational performance of the business, particularly within Australasia, has been exceptionally strong.
Speaker #2: Delivery performance remains at the core of Austal's success and reflects the dedication and expertise of our employees across the group. Their commitment enabled the delivery of ships, submarine modules, sustainment activities, and additive manufacturing solutions to an expanding customer base around the world.
Speaker #2: Our balance sheet remains robust and continues to support significant investment in U.S. shipbuilding infrastructure. Importantly, we have maintained a strong cash position, providing the financial flexibility to execute on our substantial backlog and capture future growth opportunities.
Speaker #2: Turning to slide 8, group revenue increased 11.3% to over $2 billion, reflecting strong growth across the majority of our business segments and continued execution of our strategic priorities.
Speaker #2: US shipbuilding revenue increased 3.9%, driven by higher activity on the OPC, T-AGOS, and submarine programs, more than offsetting the completion of the LCS and EPF programs.
Speaker #2: US support revenue decreased 16.5%, reflecting changes in the operational deployment profile of the LCS fleet. Despite the lower revenue contribution, the business remained focused on supporting customer requirements and maintaining strong operational performance.
Speaker #2: Australasia shipbuilding delivered another outstanding year, with revenue increasing almost 80%. This growth was driven by Austal's appointment as Western Australia's strategic sovereign shipbuilder, progress on the Landing Craft Medium and Landing Craft Heavy programs, completion of the Guardian-class program, ongoing work on the Cape program, and strong contributions from our shipbuilding operations in the Philippines and Vietnam.
Speaker #2: Australasia support continued its positive growth trajectory, increasing revenue by 7.3%, supported by an expanding sustainment footprint and increased servicing requirements across a growing fleet base.
Speaker #2: Turning to EBIT performance, FY26 reflects both the strength of our operating businesses and the impact of unresolved contract matters within the U.S. Shipbuilding segment.
Speaker #2: The standout performers were our Australasian operations, with Australasia Shipbuilding increasing EBIT by more than 130%, and Australasia Support increasing EBIT by over 140% year on year.
Speaker #2: Australasia shipbuilding benefited from strong execution on the landing craft programs and increased activity across commercial shipbuilding operations in the Philippines and Vietnam. Australasia support delivered substantial earnings growth through improved operational efficiency, disciplined project execution, and increased sustainment activity across both patrol boat and commercial fleet contracts.
Speaker #2: The year-on-year performance across Australasia was particularly encouraging, with EBIT margins improving by 288 basis points in shipbuilding to 12.4%, and 818 basis points in Support to 14.7%, demonstrating both scale benefits and strong operational execution.
Speaker #2: In U.S. shipbuilding, revenue growth continued during the year; however, the delay in finalizing contract restructuring arrangements impacted reported earnings for the segment. The U.S. Support business delivered another solid result, generating EBIT of $22.2 million and maintaining a healthy margin of 9.2%.
Speaker #2: Looking at the geographical mix of the group, the continued growth of Australasia is evident, with the region now contributing 32% of group revenue. This highlights the increasing diversification and strength of the overall business.
Speaker #2: The group's balance sheet reflects the strategic investment made to support long-term growth, particularly within our US operations. During the year, property, plant, and equipment increased by approximately $270 million, as we expanded our shipbuilding infrastructure and capability.
Speaker #2: Importantly, Austal finished the year with a strong cash balance of $312 million, providing significant liquidity and positioning the group to continue executing its capital investment program while supporting future operational growth.
Speaker #2: FY26 represented a significant year of investment, with more than $320 million deployed into US infrastructure projects that will underpin future capacity and capability. Pleasingly, the group generated positive operating cash flow of $62 million, demonstrating the underlying cash-generating strength of the business.
Speaker #2: I'll now hand back to Parry.
Speaker #1: Thanks, Christian. So, strategic outlook from me before we open for questions. So, 2027 for us is all about the commitment to return the business to profitability.
Speaker #1: You know, we've got some contractual positions we need to work through in the US, but as Christian's outlined, all other areas in the United States are performing really well. Both the US and Australia are supported by a really robust order book and outlook.
Speaker #1: The Australian business has never been better positioned. The long-term order book and landmark strategic agreement will provide decades of stability, growth, and value creation. Increasing defense—excuse me—increasing defense expenditure in Austal's primary markets, driven by heightened global security demand, is generating powerful and sustained tailwinds for Austal's core defense client base.
