NRW Holdings shares rise but receives first strike on pay report
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More news: NRW Holdings shares rose 1.3% to $3.90 by afternoon trade after it reaffirmed its full-year guidance.
Over the past 12 months its share price has rocketed 53.7%.
However, it received a first strike from shareholders on its remuneration report at its annual general meeting. About 26.2% of shareholders voted against the report.
NRW Holdings reaffirms FY25 guidance
The news: Construction and mining contractor NRW Holdings reaffirmed its full-year guidance, having secured work to cover 94% of its guided revenue target for the year.
The numbers: NRW said it is optimistic about delivering strong growth in both revenue and earnings "for FY25 and beyond", supported by a record $7 billion in secured work.
The company continues to expect full-year revenue to exceed $3.1 billion and EBITDA of between $205 million and $215 million.
NRW started the year with an order book of $5.5 billion, growing to $7 billion since the end of FY24, with $2.9 billion of secured work for FY25.
The context: Across its three operating segments, NRW's civil infrastructure business is seeing "positive market conditions" with a continuing pipeline of public sector infrastructure projects in Western Australia and Queensland.
NRW expects further growth in its mining segment in FY25, despite "uncertainty in some commodity markets".
NRW's minerals, energy and technologies (MET) business has been supported by a pipeline of opportunities in iron ore, gold and rare earths, as well as new innovation initiatives that could deliver "major new sources of income in the future". These include alternative lithium refining IP, original equipment manufacturers parts, modular solutions for in-pit electrification.
The sources: ASX announcement, ASX announcement
