Australian mining contractor Macmahon Holding on Tuesday reported record revenue and earnings on the back of its Decmil acquisition and strong mining services growth, while also unveiling a leadership transition that will see Gregory Evans succeed Hamish Tyrwhitt as chair.

Revenue for the year ended June 30 rose 20% to A$2.4-billion, driven by contributions from Decmil and growth in the company’s surface and underground mining businesses. Underlying earnings before interest, taxes, depreciation and amortisation rose 10% to A$387.4-million, while underlying earnings before interest, taxes and depreciation (Ebit) climbed 22% to A$171.4-million. Net profit after tax increased to A$73.9-million from A$53.2-million a year earlier.

CEO Michael Finnegan said the company had delivered its ninth consecutive year of meeting or exceeding market guidance. “Macmahon delivered another year of improved financial performance in FY25 achieving record revenue and underlying earnings, as well as increased free cash flow generation, reducing debt levels and growing returns to shareholders,” he said.

Free cash flow surged 89% to A$140.7-million, reducing net debt to A$162.5-million, while available liquidity stood at A$538-million at the end of June. The board declared a final dividend of 0.95c a share, taking the full-year payout to 1.50c, up 43% from last year.

The company secured around A$2-billion in new contract awards and extensions across Australia and Indonesia, including a A$900-million extension at Byerwen and an interim A$317-million contract at the Poboya gold project. Civil infrastructure revenue reached A$437-million following the Decmil integration, with about A$400-million of new work added to the order book.

Macmahon said it expects revenue in 2026 to range between A$2.6-billion and A$2.8-billion, with underlying Ebit is forecast at A$180-million to A$195-million.

Alongside the earnings release, the company announced that Tyrwhitt will retire as director and chairperson after the 2025 AGM. Evans, an independent nonexecutive director who joined the board in 2024, has been elected to take over the role.

“It has been a privilege to lead Macmahon through a period of outstanding achievement and growth and to be part of delivering another strong result for FY25,” Tyrwhitt said. “Now that I have relocated with my family to international shores the time felt right for me to step aside.”

The company credited Tyrwhitt, who has been a director since 2019 and chair since 2023, with guiding it through a period of strong growth, diversification and shareholder returns. It said Evans’ capital markets expertise and sector experience would support the next phase of expansion.