Chief executive Ryan Stokes says skilled labour shortages are holding back the conglomerate’s mining machinery business after a big jump in earnings.
It declared a flat final dividend of 23¢ a share, fully franked.Seven Group boss Ryan Stokes said a shortage of skilled labour is one of the few forces holding back the conglomerate’s WesTrac machinery business, which supplies Caterpillar equipment to the mining sector, after it reported a big jump in annual profit.The Stokes family-controlled group recorded underlying earnings before interest, tax, depreciation and amortisation of $1.69 billion, up 15 per cent on financial year 2022.
after overlooking WesTrac for a big haul truck order. Dr Forrest has flagged plans to become a major rival in the supply of low emissions mining machinery through a partnership with Liebherr.
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