The engineering group’s boss said raising the skilled migration cap would not solve a national shortage of workers.
Monadelphous chief executive Rob Velletri said raising the skilled migration cap would not solve a national shortage of workers as the Perth-based engineering group delivered an 11 per cent rise in annual net profit to $52.3 million.increase the permanent migration cap tBut while bringing more people in from overseas would help ease pressure on companies trying to find workers, it would not fix the problem, Mr Velletri said.
Mr Velletri warned that the worker shortage would constrain the company’s future revenues. Group revenues slid 1 per cent to $1.93 billion in the 12 months to June. , Monadelphous has started an employee retention plan, issuing share rights that vest over three years.