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For personal use only GR GR ENGINEERING SERVICES ENGINEERING CONSULTANTS AND CONTRACTORS ASX RELEASE 22 February 2021 For immediate release to the market HY21 FINANCIAL RESULTS HY21 Results Summary - Revenue : $ 176.4 million ( HY20 : $ 95.3 million ) EBITDA : $ 14.2 million ( HY20 EBITDA Loss : $ 15.4 million ) Profit Before Tax : $ 12.6 million ( HY20 Loss Before Tax : $ 16.7 million ) Interim dividend : 5.0cps ( fully franked ) ( HY20 : 2.0cps ( unfranked ) ) Cash : $ 52.8 million ( 31 December 2019 : $ 20.7 million ) GR Engineering Services Limited ( ASX : GNG ) ( GR Engineering or Company ) today announced its financial results for the half year ended 31 December 2020 ( HY21 ) . Overview GR Engineering reported HY21 revenue of $ 176.4 million representing an 85 % increase from the half year ended 31 December 2020 ( HY20 ) . The HY21 EBITDA increased significantly to $ 14.2 million , representing a strong turnaround from the HY20 results . The Board has resolved to declare an interim dividend of 5.0 cents per share , fully franked in light of the Company's strong operating cash flow and balance sheet . Cash increased by $ 32.1 million to $ 52.8 million during the period from 31 December 2019 to 31 December 2020 . Commenting on the Company's HY21 performance , GR Engineering's Managing Director , Mr Geoff Jones , said : " The first half of FY21 was characterised by heightened project and operations and maintenance activity across both the minerals processing and oil and gas services businesses . These increased levels of activity have generated strong revenue and earnings results during HY21 and this trend is expected to continue into the second half . GR Engineering has been able to successfully increase its pipeline of ongoing and near term prospective projects by being awarded significant contracts across a broad base of commodities , including precious metals , base metals and industrial minerals . This has resulted in increased visibility in revenue and earnings for the remainder of FY21 and in future years . The Company has maintained a strong balance sheet and it was pleasing to note the strong cashflow generation during HY21 which is expected to continue into the second half of the year and FY22 . This combined with the strong order book , leaves the Company well placed to continue to deliver returns to its shareholders . GR Engineering continues to navigate through the impact of the COVID - 19 pandemic . Whilst providing challenges , the commitment and response of the team to COVID - 19 has been excellent . " GR ENGINEERING SERVICES LIMITED ABN 12 121 542 738 Tel : +61 8 6272 6000 Fax : +61 8 6272 6001 Email : gres@gres.com.au Website : www.gres.com.au PO Box 258 , Belmont WA 6984 71 Daly Street , Ascot WA 6104 CERTIFIED R 150 9001-150 45001