Qube Holdings Limited is celebrating a marked improvement in its safety outcomes across three key measures in FY24.
Compared to FY23, the company’s Total Recordable Injury Frequency Rate (TRIFR) dropped 11.1 per cent, its Lost Time Injury Frequency Rate (LTIFR) dropped 41.3 per cent and its Critical Injury Frequency Rate (CIFR) dropped 38 per cent.
TFIFR is the number of recordable return to work, medical treatment injuries and lost time injuries for every million hours worked. This year’s mark of 7.8 is a reduction on last year’s recording of 8.8 and is the second lowest record of the metric since FY18.
LTIFR is the number of lost time injuries for every million hours worked. Qube’s FY23 mark of 0.63 was its lowest in half a decade, while this year’s recording of 0.37 has blown that recent record out of the water.
CIFR is the number of actual Class 4/5 (major or critical) and number of potential Class 4/5 incidents per million hours worked. In FY21 Qube recorded a mark of 0.37, however that rose to 0.69 in FY22 and 1 in FY23.
This year’s measurement of 0.62 is the first drop in three years and is still well below the mark of 2.18 recorded in FY18.
The improved overall safety performance has been marred by the unfortunate fatality of two employees in the past 12 months, one at the company’s South Australian forest harvesting operation in South Australia in September last year, and the other a third-party contractor who died at an incident at a Victorian level crossing in December.
“Both were terrible events and a tragedy for the friends, families and colleagues of the men involved – and for all of us at Qube,” Chairman Allan Davies said during the Chairman’s Address.
“I informed shareholders at last year’s meeting that the incident in South Australia was the subject of investigations, including by SafeWork SA.
“I can advise that Safework SA subsequently concluded their investigations in July and did not identify any failings in Qube’s work, health and safety obligations with respect to this terrible event.
“Nevertheless, the business has implemented a number of additional controls for its forestry operations. This is part of our commitment to continuous improvement and includes some industry first technology which we hope will raise the bar on safety for the entire industry.”
Included in the address were the positive results of Qube’s financial performance over the past 12 months.
Underlying revenue for the Group grew by roughly 17 per cent to $3.5 billion, EBITA grew by 13.6 per cent to $318.4 million, and underlying NPATA increased by 13.2 per cent to $271.2 million.
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