Leading national mining and civil contractor NRW Holdings (ASX: NWH) has provided an update to guidance on its FY24 full year results.
HIGHLIGHTS
- Revenue is expected to be $2.9 billion consistent with guidance
- EBITA* (unaudited) is expected to be approximately $195 million, NRW’s highest ever EBITA result, exceeding the guidance range of $175 million to $185 million
- Order book of circa $5.5 billion, with some $2.7 billion secured for FY25
- Cash holdings of $247 million with conversion exceeding 90% of EBITDA
During the year NRW sold 56.9M Spartan Resources Limited shares, realising a gain of $23 million, of which $8 million is included in operating EBIT. NRW acquired the Spartan shares between 2019 and 2024 as part of Spartan’s various recapitalisations and debt compromises.
Jules Pemberton Managing Director and CEO said:
“NRW has had another strong year and I am very pleased to announce that our financial performance in FY24 has exceeded our expectations, outperforming the earnings guidance. As indicated over the course of the year, we could see the potential to outperform and I am delighted to be able to now confirm that the business has realised that potential.
“Ignoring Spartan, NRW’s normal business operations delivered an EBITA* result that exceeded the top end of the earnings guidance range by $2 million.
“The FY24 results reflect the strong demand that we are seeing for NRW’s very broad range of expert capabilities.
“Our extensively diversified business model makes us relevant across the entire lifecycle of a resource development, from the earliest stages of concept development through to mining operations and ore processing design, construction, operation and maintenance. Importantly, our diversification is across multiple commodities and infrastructure, mitigating our reliance upon any one sector.
“Looking forward, NRW is in a very strong position with $2.7 billion of work secured ($2.9 billion including preferred tenders) for FY25 and a growing pipeline of opportunities supporting strong growth over the coming years.
“I look forward to providing further details when the full year results are released on 15 August”.
