Leading mining and civil contractor NRW Holdings Limited (ASX: NWH) is pleased to release its Annual Report for FY21 alongside the Notice of Meeting for the Company’s AGM, to be held on November 25. NRW has also advised of a change to its CEO’s remuneration.
Writing in the annual report, NRW chairman Michael Arnett said:
“In FY21, NRW continued to progress its market and growth strategy, delivering financial growth and outstanding results for our clients whilst maintaining the safety of our workforce, despite the interruptions caused b9y COVID-1.
“Since the pandemic began, we have successfully integrated three new businesses into the NRW Group; BGC Contracting, DIAB Engineering and Primero Group. These acquisitions were all highly strategic and significantly enhance our capability to deliver services across the lifecycle of resource projects, from early planning, design, development, construction to operations and maintenance.
“NRW has a workforce of 7,000 working on projects and sites across Australia. The management of our people to ensure their day-to-day safety remains a priority.
“In addition to revised operating procedures resulting from the COVID-19 pandemic, staff retention and recruitment have also been affected. These factors have impacted our productivity, with competition for a limited resource pool driven by both high construction activity and strong commodity demand.
“I would like to express my gratitude to all members of our workforce for the resilience they have demonstrated and their commitment to working with our clients to safely deliver our services.
“There have been a number of significant contract awards and extensions post the publishing of our full year results. This includes an EPC contract for the Mt Holland Concentrator project for Covalent Lithium, a joint venture between Wesfarmers and SQM, valued at circa $290 million.
“In 2020, we established a Sustainability Committee, responsible for managing and reporting our Environmental, Social and Governance (ESG) matters. Our first Sustainability Report is included within this Annual Report.
“The order book at year end totalled $3.4 billion, which is expected to grow to at least $4.4 billion following the recently announced letter of intent for the extension of mining services at Curragh.
“The Pipeline of opportunities remains strong at $14.5 billion across all business segments. It is also pleasing to note that to date around 50% of the work we advised as our submitted tenders at the half year totalling circa $5 billion, has resulted in contract awards, notice of award or letter of intent. These include Karara, Baralaba, Strandline and Curragh.”