Leading national mining and civil contractor NRW Holdings (ASX: NWH) has released its financial results for the half-year to 31 December 2023, reporting record results that were in line with guidance.
First-half highlights:
- Revenue of $1.43 billion, up 6.7% on previous corresponding period;
- EBITDA of $157.2 million, up 10.2% on pcp;
- EBITA of $92.1 million, up 9.1% on pcp;
- NPATN of $58.0 million, up 8.6% on pcp;
- Normalised earnings per share of 12.8 cps, up 7.6% on pcp;
- Cash holdings of $176.7 million;
- Strong order book of $5.5 billion;
- Pipeline remains robust at $15.6 billion, with $2.6 billion of submitted tenders;
- Fully franked interim dividend of 6.5c per share, up 9.2% on pcp (on a comparable franked basis).
Commenting on the record first-half result, managing director Jules Pemberton said:
“I’m again very pleased to be able to deliver a strong set of interim results to NRW’s shareholders.
“These financial results for the first half of the FY24 financial year reflect the diversity and resilience of our business model. Our diversified operations and commitment to financial discipline have resulted in the group delivering revenue in this first half of $1.43 billion, a 6.7% increase over the prior period.
“Our EBITA reached $92.1 million, up 9.1%, and EBITDA rose to $157.2 million, a significant 10.2% increase from HY23. The normalised earnings per share of 12.8c, up 7.6%, deliver on our commitment to grow shareholder value.
“With a solid headline cash position of $176.7 million, a strong order book of $5.5 billion and our revenue for this year fully secured, the group is on track to meet the upgraded guidance announced at the AGM in November last year. This gives us the confidence to lift the fully franked interim dividend by 9.2% to 6.5c per share.
“I would like to once again thank and acknowledge the dedicated efforts of our 7,000-strong workforce as they have been instrumental in safely delivering these excellent results.”
NRW today also reaffirmed its full-year guidance of revenue in excess of $2.9 billion, EBITA between $175 million and $185 million with expectations firming at the high end of the range, and cash and gearing consistent with long-term averages.
