2023 Annual Report

Our strategy of Redefining Service Excellence is our blueprint for success, brought to life by the pride and passion of our people. It encourages us to create a culture where we seek to improve every day to deliver successful outcomes.


(*) Percentage changes are based on FY22 pro-forma NPATA and EBITDA.

(*) Ventia delivered an estimated $4.3 billion in social value in 2023, calculated using our spend and employment data and the new TOMs (Themes, Outcomes, and Measures) framework for delivering excellence in measuring and reporting social value.

Our Strategy

Our strategy of Redefining Service Excellence is our blueprint for success, brought to life by the pride and passion of our people. We differentiate ourselves by being client focused, innovative and sustainable.

Click through the tabs below to explore Ventia's strategy and value creation model.

We create value through the services we provide.

We create value for our stakeholders as we pursue our strategy to Redefine Service Excellence through our three strategic priorities: being client focused, innovative and sustainable.

We execute this strategy by delivering essential services for our clients across the sectors we serve. We know that integrated planning and decision-making results in actions that can create and preserve value over the short, medium and long-term. Our value creation model below demonstrates how our business model and strategy draw on various capital inputs to create value over time.

Ventia develops long-term and strategic relationships with our clients. Repeat clients are our ultimate performance indicator and we pride ourselves on being a trusted partner. In FY23 Ventia increased our client renewal rate to over 87%.

In 2023 we furthered our client segmentation and strategic account management approach by increasing our understanding of our customer relationships and their behaviours. This enabled us to better serve our clients and identify future pipeline opportunities.

Cross-sector collaboration is a core focus for Ventia. Our vast range of capabilities across our sectors, together with our strong client relationships and trusted reputation, enabled us to expand our market opportunities in 2023.

Looking ahead, we see significant future opportunities across all four business sectors underpinned by market trends and our client segmentation work. We are confident that our strategy will continue to redefine service excellence for our clients.

Innovation at Ventia is underpinned by a workplace that continuously considers better ways of working. We strongly believe that innovation is better together, and as such, we partner with our clients and stakeholders to solve problems and develop new solutions that deliver better outcomes.

In 2023 we continued to evolve our digital strategy which includes investment in digital core modernisation, data, AI and cyber security defence capabilities. Ventia is focused on building our innovation footprint in 2024 and continuing to build a best practice modern digital ecosystem that is part of Ventia's strategy and delivers benefits to our people and our clients.

To help drive innovation across our organisation, we created our INSPIRE Innovation Hub in FY23 and launched a new initiative called Pizza and Pitch. The initiative encourages employees to gather regularly – over a slice of pizza – and pitch an innovation idea. The audience can vote on the idea that has the most relevant application and scalability across Ventia.

We are committed to creating a lasting and positive legacy for people and the planet. Central to our sustainability strategy are our objectives and measurable targets that align to our three core pillars of environment, social and governance.

Our targets are recognised by industry frameworks to ensure we deliver best practice outcomes and meet stakeholder expectations.

In 2023 we made progress on our Environmental, Social and Governance (ESG) targets. We also submitted our emissions reduction and net zero targets to the Science Based Targets initiative (SBTi) for validation. Further information is provided in Ventia’s Sustainability Report.

This year we introduced a social value measurement to understand the socioeconomic impact of our non-financial activities, with $4.3b social value created.

Sector Highlights

Over 8,000 employees support Defence and Social Infrastructure (D&SI) in enabling us to deliver maintenance and support services for clients across defence, social infrastructure, housing and community, local government, critical infrastructure and energy solutions.

Ventia’s D&SI business delivered stable performance in FY23, securing key contracts with the Australian Department of Defence for the Defence Maintenance Contract valued at $393 million over the next five years, and a 12-month extension of our Base Services contract with the Department of Defence valued at $550 million.

D&SI has a pipeline of new opportunities ahead, with some opportunities aligned to Government funding. Sector crossselling is a key enabler of growth and we are well positioned to leverage our capabilities to strengthen and broaden services to new and existing clients in 2024.

Ventia’s Infrastructure Services (IS) business has extensive experience in providing comprehensive, multidisciplinary maintenance and improvement solutions for customers across Australia and New Zealand.

In 2023, our focus on service excellence has resulted in revenue growth across all IS business units with stronger performance seen particularly in the Energy, Water and Renewables and Rigs and Wells services. The growth largely came from stronger volumes from existing clients and the commencement of projects awarded in late 2022 and during 2023.

Increasing population, climate change and the rapidly evolving energy transition continue to drive opportunities for IS in 2024 and beyond. The growth in population, for example, is driving investment in water assets including large treatment facilities, and the increasing focus on emissions reduction in the resources industry continues to present opportunities for IS to deliver sustainable outcomes for our clients.

Our telecommunications business continued to grow in 2023, largely driven by higher demand in the core telecommunications market, which in turn drove higher volumes of work by existing and new clients. In response to this demand, we leveraged our expert capabilities for clients across Australia and New Zealand, in addition to securing new wins in adjacent markets. 

To target future growth opportunities, we have defined a clear diversification strategy: to explore new opportunities with long-term strategic clients; extend our offering to a broader range of clients in the core telecommunications market; and use our existing capabilities to diversify into adjacent markets such as defence and space, aviation and energy solutions.

Our transport business delivered revenue growth of 22.7% in 2023 through a combination of new contract wins, mobilisation delivery and existing contract growth.

In 2023 we secured new projects with existing clients such as Transurban Queensland and Hauraki District Council servicing road, bridge and tunnel assets, and we delivered minor capital works in Western Australia and New Zealand.

We also grew our transport technology service function through securing new contracts with the Western Distributor Smart Motorway in Sydney and delivered work on the West Gate Tunnel contract and rail communications on Melbourne Metro.

In 2023 we continued to implement our low-risk growth strategy which focused on targeting long-term maintenance contracts and deepening our relationships with clients by leveraging Ventia’s full capabilities and scale. In 2024 we will continue to leverage our existing footprint to access adjacent market opportunities such as ports, defence and telecommunications.