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NRW lifts dividend on record revenue, higher earnings

Contractor sees growth in mining and construction pipeline

Staff reporter
NRW lifts dividend on record revenue, higher earnings

The company said secured work underpinned the lower end of its $2.2-2.3 billion revenue guidance for the full year, and just over $1 billion of order intake in the first half expanded its order book at the end of 2020 to circa $2.8 billion. But margins on key Pilbara projects had been "impacted by resource availability due to continued resource constraints related to COVID-19 measures".

NRW said its mining and civil pipeline of tenders and prospects expected to be awarded in the next 12 months had increased to $14.1 billion, with about $5 billion of tenders submitted.

"Our strong first half performance has allowed the board to update our dividend policy, which will deliver an interim dividend of 4c per share, up 60% on the prior comparative period," said NRW CEO Jules Pemberton.

"Growth is expected to continue as a result of increasing expenditure on infrastructure projects at state and federal level, demand for commodities remaining strong and as a consequence of the recently announced Primero acquisition.

"Working closely with the Primero team since the acquisition announcement has confirmed the opportunities to expand our Minerals, Energy & Technologies specialised capabilities which will provide leverage for the combined expertise to pursue new business initiatives across a large pipeline of opportunities."

NRW was hit on the ASX this morning, dipping 16% to $2.35. It was above $3 at the start of this month.

The company has a current market value around $1.06 billion.

 

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