Chairman |
"The Western Australian economy has
continued to provide a raft of opportunities for Georgiou Group and we are also looking
to the East Coast to diversify and grow.
However, there are signs that we must act
carefully in pursuing our growth aspirations"
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The rise in interest rates has impacted on the property development business; the spike in the cost of energy will influence our costs and those of our clients; and the change of Federal Government has created some uncertainties in the construction industrial relations scene.
Another growth constraint continues to be the industry-wide shortage of professional
staff and skilled workers. The almost explosive growth in our business in recent years may be curbed somewhat in the coming financial year.
Senior management, with the oversight and support of the Advisory Board, continues to focus on corporate development. We are mindful of the need to train our people, attract new young professionals, ensure a safe workplace, improve our systems, and appropriately reward loyalty and hard work. Externally, we have explored opportunities to expand the company geographically, work with new partners, joint ventures and alliances, take on larger projects and broaden our financial support.
It has been a year of solid project achievements. We are very proud of our ongoing participation in the Ellenbrook and Vale developments, and our subdivision work in the northwest of WA at Broome, Kununurra and Derby has gone well. Significant projects which have expanded the company’s capabilities include the Port Kembla Berth 103 and the Boddington Gold Mine civil works. The Advisory Board is particularly pleased with the success of a range of precast projects, pointing to significant potential in this area.
A new initiative this year has been the establishment of a commercial building division which already has a number of significant projects on its books.
Safety remains a high priority for the Advisory Board and the company and we continue to be unrelenting in our effort to be injury free. Our record is better than the industry average, but we have set ourselves much tougher company targets. In our commitment to fitness for work we are focusing on alcohol and drugs, health issues, fatigue and stress.
The 2007/2008 year has been a year of great achievement and progression for Georgiou Group. The company has grown, diversified its skills and capabilities, and expanded its client base. I thank my fellow directors and all our staff for another outstanding year, and I thank our partners and clients for their continued trust and support.
Dr Brian Hewitt
October 2008
