AVAX - Exceeding expectations
AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance at the top-line and EBITDA level. Group revenue and reported, continuing PBT exceeded our forecasts by 13% and 28% at €453.5m and €16.7m, respectively (FY22 revenue and PBT of €402.7m and €18.5m). This is largely attributable to a much stronger than anticipated performance from the construction segment, achieving revenue of €427.8m (Edison forecast: €371.7m), up 14% y-o-y. Our forecasts are under review following the announcement.Avax SA, formerly J & P Avax SA, is a Greece-based construction company. It operates through four segments: Construction, Energy, Concessions, and Other Activities. The Construction segment is involved in the large-scale private and public works in energy and transportation infrastructure. The Energy segment designs and constructs mainly power plants and related structures. The Concessions segment manages the Company's participations in concession's projects. The Other Activities segment includes real estate development operations and facility management, which offers a wide range of services for managing and maintaining business installations, corporate offices and buildings. It is active both locally and internationally.
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