NRW Holdings Ltd (ASX:NWH) has released its full-year results for the 12 months to June 30, with revenue doubled to $754.3 million compared to the 2016 financial year, and net profit after tax up 48 per cent to $42.2 million. NRW’s order book stood at $2.2 billion as at July 2018, taking into account new work picked up following the company’s acquisition of Golding Group during the financial year. Net debt stood at $34.4 million at June. NRW also declared a final dividend of 2 cents per share, fully franked. NRW finished off FY18 with $58.8 million cash in the bank.
Leading Australian civil and mining contractor NRW Holdings Limited (ASX: NWH) is pleased to provide its results for the year ended 30 June 2018.
- Revenue(1): $754.3 million double the same period last year
- EBITDA(2): $93.5 million compared to $58.9 million in the prior comparative period
- Net Profit after Tax: $42.2 million up 48% on last year
- Order book(3): $2.2 billion as at July 2018
- New work secured across the group circa $1.7 billion;
- Golding acquisition completed September 2017
- Net Acquisition cost $74.3 million;
- Net Debt at June 2018 $34.4 million
- Strong commitment to debt repayments – $31.3 million repaid in FY18
- Gearing ratio low at 12.6%
- Cash holdings of $58.8 million
- Final dividend declared of 2 cents fully franked
(1) Statutory Revenue of $685.4 million plus revenue from associates $68.9 million
(2) EBITDA is earnings before interest, tax, depreciation, amortisation and transaction costs.
(3) Order Book and Order Intake include South Flank
Commenting on the results Jules Pemberton, NRW’s Chief Executive Officer and Managing Director, said:
“The acquisition of Golding which was completed in September last year has been an outstanding success. Golding have secured a number of new contracts and contract extensions which will underpin activity in the coming years. This exceptional result together with the awards in the WA Mining business and the recently announced contract for South Flank have contributed to a record order book of $2.2 billion. With revenue growth of 40% expected in FY19 and a strong pipeline of opportunities I look forward to significant growth in the years ahead.
I’m also pleased to report that the Board has agreed to reinstate the payment of dividends by approving the payment of a fully franked final dividend for FY18. We have worked hard over recent years to strengthen the balance sheet and remain committed to ensuring our debt levels can be fully sustained by operations. I’m pleased to report in this regard we repaid $31.3 million of debt in the financial year.”