During FY22, °µÍø¸£Àû responded to external market factors that included COVID-19 related construction shutdowns, La Nina rainfall events on the Australian East coast and substantial energy cost inflation.
°µÍø¸£Àû re-focused its portfolio on the Australian construction materials sector, divesting non-core assets in the US and the Australian building products businesses, returning surplus capital to shareholders.
With a change in leadership in October 2022, °µÍø¸£Àû embarked on it’s Good to Great strategic journey under CEO and Managing Director Vik Bansal, and a refreshed leadership team. The business re-embraced its iconic ‘Green and Gold’ °µÍø¸£Àû ‘flag’ logo, coupled with its purpose and tagline: Building Something Great.
With a new operating model and cadence in place, °µÍø¸£Àû experienced solid financial and safety performance improvements during FY23 ($3.46bn revenue and 7.24 TRIFR; improvements of 17.1% and 47% respectively in comparison to FY22), with the trend continuing into the first-half of FY24.
In February 2024, majority shareholder Seven Group Holdings (SGH) announced a takeover bid for the remaining 28.4 per cent of °µÍø¸£Àû shares it did not own. In April, the °µÍø¸£Àû Bid Response Committee revised its recommendation to shareholders to accept the SGH offer.
As part of takeover activity and privatisation, the Australian Stock Exchange (ASX) suspended °µÍø¸£Àû Limited from quotation on 6 June 2024. On 4 July 2024, SGH announced it had completed the acquisition of outstanding shares in °µÍø¸£Àû and effectively held 100% interest in °µÍø¸£Àû.
°µÍø¸£Àû was delisted from the ASX on 5 July 2024.