Leading national mining and civil contractor NRW Holdings (ASX: NWH) is signing off on a record FY24 at its annual general meeting in Perth today.
The below is an edited version of Non-executive Chairman Michael Arnett’s address to the AGM:
“2024 marks NRW’s 30th anniversary year since it was founded. Our managing director and CEO Jules Pemberton will explain the remarkable journey that NRW has made through its commitment to excellence and strategic acquisitions.
“Our people are our greatest asset and their dedication has been central to our success over the past year. In FY24 we achieved a further reduction in the Total Recordable Injury Frequency Rate. On October 3 this year we unfortunately experienced a fatality within our workforce with the loss of Barry Breslin. We are deeply saddened by the loss of one of our colleagues and again we extend our condolences to Barry’s family on their loss.
“Despite ongoing challenges in the labour market, NRW has remained competitive in attracting and retaining a highly skilled workforce. As at 30 June 2024, our headcount stood at 7,400. With the addition of new team members following the HSE acquisition at the South Walker Creek project, our workforce now totals approximately 8,500. Through continuous education and development initiatives, NRW remains committed to fostering a workplace that is safe, respectful and inclusive. As always, our work in this area continues to be a focus and one of the highest priorities for our teams.
“We saw some changes to the composition of the NRW board during FY24. Peter Johnston retired as non-executive director prior to the AGM in November 2023. We extend our sincere thanks to Peter for his dedication and significant contributions during his seven years of service. We were extremely pleased to welcome David Joyce and Adrienne Parker as new non-executive directors. We look forward to their valuable contributions to the Board over the coming years.
“In FY24, the group achieved another record year for both revenue and earnings. This success was coupled with continued improvement in safety outcomes, alongside enhanced operational performance across the organisation. This is another outstanding outcome for the business and our shareholders as the company continues to deliver above expectations.
“Our growth was driven by increased activity across all operational segments. Favourable market conditions supported a more consistent flow of contract awards compared to the previous year, which had been impacted by weather and client delays. All operational segments benefited from these improved conditions, leading to a 9.2 per cent increase in revenue compared to FY23 as well as higher earnings and profitability year-on-year. Normalised net earnings rose 18.6 per cent to $123.8 million, up from $104.4 million in FY23, reflecting these favourable trends. This performance highlights our ongoing commitment to the disciplined execution of our growth strategy.
“In FY24, NRW continued to advance its environmental, social and governance performance, with a strong focus on reducing the group’s carbon footprint and embedding sustainability into core business processes. NRW’s standalone Sustainability Report details the ESG initiatives we are undertaking and how they benefit NRW, our clients and the community.
“Disciplined capital management remains a priority and NRW is committed to paying dividends in line with the company’s policy. The board was pleased to declare our total FY24 dividends of 15.5 cents per share, up 11.1 per cent on FY23, on a comparable franked basis.
“On behalf of the board, I extend our thanks to Jules Pemberton for his leadership in achieving another outstanding result. We also express our gratitude to our clients, our senior executive team, employees and shareholders for their ongoing commitment and contribution in making FY24 a record year for the company.”
