JSE-listed Protech Khuthele on Tuesday reported that its internal repositioning was progressing well, with the group gaining a clearer understanding of its internal capabilities, systems and positioning.
The bulk earthworks and civil engineering specialist underwent significant internal changes as its 2011 financial year recorded a 10% drop in revenue to R965.8-million and an operating loss before interest and tax of R3.8-million, compared with an operating profit of R77.1-million in the previous year.
Protech said in a statement that it continued to align its structures and processes, while pushing optimisation to enable the firm to maximise benefits from expected optimistic market conditions.
The company initiated a number of functional initiatives that were improving internal processes, while a revised plant operating model would result in improved plant and equipment use, the company noted.
The group strengthened its executive and operational leadership, also recruiting several highly experienced industry experts over the last six months.
Despite challenging market conditions over the last six months, Protech said it was expecting an upturn in the construction market and infrastructure spending.
The firm reported that, despite tight market conditions, over 90% of its budgeted turnover for the financial year had been secured and its order book remained strong.
Further, Protech secured several new multimillion-rand contracts in South Africa over the last six months.