Australian-based global shipbuilding company Austal has released some significant management changes and insight into its Australian strategy during an official conference call and via the Austal Annual Report 2023.

Austral detailed that its total revenue for the year increased by 10.9 per cent in financial year 2023 – although earnings were negatively impacted with a further writedown on the recently commenced Towing, Salvage, and Rescue Ships program and an expected annual loss of $13.8 million – during a conference call on 31 August.

“Austal delivered nine ships in FY2023 and maintained a strong balance sheet, while allocating considerable enhancing capital as we strengthened our strategic position in the US defence shipbuilding sector,” said Austal chief executive officer Paddy Gregg.

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