NRW Holdings expects to top record-breaking year

The news: Construction and mining service provider NRW Holdings says it's on track to eclipse its record-breaking 2023 financial year in 2024, with $2.9 billion of secured work and new opportunities in iron ore and lithium.

The numbers: NRW, which has 120 projects across Australia and internationally, previously announced FY23 revenue grew 11.4% to $2.7 billion, while earnings grew 13.3% to $166.3 million. The company said it has started the 2024 financial year with its highest ever secured order book of $5.9 billion, comprised of $2.9 billion for FY24 and $3 billion for FY25 and beyond.

The context: NRW's CEO Jules Pemberton said at the group's AGM on Wednesday that the Perth-based firm has identified near term growth opportunities in iron ore and lithium projects. He also explained that positive market conditions are being driven by demand for decarbonisation projects, continued spend in public infrastructure, and a buoyant critical minerals sector. A day before the AGM, NRW's director Peter Johnston announced his retirement from the board with immediate effect.

What they said: Pemberton told shareholders: "We expect our revenue for the year will exceed $2.9 billion and are confident that the earnings before interest and taxes for FY24 will be at the high end of the guidance range of $175 million to $185 million."