News: ANG Austin Engineering Determined To Consolidate Ops

June 29 (Reuters) - Austin Engineering Ltd (ANG) :

• AUSTIN ENGINEERING LTD- DETERMINED TO CONSOLIDATE ITS TWO SEPARATE BUSINESSES LOCATED IN MACKAY, QUEENSLAND
• AUSTIN ENGINEERING LTD- WILL CLOSE ITS AUSTIN MACKAY WORKSHOP ON LEN SHIELD STREET, PAGET, AND CONSOLIDATE TO PROGRESS DRIVE, PAGET SITE
• AUSTIN ENGINEERING LTD- AUSTIN ESTIMATES ONE-OFF CASH RESTRUCTURING COSTS FROM CONSOLIDATION TO BE IN REGION OF $0.6 MILLION, PRIMARILY IN REDUNDANCIES
• AUSTIN ENGINEERING LTD SEES NON-CASH GOODWILL WRITE DOWN OF $1.2 MILLION IN FY2021
• AUSTIN ENGINEERING LTD- EXPECTED $4 MILLION IN BALANCE SHEET CAPITAL WILL BE UNLOCKED THROUGH SALE OR RE-DISTRIBUTION OF ASSETS FOLLOWING THIS CLOSURE
• AUSTIN ENGINEERING LTD- FOR FY2021, LEN SHIELD WORKSHOP WILL CONTRIBUTE IN REGION OF $9.7 MILLION IN REVENUE AND A $0.2 MILLION LOSS IN EBITDA
• AUSTIN ENGINEERING LTD- CLOSURE OF LEN SHIELD WORKSHOP NOT EXPECTED TO NEGATIVELY IMPACT FUTURE PERFORMANCE OF BUSINESS
• AUSTIN ENGINEERING LTD- ADDITIONALLY, SEES ONE OFF RESTRUCTURING COSTS IN REGION OF $1 MILLION ACROSS BROADER BUSINESS
• AUSTIN ENGINEERING LTD- GUIDANCE FOR UNDERLYING NPAT IN EXCESS OF $9 MILLION FOR FY2021 REMAINS UNCHANGED