Matrix completes $3 million placement to support growth in production
Matrix Composites & Engineerings announces binding commitments from institutional and sophisticated investors for a share placement of $3 million.
The placement received strong interest, being well supported by new and existing shareholders.
Matrix Chief Executive Officer Aaron Begley said the funds would support the Company as it ramps up production in FY19 to deliver on its order book and ensure Matrix is well placed for future orders.
“Matrix currently has $43 million in work secured across the Company’s oil and gas, transportation, and infrastructure clients under our diversification strategy, underwriting plant production through to the end of CY2019,” Mr Begley said.
“This placement will enhance Matrix’s position to ramp up production at our Henderson facility in delivering on this work as well as to secure and deliver on future orders. “We’re seeing a pick-up in the oil and gas sector with a growing order pipeline and have pleasingly started to see this convert into orders, such as the recent award of a $15.3 million drilling riser buoyancy contract last month.
Based on the Company’s current order book, Matrix expects to deliver revenue in the range of $35 million to $40 million in FY19, up from $19.5 million in FY18, with revenue strongly weighted to the second half FY19 as production on larger orders ramps up.