Speaker #1: And Austal is really well positioned to capitalize on these dynamics through its diversified program base, strong order book, and ongoing investment in capability. The impressive order book at $16.5 billion continues to grow with the signing of the strategic shipbuilding agreement and subsequent Landing Craft Medium and Landing Craft Heavy contracts.
Speaker #1: This delivers greater contract diversity and deepens the operational base of our business. And when I think about revenue and earnings, the Australasia business performance is ahead of expectations, with continued growth expected into the medium- and long-term outlook based on that order book full of government contracts.
Speaker #1: Our USA focus is absolutely on returning to profitability in the shipbuilding contracts, and we're actively seeking to resolve those contractual matters. But as previously announced, the Austal Board and its advisors have carefully assessed the HANWA conditional, non-binding, indicative proposal to acquire Austal USA, and have determined that it absolutely merits further evaluation. We've approved HANWA to undertake due diligence, which is very proactively happening at the minute, as we work with them.
Speaker #1: We're making significant and targeted capital investment in facilities to drive growth in both the US and Australia, including contractually covered investment in the Common User Facility here in Henderson for Landing Craft Heavy, alongside government investment in the broader Henderson Defense Precinct. And, as I said, it was fantastic to have the Deputy Prime Minister here last week making those announcements.
Speaker #1: So, as I look forward, we possess the order book, the capability, and the momentum to significantly grow revenue and earnings for years to come. Another very exciting time for Austal.
Speaker #1: Thank you for listening. We will now open up for questions.
Speaker #2: Thank you, Parry. And as mentioned, we will now begin the Q&A session. For those listening by phone and who would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue.
Speaker #2: And to withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question.
Speaker #2: And today, we kindly ask that you limit your questions to one, with one follow-up per person. Again, that is star one to raise your hand and join the queue.
Speaker #2: And your first question is from the line of Sam Teager, Citi. Please go ahead.
Speaker #3: Hi, Parry. Hi, Christian. Good morning.
Speaker #1: Morning, Sam. Morning.
Speaker #3: Can you please walk us through the timing of Hanwa's approach and the FY26 onerous contract provisions? Specifically, when was Hanwa first made aware of the issues that led to the write-downs, and were these matters reflected in the information available to Hanwa when it submitted its initial proposal?
Speaker #3: Thank you.
Speaker #1: Thanks, Sam. Yeah, you know, HANWA have been around for quite a long time. You know, we've had discussions with them probably some years ago that were public around an overall company transaction.
Speaker #1: But getting to your point, you know, we have been working very closely with them, and you know, we have shared information with them. And part of that announcement about us cleansing the market on all contractual positions and their intentions was just trying to be as transparent as possible.
Speaker #1: So, yeah, in short, HANWA are well aware of all our contractual positions and have been taken through those in the US.
Speaker #3: Right, but just checking, they were across everything prior to them putting in the bid?
Speaker #1: Correct.
Speaker #3: Thank you.
Speaker #2: And your next question comes from the line of Mitch Sonigan of Macquarie. Please go ahead.
Speaker #4: Good morning, Parry and Christian. Thanks for taking the questions. Parry, maybe just over in the US first, just on the onerous contracts—I think everyone's pretty aware of the issues across the TATS program and the RAA process that went through there.
Speaker #4: But do you mind just providing a little bit more color on the OPC—maybe any discussions that you've been having with the Coast Guard, and maybe a comparison versus involvement with the Department of War?
Speaker #4: Just any colour you can give on that program, and how you see that being rectified, would be great. Thank you.
Speaker #1: Yeah, sure. So, Coast Guard — slightly different position. You know, they've had some challenges with previous shipyards, and you know, they've been in contract for OPCs for many years and not taken delivery of any.
Speaker #1: So, our conversations and negotiations with the Coast Guard are really around putting certainty into that program, and how do we accelerate the delivery of OPC vessels.
Speaker #1: So, you know, maybe not an RAA process, but maybe a sort of contract restructure as we work with them to put some certainty into that program and try to accelerate the delivery of vessels for them.
Speaker #4: Yeah, thank you. And just looking at the Australasian segment, obviously if a bid formalizes, then that's clearly going to be the key focus of growth.
Speaker #4: Just in terms of the Landing Craft Heavy, it's obviously the most material part of the order book. Can you just talk to maybe the risk profile of that program?
Speaker #4: Is it any different given that the designs actually already are proven designs from Damen? I'm just trying to understand how that plays out and how investors should think about the risk profile of that going forward.
