Perth-based shipbuilder Austal has cut its full-year guidance, blaming the impact of supply chain disruptions for its shipyards and the expected costs or possible fines from recent regulatory legal action.
The company told the ASX on Tuesday that it now expects to see earnings before interest and tax of between $112 million and $118 million, down 10.4% from previous guidance of $125 million.
Austal said it now sees revenue for the year around $1.55 billion, rather than $1.65 billion “due to delays experienced on programs and associated costs caused by COVID-19 related border closures, travel restrictions and resourcing challenges that are impacting Austal’s shipbuilding operations in Australia and the Philippines.”
The company also said it had to make provisions for the cost of Federal Court action launched by The Australian Securities and Investments Commission.
ASIC last week launched civil proceedings against the company for allegedly breaching continuous disclosure laws and engaging in misleading and deceptive conduct.
It claims Austal withheld market-sensitive information about costs related to major design flaws with its fleet of US navy warships.
