Downer awarded $320m road contract in Victoria
Make us a preferred source
Make us a preferred source on Google
The news: Downer EDI has been awarded a $320 million road maintenance contract by Victoria’s Department of Transport and Planning.
The numbers: The contract begins in July 2024 for an initial four-year term, with the option for two two-year extensions.
Downer will deliver routine maintenance, planned maintenance, defect inspections, hazard rectification and emergency response services to more than 1600 kilometres of road and 1900 structures in metropolitan Melbourne’s Western region.
The contract is an expanded maintenance contract that Downer has held for the past six years.
Over the past 12 months, Downer’s share price has risen 42.5% to $4.83 and in late trading today was down 0.82%.
The context: Downer today also announced that it had appointed PwC as its new auditor after its previous auditor KPMG resigned in March. Downer pulled KPMG into its class action brought by its shareholders on financial misrepresentations by filing a defence against both.
The source: ASX announcement