Speaker #4: Thanks, guys.
Speaker #1: Thanks, Mitch. Yeah, great question. You know, I think there's less risk rather than more risk in that program because it is an existing design and the vessel has been built.
Speaker #1: And we've worked very closely with Damon around support for that design. As-built drawings, jigs, and fixtures—things that we would normally have to go and develop—have already been developed.
Speaker #1: And as part of that contract, they're happy to support us with people as well. So, people who have actually been through the design, the build, the commissioning—at the relevant points in that program—we will be able to second them into Austal.
Speaker #1: You know, so Damen—great company. We've worked with them a lot over the years, built some of their designs. There's a really good relationship there.
Speaker #1: And I see reduced risk based on the fact that it's a complete design, and we've got a great working relationship with them.
Speaker #2: And your next question comes from the line of David Frazier of MST. Please go ahead.
Speaker #5: Good morning, gents. Can you hear me okay?
Speaker #1: Yeah, loud and clear, David.
Speaker #5: Good morning, Parry. Good morning, Christian. Look, I mean, we've touched on Hanwha a couple of times. Your gut feel on, I guess, how certain the still will proceed?
Speaker #1: Right. Yeah, good question. I'll have to speculate, but let me talk you through what I know. You know, so Hanwha have been interested for a very long time and have not gone away.
Speaker #1: They are absolutely in due diligence and taking things very seriously. They have assembled an A team with relevant consultants from each area. So, you know, they're throwing resources at this.
Speaker #1: That costs money. It feels like there is support in the US, from senior people in the Department of War, based on, you know, what we're reading and the fact that this is public. They're a very credible shipbuilder.
Speaker #1: You know, so they're very different to a private equity approach. They know exactly what they're looking at, and, you know, they see our very modern facilities with a big order book, and perhaps some of the efficiencies they can bring as a win for Austal shareholders, or a win for warfighters in the US, or a win for the United States.
Speaker #1: You know, we take them very seriously. As we've opened up for due diligence and we've all gone public on this, there's great momentum behind it.
Speaker #1: And a desire to do the right deal for everybody.
Speaker #5: Great. Okay. I'm working under the assumption that the steel will go ahead. So, you're going to be an Australasian-focused business. Clearly, you've got a great order book.
Speaker #5: The infrastructure, effectively, is going to be funded by the Feds for the medium and heavies. Looking a wee bit further out, if you are successful in participating in the GPS and the LOSVs, how do you think about how you could potentially fund the infrastructure required to get those contracts and those programs running?
Speaker #1: Yeah, it is really interesting, and that's a good line of thinking. You know, if the sale of the US business did go through, and we had access to significant cash funds, investing that in our own shipyard and own facilities with the very long-dated order book may be something that's incredibly attractive to us.
Speaker #1: So, yeah, having those funds available at a time when there's significant growth in Australasia would be very helpful indeed.
Speaker #4: I'm led to, but this is part of the previous question. Given that you talk about—
Speaker #5: Assigning of the GPS, and I think it's 2029—you've got a lot of cash potentially sitting on your balance sheet for a long time.
Speaker #5: How are you going to think about that? Give it back and then raise it if you need it, or what?
Speaker #1: Well, we'd have to commence reasonably quickly to build the facilities. You know, that would take some time. We're talking about hundreds of millions of dollars of investment to create the shipyard of the future that's ready for McGamie.
Speaker #1: So, I don't think there'd be a huge pool of funds that just sit there doing nothing. We'd want to try and deploy that as soon as possible if we were able to, into shipbuilding.
Speaker #1: And if it's not facilities, you know, we'd do what we normally do. We'd consider other opportunities for growth, we'd consider working capital needs, and then we'd consider the potential for tax-efficient ways to make returns to shareholders.
Speaker #5: Great. Thanks, guys.
Speaker #2: Your next question is from the line of Patrick Moore of KNP Super. Your line is open.
Speaker #6: Good morning. In the director's report on page 3, you make the comment—or comments made by the chairman—that if the deal doesn't go ahead, with the owners' contracts on the business, it will have to be very carefully managed.
Speaker #6: You have to carefully manage the negotiations. First of all, what did you mean by "carefully manage"? And secondly, is there a possibility of a further deterioration in those amounts?
Speaker #6: Thank you.
Speaker #1: Yeah, so I'll take the second question first. We've provided our best estimate of everything that will see these contracts through to completion, as we're required to by the accounting standards.
