Australia-based marine services company Bhagwan Marine has posted its financial results for the 2025 financial year (FY2025).
The company said it achieved record revenue and earnings, driven by ongoing strength across its diversified core business and progress within new growth segments.
In FY2025, Bhagwan achieved a net revenue of AU$283 million (US$185 million), up five per cent from AU$268.8 million (US$175.7 million) in FY2024. Record pro forma gross operating profit peaked at AU$50.9 million (US$33.3 million), up 23 per cent from AU$41.3 million (US$27 million) in FY2024.
Net cash from operations totalled AU$35.8 million (US$23.4 million), up 23 per cent from AU$29 million (US$19 million) in FY2024.
Bhagwan said it achieved strong performance across all sectors nationally – highlighted by a six-year contract extension with Port of Melbourne, further expansion into the larger vessel market supported by the Coral Knight acquisition, and investment in electrification and remote technologies.
Progression was also made within new growth sectors. The company said it grew its presence within the decommissioning market and completed a significant, expanded operations to support offshore wind projects, and positioned itself for growth within the emerging defence sector.
“We delivered solid growth across our core business, within offshore energy, subsea and ports and inshore,” said Loui Kannikoski, Bhagwan Marine Managing Director and CEO. “We also progressed into new growth sectors, particularly decommissioning, while enhancing our operations, systems and strategic capability.
“These achievements were realised despite an inflationary cost environment, oil and gas price volatility, and broader macroeconomic uncertainty.”
Kannikoski said that Bhagwan has continued to invest in the, “quality of [its] fleet,” including the 10-year docking of the dive support vessel Bhagwan Dryden and the acquisition of the supply vessel Coral Knight, thus, “expanding [the company’s] capability in the larger vessel market.”
“In the short time since listing [on the Australian Securities Exchange], the company has achieved meaningful operational progress and delivered solid financial results, despite broader market volatility,” added Bhagwan Chairman Anthony Wooles.
“Throughout FY25, Bhagwan’s board and leadership team concentrated on three priorities: strengthening internal capabilities; embedding financial discipline and robust governance; and refining its strategy to deliver sustainable earnings growth.”
