Leading national mining and civil contractor NRW Holdings (ASX: NWH) has signed off on a record-breaking FY23 with the release to the ASX of its Annual Report and Sustainability Report.
NRW had reported a full-year net profit of $104.4 million on revenue of $2.67 billion for the year to 30 June 2023. The company will hold its AGM in Perth on November 29.
Writing in the Annual Report, NRW non-executive chairman Michael Arnett said:
“The FY23 result was a record in the group’s history and was delivered in conjunction with another year of improved safety and financial operational performance across the group. This was an outstanding outcome during a period of exceptionally challenging conditions across each of our key markets. This included significant unseasonal wet weather in the first half, considerable cost inflation and persistent skilled labour pressures, approval-driven factors delaying the award of several key projects and continued price competition for new work.
“The extensive diversification of the group’s business model allowed NRW to respond quickly to changing conditions. This strong operational performance saw NRW deliver record revenue, earnings and cash, enabling the payment of a record dividend.
“Looking ahead, the group has a record order book and a high level of secured work for FY24, which gives us confidence that our track record of earnings delivery and delivering on our commitments to shareholders will continue into FY24 and beyond.
“Underpinning this performance was a continued focus on the disciplined execution of our strategy to drive growth within the business. We welcome the acquisition of OFI Group Holdings Ltd and its workforce to NRW. OFI specialises in industrial electrical engineering, automation, instrumentation and design and construction. The acquisition strengthens and enhances the capabilities and service delivery within the MET segment, and we are proud to continue to invest in local operations in the South West of Western Australia.
“Our people are our greatest asset and the safety, health and wellbeing of our workforce is of paramount importance to us. Over this reporting period, we have recorded zero fatalities and zero serious injuries. I would like to thank and acknowledge the dedicated efforts of our 7,200 people as they have been instrumental in ensuring safe and successful project delivery this year.
“Despite facing various challenges, the team has shown resilience and determination, and they have continued to safely deliver on our commitments to our clients. Through the continual reduction in our Total Recordable Injury Frequency Rate, and the work done to date to proactively address psychosocial risks, we continue to promote a safe and supportive workplace. As always, we will continue to strive to improve these results as a key operational objective each year.
“Disciplined capital management is always front of mind and NRW is committed to paying a sustainable dividend in line with the company’s dividend policy. The board is pleased to have declared a final fully franked dividend of 8 cents per share, up from the interim dividend which was equivalent to 6 cents per share on a comparable franked basis. This brings the final total FY23 dividend payment to 16.5 cents per share, delivering a record dividend to our shareholders.”
