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Millennium makes senior management appointments

Millennium Services Group has appointed former Toxfree executive Michael Constable as CFO, effective 15 October.

Constable was previously CFO of waste management company Toxfree, which was acquired by Cleanaway last year.

Constable’s appointment follows two other recent senior management appointments. Sasha Holdsworth joined this week as group executive, human resources and former National Australia Bank executive David Benjamin joined the company in June as CIO.

Millennium Services Group Craig Hanley said the company’s senior leadership team is now fully in place.

“Bringing Michael, Sasha and David into Millennium means that our senior leadership team is now fully in place. These important hires are a critical foundation for Millennium’s consolidation and growth,” Hanley said.

The appointments also follow the release of Millennium’s full year results for the year ended 30 June 2018.

Millennium reported revenue of $282.1 million, up 12.8 per cent on pro forma 2017, while gross profit was down 2.1 per cent on pro forma 2017 to $42.4 million.

The company said underlying EBITDA of $15.4 million was impacted by revenue mix shifts affecting margins, and reflects a short-term increase in overhead expenditure during the transitional phase.

It also reported a statutory net loss after tax of $0.747 million, which incorporates $3.33 million of non-recurring increases in provisions that the company said are largely related to legacy issues.

Millennium’s cleaning segment reported growth of 10 per cent on the year, having secured multiple national retail contracts during the year, as well as commercial and government sites in Western Australia. Security also saw strong revenue growth, up 33.1 per cent.

The company said the pipeline of opportunities across both cleaning and security remains significant, with $500 million of contracted revenue secured over the next three years.

“Both cleaning and security experience solid segment revenue growth in a competitive market. Millennium’s broad national footprint, disciplined bid process and technology investment have been instrumental in securing key contract wins at returns above Millennium’s cost of capital,” Hanley said.

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