Civil and mining contractor NRW Holdings says it is well placed for more earnings growth and it is seeking new partnership and acquisition opportunities, after lodging a solid net profit for the first six months of financial year 2017.
NRW today said it booked a 90 per cent lift in net profit for the six months to December 31, on the back of a 17.6 per cent lift in revenue.
NRW’s revenue for the first half of FY2017 came in at $176.6 million, up from $150.4 million in the previous corresponding six months.
Net profit was $11.5 million in the first half of FY2017, up from $6.1 million in the half year ending December 31 2015.
Chief executive Jules Pemberton told the ASX that NRW Holdings secured $200 million in new contracts over the period, growing its order book to $1 billion as of this month.
NRW declined to pay a dividend at the half year, but said its revised debt structure provided improved liquidity, which would potentially allow for dividend payments to resume in the near future.
Mr Pemberton said the company would continue to assess strategic partnerships and opportunistic acquisitions in the second half of FY2017.
At close of trade today, NRW shares were down 0.005 cents, at 78 cents.
