Gold Coast listed company PWR Holdings profit rises, on track for growth in emerging technologies

Swift growth in the uptake of electric vehicles looks set to accelerate growth for a Gold Coast listed company, which will employ another 100 staff as it expands.

The Gold Coast company provides cooling equipment for all 10 F1 teams. (Photo by Behrouz MEHRI / AFP)

SWIFT growth in the uptake of electric vehicles looks set to accelerate growth for Gold Coast listed company PWR Holdings’ as it expands focus from its traditional racing engine roots.

Reporting a 28.7 per cent rise in net profit, to $16.8m for the financial year, PWR said emerging technologies revenue grew by 112.7 per cent and now represented 11 per cent of the group’s income.

The group’s emerging technologies include cold plates for use in radar, avionics and other systems, hydrogen fuel cell heat exchangers, additive manufacturing and more.

PWR, which supplies cooling systems to all 10 of the Formula One Grand Prix teams, received certification in July to Australia Standard 9100, giving it the ability to expand its manufacturing into the aerospace and defence industries.

PWR makes cooling systems for the fastest vehicles on earth. Picture Glenn Hampson

According to its presentation to shareholders, the group has a pipeline of emerging technology programs ranging in value from $100,000 to more than $50 million in the coming decade.

To cater for the growth, PWR expects to expand its workforce from 363 staff to more than 450 by December 2022.

PWR increased its market capitalisation from $449m to $710m during the year, and the company’s North American division grew its revenue by 71.4 per cent, delivering a net profit of $4.8m, up from $1.2m the previous year.

PWR Holdings managing director Kees Weel. Picture Glenn Hampson

PWR chairwoman Teresa Handicott told shareholders they would receive a final franked dividend of 6 cents, on top of the 2.8 cents interim dividend announced six months earlier.

“We believe this reflects a balanced outcome for all stakeholders in the current environment” she said.

Founding shareholder and managing director Kees Weel said the full year result reflected a solid performance across all parts of the business.

He said PWR was well prepared to deliver on opportunities in the next few years.

“The benefits of our investments made in FY20 and FY21 in both people and capital equipment has enabled us to capitalise on growth opportunities and, together with our AS9100 aerospace and defence quality certification, positions us well for the future.”

Follow @Kathleenskene