Leading national mining and civil contractor NRW Holdings (ASX: NWH) has reported its financial results for the year to 30 June 2023 and provided a positive outlook for the current financial year.
FY23 highlights:
- Revenue $2.7 billion, up 11.4% on FY22 – consistent with guidance
- EBITA $166.3 million, up 13.3% on FY22 – consistent with guidance
- EBITDA $288.8 million, up 10.2% on FY22
- Normalised earnings per share 23.2c per share, up 11.0% on FY22
- Record cash holdings $227.6 million, up from $219.3 million in FY22. Strong cash conversion at 99%
- Record order book of $5.9 billion
- Record secured work for FY24 of $2.7 billion
- Record annual dividend payout ratio of 71.5%
- Final fully franked dividend of 8c per share, up from the interim dividend which was equivalent to 6 cents per share on a comparable franked basis. The total dividend for the year is 16.5c per share – a 12% increase from FY22 on comparable franked basis
- Net debt of $84.3 million; gearing of 13.8% including leases, 5.4% excluding leases
Commenting on the FY23 results, NRW managing director Jules Pemberton said:
“I am delighted to present this very strong set of results for FY23. These results, which build on the foundation of last year’s post COVID-19 recovery, deliver on our commitments to our shareholders and other stakeholders.
“The group has contended with very challenging conditions across each of our key markets during the year. These included significant disruption caused by La Nĩna weather patterns in Queensland, approval-driven factors delaying the award of a number of key projects, significant cost inflation and skilled labour pressures on construction projects, together with continued price competition for new work.
“Despite these significant challenges, the extensive diversification that is built into our business model has allowed NRW to respond quickly to changing conditions by reallocating resources to maintain profitability. I would like to thank and acknowledge the dedicated efforts of our 7,200 people as they have been instrumental in safely delivering these excellent results.”