Speaker #1: So, we're not anticipating any further deterioration. And I think careful negotiation, in so much as, you know, it's a somewhat unusual situation in that we have some contractual challenges at the same time as HANWA are trying to do the due diligence.
Speaker #1: So, I think what Richard means is it's not quite as straightforward as if everything was rosy on the contracts. It would be much easier to evaluate positions.
Speaker #1: So, yeah, I think that's what he means in his remarks.
Speaker #6: Okay, thank you. And are there any other contracts which may be subject to the same set of problems?
Speaker #1: Not to our knowledge. You know, we'd have to declare those if we saw any problems.
Speaker #6: Thank you for that. Thank you very much.
Speaker #1: Thanks.
Speaker #2: And a reminder before we get to the next few questions: if you would like to join the queue, please press star 1 on your telephone keypad to raise your hand and join the queue.
Speaker #2: And you have a follow-up question from Sam Teger at Citi. Please go ahead.
Speaker #5: Yeah, hi again. There's some talk that HANWA is a done deal, but what would be the strategic arguments for saying no and retaining the US business?
Speaker #1: I think it would be shareholder value is the, you know, primary view that the Board would take on any binding offer that Hanwha make.
Speaker #1: So, we'll work with them and give them access to all the information they need to make a firm proposal, and we'll assess that in the interest of shareholders.
Speaker #5: Okay, yeah, that's clear. And then the Australian order book has grown from $0.7 billion to $5.6 billion in a year. And historically, shipbuilders often struggle when backlog growth exceeds organizational growth.
Speaker #5: You know, what evidence can you point to that suggests the organizational capability has expanded as quickly as the backlog here?
Speaker #1: Yeah, good question. So, we see it as a growth trajectory, really. You know, we had the ramping down of the Guardian-class patrol boats, and then we see the Landing Craft Medium contract ramping up.
Speaker #1: You know, landing craft medium is probably less complex than the Guardians that the team were building. So, I don't anticipate a huge challenge there.
Speaker #1: The K-class boats continue. You know, we've built a lot of those, and we know them very well. So, our design is a very mature design.
Speaker #1: And that sort of gives us time as the Landing Craft Heavy ramps up. But again, you know, Landing Craft Heavy is a big ship, but not necessarily hugely complex.
Speaker #1: It doesn't come with weapon systems or combat systems, which are the trickier bits of these ships to build and commission. So, we see it progressing over the next four or five years.
Speaker #1: And the way the programs were bid and worked with the government, it was around steady growth rather than a big step growth. So, we will need to recruit people over three years rather than needing 1,000 people tomorrow.
Speaker #1: So, we've tried to be as sensible as possible whenever we've worked with the customer to align these programs, in terms of programs coming off and programs coming on, to make sure that there's a steady growth of people and capability in the business.
Speaker #5: Right. And then, as these programs ramp up in Australia, what do you see as the biggest risk to maintaining margins? Is it labor, productivity, procurement, inflation, the terms of the programs, or something else?
Speaker #1: Yeah, no, probably a little bit of all of that, but, you know, certainly getting the people and making sure they are all trained up will be a challenge.
Speaker #1: We will do it the same way we have always done it, inasmuch as we're big believers in bringing people in at the bottom and training them up—whether that's graduates, apprentices—you know, then we know that they're specifically trained in shipbuilding.
Speaker #1: They come with our culture from day one. Promoting from within gives people an opportunity to advance their careers. And I think the other key feature is, you know, the government have done a fantastic job with continuous naval shipbuilding.
Speaker #1: And for the first time, we can kind of offer people a career, whereas in the past, we've been successful in winning work every year or two to make sure that there is continuity of employment.
Speaker #1: You know, we can genuinely look there today and say we see 20 or 25 years of continuous work in front of us. So bringing people in with that employment proposition is—you know, we've never had a better employment proposition.
Speaker #1: So, that's why I think we'll be able to attract people, retain them, train them, and give them some really exciting work opportunities.
Speaker #5: Yeah, so how many people are you at now, and how many will you be at or do you need to have in three years?
Speaker #1: Yeah, we're just over 900 now. And, you know, I think we'll need another 1,000 people over the next three or four years.
Speaker #5: Okay, excellent. Thank you.
Speaker #2: And this concludes our Q&A session for today. I would like to turn the call back over to Paddy for closing remarks.
Speaker #1: I'd just like to thank everybody for their participation today. We've uploaded all the material online, so you can have access to it. Thanks for listening, and thanks for the questions.
