WA-BASED shipbuilder Austal’s Australasian business outshone the group’s subsidiary businesses in the US and around the world.
The division was the star performer in the group’s half year results for the 2026 financial year.
The company has operations that span Australia, the US, the Philippines, Vietnam, Trinidad & Tobago and the United Kingdom.
In an ASX report Austal reported growth in revenue and earnings across both shipbuilding and support.
Its Australian revenue jumped 60.6% to $309.9 million, compared with $193.0 million in the prior corresponding period.
“Segment EBIT improved substantially to $29.2 million from $1.9 million in the first half of FY2025, demonstrating significant operational leverage to increasing throughput,” the report said.
“Shipbuilding revenue contributed $209.5 million to the half year result, while support services generated $100.4 million.”
First half revenue for the whole group was $1.1 billion, up 34.4% on the same period the previous year.
While Austal reported net cash at bank of $371.6 million at 31 December 2025, was down compared to $583.9 million at 30 June 2025 and 241.4 million at 31 December 2025, down from $453.1 million at 30 June 2025 it said the reduction was due to a combination of net operating cashflows, significant capital expenditure to expand US manufacturing capabilities, and timing of receipt of payments.
The US division failed to meet expectations with an 18% downgrade in earnings guidance in February after an accounting error forced it to drop its forecast to $110 million in December.