END OF 2018 COMPANY UPDATE & 1st HALF PLAN FOR 2019
The end of 2018 gives us the chance to reflect back on one incredible year which has seen the company grow again, learn and become stronger than ever before.
Thanks to this core team, we are continuing to raise our profile in the NSW construction industry as a professional managing contractor with a quality portfolio of residential projects across New South Wales.
There is no doubt 2019 is going to be a challenging year with market conditions likely to become even tougher and uncertainty leading up to the Federal election in May.
That being said, if we are all committed to producing the best outcomes for the business, we are confident 2019 will produce another record year adding to the top 10 achievements of 2018 which included:
- 5 YEARS = Celebrating our 5th successful year in operation with the completion of 246 apartments to date, 11 civil projects, 5 fit-out projects and the current delivery of 142 apartments under contract across New South Wales.
- TOP 10 = The launch of our 1st development project ‘The Loft Residences, Wollongong’ which was recognised as 1 of the top 10 most viewed apartment projects in New South Wales.
- GOVERNMENT = Securing approval on the NSW Government Contractor Prequalification and Best Practice Accreditation scheme for projects valued from $1M to $10M, above $10M and General Construction Works valued up to $1 Million.
- NEW MARKETS = Expansion of the business into new markets including Newcastle and Wollongong where projects have already commenced and discussions for future projects are progressing well.
- NEW SERVICES = Expanding our service offering with the creation of a new fit-out division and the purchase of 2 Komatsu excavators to strengthen our civil works division.
- HOME BUILDING = Initiating HOW insurance to service our clients with this project requirement.
- FUNDING = Strengthening our project funding relationships to include NAB, Westpac, St George, Bank of Sydney and Bank of Queensland.
- CHARITIES = Raising $12,487 for charities The Water Project and Camp Quality.
- ACCOUNTING = Appointing PFS Accountants to assist us through our business transformation and engaging Crowe Horwath as part of our plan to realise our business vision and financial goals.
- SYSTEMS = Introduction of sophisticated management systems Procure (to control documentation, processes and subcontractor communication) and BuildTools (to enable faster and more accurate estimates for us to assess tenders and procure projects better).
The company enters 2019 on a strong footing with 4 projects under construction, 2 projects in construction certificate stages, and 4 projects in ECI discussions which equates to a total of 455 units across New South Wales.
Over the next 6 months the business is focused on:
- Executing our transformation plans which starts with a new office location in the 1st Quarter of 2019 in line with the business strategy to be more connected with our key relationships.
- Restructuring our senior management and project teams to improve the line of command and measure the performance of all resources in the business quarterly.
- Improving project delivery across the portfolio specifically QSE, cost controls, procurement, programming and handovers.
- Undertaking active government tendering and exploring new opportunities in new sectors (commercial/accommodation), diversifying our service offerings (developments, HOW, fit-out, refurbishments) and capabilities (modular construction/pre-fab).
- Exploring the establishment of a capital fund to provide equity participation into future projects.
We are very focused on our growth plans and future pipeline which we are working very hard to develop and shape.
Our huge thank you to everyone who continues to support our progress.